Boeing Agrees to Buy Vought Aircraft 787 Operations (Update1)
By Will Daley
July 7 (Bloomberg) -- Boeing Co., the world’s second- largest commercial-aircraft maker, agreed to acquire Vought Aircraft Industries’ 787 operations in South Carolina for about $580 million in cash.
Vought also will be released from obligations to repay advances, Chicago-based Boeing said today in a statement. The facility in North Charleston performs fabrication and assembly on the Dreamliner’s fuselage. The plant will be managed by Boeing’s 787 program, which is about two years behind schedule.
Vought will continue its work on other Boeing programs, including building other parts for the 787, 737 and 747, Boeing said.
“The financial demands of this program are clearly growing beyond what a company our size can support,” said Elmer Doty, president and chief executive officer of Vought Aircraft Industries.
The 787 was postponed for a fifth time June 23 so engineers can design reinforcements for sections where the wings join the body of the plane. Composite layers in those sections separated during ground stress tests.
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