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