financetom
Business
financetom
/
Business
/
Textron close to buying Spirit Aero fuselage program for V-280 military aircraft, source says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Textron close to buying Spirit Aero fuselage program for V-280 military aircraft, source says
Jul 24, 2024 3:09 PM

FARNBOROUGH, England (Reuters) - Textron ( TXT ) is close to acquiring the fuselage-making program for its V-280 military aircraft from Spirit AeroSystems ( SPR ), according to a source familiar with the matter, in the latest carve-out from Boeing's ( BA ) recent deal to acquire the Kansas-based supplier.

Boeing ( BA ) announced this month it would buy the world's largest standalone aerostructures company in a $4.7 billion all-stock deal.

Spirit's assets are to be broken up, with European planemaker Airbus taking over core activities at four plants.

In a separate defense carve out, the maker of Bell helicopters would buy Spirit's work package for the V-280 Valor, a tiltrotor aircraft that was selected in 2022 for the U.S. Army's future long-range assault aircraft program, the source said on condition of anonymity because the information is confidential. The value of the deal was not clear.

A tiltrotor is a type of aircraft designed to take off like a helicopter and rotate its propellers to fly like a plane. The V-280 will replace the Black Hawk utility helicopter.

The first batch of V-280s in low-rate production will be worth $7.1 billion, the U.S. Army said in 2022, but it added the contract was potentially worth around $70 billion over decades depending on how many the Army and U.S. allies order.

Concerned over the possible break up of Spirit's defense work, Republican U.S. Senator Jerry Moran of Kansas said this week he had pressed CEOs of major defense companies, including Textron ( TXT ), to ensure that work performed in Wichita would not be disrupted by Boeing's ( BA ) deal. Moran said he wanted to make sure that the work would continue in Kansas.

A Textron ( TXT ) spokesperson declined comment. Boeing ( BA ) on Wednesday referred queries to Spirit.

Spirit spokesperson Joe Buccino said his company has had a successful 10-year partnership with Bell on the V-280 program and would continue to work with it to deliver on their joint commitments.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Almost 240 Institutional Investors Bought Shares of Trump Media Startup
Almost 240 Institutional Investors Bought Shares of Trump Media Startup
May 16, 2024
07:57 AM EDT, 05/16/2024 (MT Newswires) -- Nearly 240 institutional investors held shares of former US President Donald Trump's newly launched media company as of March 31. Morgan Stanley (MS) acquired about 450 shares of Trump Media and Technology ( DJT ) for about $12,000, according to Securities and Exchange Commission filings. Wells Fargo (WFC) bought 10,000 shares of the...
Market Chatter: Scion Asset Management Increases JD.com, Alibaba Holdings in Q1
Market Chatter: Scion Asset Management Increases JD.com, Alibaba Holdings in Q1
May 16, 2024
07:59 AM EDT, 05/16/2024 (MT Newswires) -- Scion Asset Management increased its investments in JD.com ( JD ) and Alibaba Group ( BABA ) during the first quarter as Chinese stocks hit a low point, Bloomberg reported citing a filing with the Securities and Exchange Commission. JD.com ( JD ) became Michael Burry's investment firm's top holding after increasing its...
Cisco rises as networking equipment demand rebound takes root
Cisco rises as networking equipment demand rebound takes root
May 16, 2024
(Reuters) - Cisco Systems ( CSCO ) shares rose about 4% before the bell on Thursday after an upbeat fourth-quarter forecast signaled further stabilization in networking equipment demand and benefits from its $28 billion deal for cybersecurity firm Splunk. The world's largest networking equipment maker had struggled with sluggish demand as customers adjusted piled up inventory from frenetic buying during...
Crescent Energy to Buy SilverBow for $2.10 Billion
Crescent Energy to Buy SilverBow for $2.10 Billion
May 16, 2024
07:56 AM EDT, 05/16/2024 (MT Newswires) -- Crescent Energy ( CRGY ) and SilverBow Resources ( SBOW ) said Thursday they have signed a deal under which Crescent will buy SilverBow for $2.10 billion. SilverBow stockholders will receive 3.125 of Crescent's Class A common shares for each SilverBow common share they own, with the option to elect to receive a...
Copyright 2023-2026 - www.financetom.com All Rights Reserved