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Spirit, Boeing Reach Agreement On 787 Program Claims

DOW JONES NEWSWIRES Spirit AeroSystems Holdings Inc. (SPR), a supplier of parts for Boeing Co.'s (BA) long-delayed 787 aircraft, said it reached an agreement with the aerospace giant over claims involving development and production of the aircraft. Spirit, like other contractors, has been seeking compensation for program delays. The development of the 787, a state-of-the-art wide body jet, has fallen years behind schedule amid numerous setbacks. Nevertheless, in November Spirit said the level and complexity of design changes to the aircraft was "abating." Spirit Chief Financial Officer Phil Anderson said Wednesday the companies "developed a fair and equitable framework that reflects the current program financial realities." Spirit plans to include any impact of the agreement in its fourth-quarter earnings release, scheduled for Feb. 10. No other details were announced, and a Boeing spokesman couldn't immediately be reached for comment. The supplier's Class A shares closed Tuesday at $20.44 while Boeing finished at $68.96. Neither was active premarket. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

Stock News for Spirit Aerosystems Holdings (SPR)
DateTimeHeadline
07/27/201508:04:35Precision Castparts to Buy Aircraft Products Maker for $560 Million
07/22/201509:18:00Pre-Market Review on Aerospace/Defense Products and Services...
07/17/201517:35:00Spirit AeroSystems to Release Second Quarter 2015 Financial Results...
07/17/201517:35:00Spirit AeroSystems to Release Second Quarter 2015 Financial Results...
07/09/201516:51:00Spirit AeroSystems Global Customer Support and Services Receives...
07/09/201516:51:00Spirit AeroSystems Global Customer Support and Services Receives...
06/19/201511:00:00Spirit Delivers Third SDTA Fuselage to Sikorsky for Production...
06/19/201511:00:00Spirit Delivers Third SDTA Fuselage to Sikorsky for Production...
06/17/201501:01:00Spirit AeroSystems celebrates its first 10 years as a company
06/17/201501:01:00Spirit AeroSystems celebrates its first 10 years as a company
06/15/201517:09:09Initial Statement of Beneficial Ownership (3)
06/15/201517:04:51Initial Statement of Beneficial Ownership (3)
06/08/201516:15:48Statement of Changes in Beneficial Ownership (4)
06/08/201509:07:22Current Report Filing (8-k)
06/08/201507:30:00Spirit AeroSystems Announces Leadership Changes to Drive Ongoing...
06/08/201507:30:00Spirit AeroSystems Announces Leadership Changes to Drive Ongoing...
06/01/201516:11:44Specialized Disclosure Report (sd)
05/22/201517:17:42Current Report Filing (8-k)
05/20/201517:23:17Statement of Changes in Beneficial Ownership (4)
05/19/201516:01:00Spirit Chief Executive Officer Speaking at Bernstein Strategic...

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