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Spirit Boeing Agreement

“The new agreement brings stability to Boeing and Spirit and focuses on reducing costs and improving efficiency,” said Kevin Schemm, Chief Financial Officer of Boeing Commercial Airplanes and senior vice president of supply chain management, finance and business operations. “These are at the heart of our partnership efforts for success.” WICHITA, Kan., Sept. 25, 2017 /PRNewswire/ — Spirit AeroSystems (NYSE: SPR) announced that it has entered into negotiations with Boeing and reached definitive agreements to resolve business issues related to the production of several Boeing programs, including the 737 MAX and 787 Dreamliner, by 2022. Spirit said that, as part of the deal, they will slowly resume production and increase deliveries later this year to reach a total of 216 max rates to Boeing in 2020. Spirit AeroSystems announced that it has reached an agreement with Boeing regarding the production rate of the 737 MAX. Spirit announced aug. 2 it had signed a memorandum of understanding with Boeing with the intention of concluding definitive agreements by the end of September. Since then, teams from Spirit and Boeing have been working together on the details to finalize the process. Spirit AeroSystems has again reduced its expected production of Boeing 737 hulls and other components to just 72 deliveries in 2020, warning that it could violate financial agreements before the end of the year. Also in January, Spirit said it had reached an agreement with Boeing to supply components for 216,737 in 2020. In May, Spirit reduced this number to 125 hulls, on June 10 spirit reduced the number to no more than 104 hulls.

“Given the significant reduction in the production plan, Spirit may breach, without modification or waiver, the financial obligations arising from its credit agreement during the fourth quarter of 2020,” the company said in an application for authorization. “Spirit is in contact with its lenders on this matter and intends to cooperate quickly with them to obtain appropriate relief from its allies.” On the Web: www.spiritaero.com On Twitter: @SpiritAero The tariff deal is based on several assumptions, including Boeing`s expected production rate and the successful return to service of the 737 MAX. As previously announced, the 737 MAX contract agreement is a “demanding contract” between Boeing and Spirit and the fare may change at any time. Boeing attributes this reduction “to the impact of Covid-19 and the accumulated stock of Spirits 737 products,” says the aircraft company. “Such an inventory was established under the … previous production rate agreements.¬†(Reuters) – Spirit AeroSystems Holdings SPR. N said Tuesday it has reached an agreement with Boeing Co BA. N will supply 125,737 MAX kits to the aircraft manufacturer in 2020, up from the previously announced 216.