By Chris Wack

Spirit AeroSystems Holdings Inc. (SPR) shares dropped 5% after the company said it has reached an agreement with Boeing Co. (BA) relating to the 737 MAX production rate.

Spirit said, under the agreement, it will restart production slowly, ramping up deliveries throughout the year to reach 216 MAX shipsets delivered to Boeing in 2020.

Spirit said it doesn't expect to achieve a production rate of 52 shipsets a month until late 2022. The parties are continuing to negotiate other terms.

Spirit also named Mark Suchinski its new finance chief after Jose Garcia resigned following an ongoing review found Mr. Garcia didn't comply with certain accounting processes.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

January 30, 2020 13:27 ET (18:27 GMT)

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