Boeing Receives European Union Approval for Spirit AeroSystems Acquisition
Boeing obtained approval from the European Commission on Tuesday to proceed with its acquisition of Spirit AeroSystems, a deal valued at $4.7 billion. This comes after the company agreed to sell certain business units to address competition concerns within the aeronautical sector.
A Key Step to Strengthen its Production Chain
The agreement, announced last year, aims to help Boeing optimize its operations and improve quality control in its manufacturing processes.
Through this acquisition, Boeing seeks to regain greater control over the production of key structures for its aircraft, following recent challenges in its supply chain.
European Commission Imposes Conditions
The European Commission, responsible for enforcing competition rules within the bloc, warned that the purchase could significantly reduce competition in the global markets for aerostructures and in the large commercial aircraft segment.
To mitigate this risk, Boeing presented a series of commitments that were accepted by Brussels. Among them, the company committed to selling all Spirit operations that currently supply components to Airbus, transferring those activities to the European manufacturer itself.
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Furthermore, Boeing agreed to sell Spirit’s plant in Malaysia, responsible for producing aerostructures for Airbus, to Composites Technology Research Malaysia Sdn Bhd. This move will allow this local company to enter the market and foster competition.
Ensuring Competitive Prices and New Opportunities
“Boeing’s commitments will preserve competition in this crucial market, enable the entry of a new competitor, and guarantee that commercial aircraft manufacturers get the parts they need at competitive prices,” stated the European Commissioner for Competition, Teresa Ribera, in an official release.
With this decision, the European Commission seeks to balance the market and ensure that the supply of key components does not depend on a limited number of players.
US Approval Still Pending
The deal must still receive the green light from US authorities before it can be finalized.
“We are committed to fulfilling the remaining regulatory approvals and necessary conditions to complete this acquisition, which will strengthen our ability to manufacture safe, high-quality aircraft for our customers and the traveling public,” a Boeing spokesperson stated.
For its part, Spirit AeroSystems indicated that it continues to work towards meeting the closing requirements and coordinating the next steps with Boeing, Airbus, and Composites Technology.
“This is another milestone towards closing the transaction, expected this quarter,” said Joe Buccino, a spokesperson for Spirit AeroSystems.
With information from Reuters
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