Bombardier's aerostructures business sale to Spirit reaching completion
Above:
Bombardier Belfast.
Courtesy Bombardier
Under the amended agreement, Spirit will acquire Bombardier’s aerostructures activities and aftermarket services operations in Belfast, UK; Casablanca, Morocco; and its aerostructures maintenance, repair and overhaul (MRO) facility in Dallas, US for cash consideration of $275 million, Spirit’s assumption of liabilities, including government refundable advances and pension obligations, valued at $824 million, as well as certain adjustments to the parties’ trading agreements favourable to Bombardier.
“Today’s announcement marks another milestone towards achieving our strategic goal of repositioning Bombardier as a pure-play business jet company,” said Éric Martel, President and Chief Executive Officer, Bombardier Inc. “We are very excited about our future as a more focused Company. The proceeds from this transaction and from the pending sale of Bombardier Transportation strengthen our liquidity and position us to begin reshaping our capital structure and address our balance sheet challenges so that we can achieve the full potential of our incredibly talented employees and our industry leading business jet portfolio.”
In a statement issued today regarding Spirit's acquisition of Bombardier’s aerostructures activities and aftermarket services operations in Belfast, UK, Bombardier Belfast stated: "“We are delighted with today’s announcement and look forward to becoming part of Spirt AeroSystems on closure of the transaction on Friday 30th October. We cannot comment further prior to transaction closure.”
Commenting on today’s announcement that Bombardier’s Belfast Facility will become part of Spirit AeroSystems when the transaction closes on Friday, ADS Chief Executive Paul Everitt said: “The completion of the sale of Bombardier’s Belfast facility to Spirit AeroSystems this Friday is great news for their highly skilled workforce, the aerospace supply chain in Northern Ireland and the entire UK aerospace industry. The Belfast facility is a centre of excellence for aerospace and is home for the award winning resin-infused advanced composite A220 wing.
“Being one of the largest aerostructures businesses in the world, Spirit AeroSystems will be a great partner for the facility and will help open up new opportunities across the world.
“At a time of unparalleled difficulty for our sector, it is great to see the commitment from Spirit AeroSystems to invest in world-leading aerospace expertise and expand their UK footprint for the future.”
