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Tuesday, July 7, 2009

Boeing Buys S.C. 787 Production Facility

Boeing said Tuesday it will pay $580 million to acquire a Vought Aircraft Industries plant in North Charleston, S.C., where aft fuselage section of the 787 Dreamliner are constructed. After the transaction, Boeing said Vought will continue its work on many Boeing programs, including other components of the 787, as well as structures and components on the 737, 747, 767, 777, C-17 and V-22 through operations located elsewhere. "Integrating this facility and its talented employees into Boeing will strengthen the 787 program by enabling us to accelerate productivity and efficiency improvements as we move toward production ramp-up," said Scott Carson, president and CEO of Boeing Commercial Airplanes. "In addition, it will bolster our capability to develop and produce large composite structures that will contribute to the advancement of this critical technology." Through the agreement, Boeing will acquire the North Charleston facility, its assets and inventory and will assume operation of the site. This transaction is anticipated to close in the third quarter following satisfaction of customary closing conditions, including consent from Vought's lenders.

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