Spirit, Boeing Reach Agreement On 787 Program Claims

Date : 01/12/2011 @ 8:39AM
Source : Dow Jones News
Stock : Spirit Aerosystems Holdings, Inc. (SPR)
Quote : 99.59  -0.46 (-0.46%) @ 4:39PM

Spirit, Boeing Reach Agreement On 787 Program Claims

Spirit Aerosystems Holdings, Inc. (NYSE:SPR)
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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


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