Atlanta, GA 7/7/2009 11:36:55 PM
News / Business

Boeing Co. (NYSE: BA) To Purchase 787 Plant from Vought for $580M

The Boeing Company (NYSE: BA) will purchase a South Carolina plant that builds components for its long-awaited 787 jetliner for $580 million, according to company reports Tuesday.


The plant makes and installs systems in aft fuselage sections of Boeing's 787, an innovative aircraft that has suffered long delays due to problems in production. The delays have cost Boeing credibility and billions of dollars in anticipated expenses and penalties.


Boeing said the acquisition of the plant in North Charleston, South Carolina from Vought Aircraft Industries will boost its capacity to develop and build large plane sections made from lightweight carbon composite parts, according to Associated Press.


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 airplanes through operations located elsewhere.


As part of the deal, which is expected to close in the third quarter, Vought will be released from obligations to repay money that had been advanced earlier.




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