Boeing today confirms it has agreed to buy out Vought Aircraft Industries' role as one of six major structural designers and producers in the 787 programme.
The terms of the deal, which was first reported on 2 July by FlightBlogger editor Jon Ostrower, include a $580 million payment to Vought, Boeing says.
Boeing has also agreed to release Vought from undisclosed obligations to repay previous cash advances by Boeing for work on the 787.
The move further expands Boeing's role in the critical 787 production hub of North Charleston, South Carolina.
The deal allows Boeing to acquire Vought's remaining facility in North Charleston, where workers assemble structures and install systems for the 787 aft-fuselage.
"Integrating this facility and its talented employees into Boeing will strengthen the 787 programme by enabling us to accelerate productivity and efficiency improvements as we move toward production ramp-up," says Scott Carson, president and CEO of Boeing Commercial Airplanes.
Boeing previously cited breakdowns at Vought's operations in Charleston as a key contributor for the initial scheduled delays in the 787 programme.
"The financial demands of this programme are clearly growing beyond what a company our size can support," says Elmer Doty, Vought's president and CEO.
Last year, Boeing also acquired Vought's 50% share in the Charleston-based Global Aeronautica with Alenia Aeronautica.
Source: Air Transport Intelligence news
