All articles tagged with #spirit aerosystems
Originally Published 1 month ago — by Investor's Business Daily
Boeing's stock surged after CFO Jay Malave provided an optimistic outlook on recovery, delivery forecasts, and the company's acquisition of Spirit AeroSystems, despite recent production challenges and lower November sales, with the stock rebounding and showing year-to-date gains.
Originally Published 1 year ago — by TipRanks
Boeing has provided $350 million to Spirit AeroSystems as an advance against future payments to support production and readiness for Boeing aircraft. This move follows a previous $425 million cash infusion in April, aimed at helping Spirit cope with production slowdowns and financial strain. Despite this support, Boeing's shares fell over 2% on the news. Meanwhile, Boeing is resuming operations, and Avia Solutions Group has announced plans to purchase 40 Boeing 737 Max 8 planes, with an option for 40 more.
Originally Published 1 year ago — by Yahoo Finance
Spirit AeroSystems is set to receive up to $350 million in advance payments from Boeing to help stabilize its finances after years of losses and a recent strike. The company is also negotiating funding with Airbus. As a key supplier to both Boeing and Airbus, Spirit Aero has faced inventory and delivery challenges, impacting its cash flow. Boeing's support aims to ensure Spirit can meet production demands, while Airbus remains silent on its potential assistance.
Originally Published 1 year ago — by TipRanks
Boeing is considering bailing out its key supplier, Spirit AeroSystems, which is struggling financially due to a recent strike and ongoing losses. Spirit is seeking to raise cash through customer advances, a bridge loan, and potentially selling its defense composites supplier. Meanwhile, Boeing is contemplating divesting some operations to improve its financial standing, with analysts maintaining a Moderate Buy rating on its stock despite recent losses.
Originally Published 1 year ago — by Yahoo Finance
Spirit AeroSystems, a key supplier to Boeing, has warned of potential insolvency due to severe cash flow issues, production challenges, and significant losses. The company reported a debt of $4.4 billion and a sharp decline in accessible cash to $217.6 million. Spirit AeroSystems is exploring options to secure liquidity, including customer advance repayments, asset sales, and a possible merger with Boeing, while also considering layoffs and efficiency measures to stabilize its finances.
Originally Published 1 year ago — by KWCH
Spirit AeroSystems has expressed 'substantial doubt' about its ability to continue operating due to financial strain exacerbated by a recent strike by Boeing machinists. The company, which is Boeing's largest supplier, is facing cash flow issues and requires additional liquidity to sustain operations over the next year. Boeing's plans to acquire Spirit in an all-stock deal come as it seeks to resume production of the 737 MAX following the strike's conclusion. Spirit is exploring options to address its financial challenges, while hundreds of its workers face furloughs.
Originally Published 1 year ago — by KSN-TV
Spirit AeroSystems has expressed significant concerns about its financial stability, indicating potential layoffs and furloughs to improve liquidity. The company reported substantial net losses and a high debt balance, attributing financial difficulties to factors like decreased deliveries to Boeing, increased factory costs, and the impact of a recent strike. Spirit is exploring various strategies, including customer advances and restructuring, to address these challenges.
Originally Published 1 year ago — by Yahoo Finance
Spirit AeroSystems, a major supplier for Boeing, has expressed significant concerns about its financial viability, citing a substantial cash burn exacerbated by a recent strike at Boeing's US factories. The company's cash reserves have dwindled to $218 million, and it has fully utilized a $350-million bridge loan. This financial strain comes as Boeing aims to ramp up production of its 737 MAX following the strike's resolution.
Originally Published 1 year ago — by Reuters
Boeing is close to finalizing a deal to buy back Spirit AeroSystems after resolving issues with Airbus over the division of Spirit's programs. The deal aims to stabilize Boeing's supply chain following a 737 MAX incident and address Spirit's financial struggles. The exact timing of the agreement remains uncertain but could be imminent.
Originally Published 1 year ago — by The Air Current
Boeing, Airbus, and Spirit AeroSystems are close to finalizing a deal to divide control of Spirit's factories, with an announcement expected soon. The agreement, subject to regulatory approvals, will see Boeing taking over key plants in Wichita, Kansas, and Tulsa, Oklahoma.
Originally Published 1 year ago — by Reuters
Spirit AeroSystems, a key supplier for Boeing, is limiting overtime and hiring as production of Boeing's 737 MAX jets declines, leading to concerns about potential layoffs among employees. Boeing's deliveries have dropped, and the production slowdown is affecting Spirit, which makes about 70% of the 737. The decline in Boeing's output has raised uncertainty and concern among suppliers, and it is not yet clear how this will affect the broader supply chain.
Originally Published 1 year ago — by The New York Times
A recent Federal Aviation Administration audit of the production of the Boeing 737 Max revealed that Spirit AeroSystems, one of Boeing's major suppliers, was using Dawn dish soap and a hotel key card as part of its manufacturing process. However, the company claims that these unconventional tools were actually innovative and have been approved by Boeing and documented for use under FAA standards as factory tools known as shop aids. This comes after an episode involving an Alaska Airlines flight, which raised concerns about quality problems at both Boeing and Spirit AeroSystems.
Originally Published 1 year ago — by Newsmax
The Texas attorney general is investigating Spirit AeroSystems, a key Boeing supplier, over apparent manufacturing defects in parts provided to Boeing, as well as the company's diversity efforts and their potential impact on manufacturing processes. This comes after a Spirit-made door-plug panel blew off an Alaska Airlines Boeing 737 Max in January, prompting scrutiny of diversity efforts possibly affecting aviation safety. The Federal Aviation Administration has also launched an investigation and given Spirit failing grades in manufacturing procedures. Boeing is in talks to buy back Spirit to tighten oversight of its supply chain.
Originally Published 1 year ago — by Fox Business
Texas Attorney General Ken Paxton has launched an investigation into Boeing parts supplier Spirit AeroSystems, focusing on its operations and diversity, equity, and inclusion (DEI) commitments following safety incidents. The probe comes after a midair blowout of a 737 Max 9's door plug panel, prompting scrutiny of Spirit AeroSystems' manufacturing processes. The company faces a deadline to produce documents related to manufacturing defects and DEI commitments. Boeing and Spirit AeroSystems have been under increased scrutiny, with Boeing CEO Dave Calhoun visiting the supplier and discussions about a potential acquisition ongoing.
Originally Published 1 year ago — by The Associated Press
The Texas attorney general has launched an investigation into Spirit AeroSystems, a key Boeing supplier, over apparent manufacturing defects in parts that have led to concerning incidents. The investigation also includes a request for documents related to diversity efforts and workforce makeup. This comes after a Spirit-made door-plug panel blew off an Alaska Airlines Boeing 737 Max in January, prompting scrutiny from federal regulators. The attorney general's request for information also delves into Spirit's efforts to create a diverse workforce and whether those commitments are compromising the company's manufacturing processes.