Boeing wants to buy back the company that builds the body of its troubled Max planes
CNN
Boeing said it is in talks to buy Spirit AeroSystems, a major supplier that was part of Boeing until a 2005 sale, and one that was also involved in the Alaska Airlines doorplug incident.
Boeing said it is in talks to buy Spirit AeroSystems, a major supplier that was part of Boeing until a 2005 sale, and one that was also involved in the Alaska Airlines doorplug incident. Negotiations were first reported earlier Friday by the Wall Street Journal and Seattle Times. Spirit shares soared 15% in trading Friday on the reports. But shares had been down 10% from the time of the Alaska Air incident through Thursday’s close, and down 70% since the second fatal crash of a Boeing 737 Max in March of 2019, which led to a 20-month grounding of the jet. Boeing sold Spirit in 2005, receiving $900 million in cash for the sale. Spirit AeroSystems, which is based in Wichita, Kansas, makes major parts of several Boeing models, including the fuselages for the 737 Max. The parts are then shipped to Boeing’s factory in Washington state via rail. “We believe that the reintegration of Boeing and Spirit AeroSystems’ manufacturing operations would further strengthen aviation safety, improve quality and serve the interests of our customers, employees, and shareholders,” Boeing said in a statement late Friday. ”Although there can be no assurance that we will be able to reach an agreement, we are committed to finding ways to continue to improve the safety and quality of the airplanes on which millions of people depend each and every day.” About $3.9 billion of Spirit AeroSystems’ revenue last year came from Boeing, making up about 64% of its overall revenue. Boeing rival Airbus is its second largest customer. It is unlikely that Boeing would be able hold onto that part of the business were it to reacquire Spirit. Spirit’s market cap at the close of trading Friday, after shares had been lifted by the reports of a possible deal, stood at $3.7 billion, or just slightly less than what Boeing paid Spirit last year as its major supplier. But after five years of net losses totaling $31.5 billion, Boeing ended 2023 with only $12.7 on its balance sheet, down from $14.6 billion the year before.
Last-minute errands always seem to pop up on Christmas and Christmas Eve, whether it’s buying a quick present or picking up one last ingredient.
King Charles III has ended royal warrants for Cadbury and Unilever, which owns brands including Marmite and Ben & Jerry’s, in a blow to the household names.
While businesses across the US are fretting that President-elect Donald Trump’s threat of new tariffs could mean a massive hit to their bottom lines, at least one industry is gearing up for the exact opposite.
Back in 2022, when the labor market was so hot that Beyoncé even released a song about it, Americans were job hopping in large numbers, boosting their salary in the process.
Federal Reserve Chair Jerome Powell has steered the world’s most powerful central bank during a tumultuous period for the US economy, from the pandemic to a historic bout of inflation shortly after.
Rupert Murdoch’s News Corp has agreed to sell its Australian cable TV unit Foxtel to British-owned sports network DAZN for 3.4 billion Australian dollars ($2.1 billion) including debt, cutting the media empire’s exposure to a business upended by streaming platforms.
Japanese automakers Honda and Nissan have announced plans to join forces, forming world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.
The strike protests a lack of contract negotiations, including wage increases for union baristas.
This year was brutal for a number of well-known companies, including Red Lobster, True Value and Big Lots.
Last-minute holiday shoppers may want to give their digital carts a hard look, as Amazon workers remain on strike on the final weekend before Christmas.
Campaigners have accused Facebook parent Meta of inflicting “potentially lifelong trauma” on hundreds of content moderators in Kenya, after more than 140 were diagnosed with PTSD and other mental health conditions.