Boeing says to buy subcontractor Spirit for $4.7 billion

US aircraft manufacturer Boeing said Monday it had reached a"definitive deal" to buy its subcontractor Spirit, which has faced scrutiny over production quality control in recent months.

"We believe this deal is in the best interest of the flying public, our airline customers, the employees of Spirit and Boeing, our shareholders and the country more broadly," said Boeing president and CEO Dave Calhoun. The two companies have faced intense scrutiny since a near-catastrophic incident in January when a fuselage panel blew off a 737 MAX operated by Alaska Airlines mid-flight.

Boeing announced operational changes on March 1 intended to improve its interfacing with Spirit AeroSystems. Details of the deal, which requires Boeing to pay a fine and submit to an outside supervisor, were given to the families in a two-hour presentation by the DOJ on Sunday, said Paul Cassell, a University of Utah law professor who represents the families.

The DOJ said in May that Boeing's violation of several provisions of the initial agreement, including measures requiring it to bolster its internal controls to detect and deter fraud, opened the company to prosecution.

Aerospace Industry Boeing Merger Spirit Aerosystems Aircraft Manufacturing Stock Transaction

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