Spirit AeroSystems shareholders approve acquisition by Boeing
February 3, 2025
Spirit AeroSystems’ shareholders have voted to approve the Wichita-based company’s acquisition by Boeing, paving the way for a transaction expected to close in mid-2025, and bringing the aerostructures manufacturer back into the heart of Boeing two decades after it was spun off as an independent company.
This “resounding approval” represents an “important milestone in [Spirit’s] carefully planned merger with Boeing,” explained Spirit AeroSystems chief financial officer. “As we continue executing our transition planning, we remain focused on Spirit’s foundational principles of safety, compliance and quality”.
The two parties first agreed to the merger in June 2024, with Boeing stating at the time that the total transaction value was approximately $8.3 billion, including Spirit’s last reported net debt. Announcing the definitive agreement, previous Boeing CEO and president Dave Calhoun expressed his belief that the deal was “in the best interest of the flying public, [Spirit’s] airline customers, the employees of Spirit and Boeing, [its] shareholders and the country more broadly”.
The acquisition – part of a strategic move to strengthen ongoing safety and quality concerns – will include all Boeing-related commercial operations, alongside additional commercial, defence and aftermarket elements. Calhoun added that the transaction would “fully align… commercial production systems, including [Boeing’s] Safety and Quality Management Systems, and [its] workforce to the same priorities, incentives and outcomes”.
In November 2024, Spirit AeroSystems CEO and president Pat Shanahan had indicated the company “remained on track” to close the acquisition by mid-2025; a timely culmination given its ongoing cash flow issues. During its latest earnings call, Spirit detailed net losses of $477 million on $1.5 billion in revenue for Q3 2024 – acknowledging it would require “additional liquidity to continue its operations over the next 12 months”. Boeing has already advanced $425 million into Spirit to improve the latter’s liquidity.
Spirit will continue to operate as an independent company until the transaction closes.
