11:33 AM EST, 11/12/2024 (MT Newswires) -- (Updates with Boeing's ( BA ) response in the third paragraph.)

Spirit AeroSystems Holdings ( SPR ) said Tuesday it has reached an advance payments agreement with Boeing ( BA ) in which the airplane maker has committed to pay Spirit up to a total of $350 million as advance payments.

"Boeing ( BA ) intends these payments to address Spirit's high levels of inventory and lower operational cash flows, decrease in expected deliveries to Boeing ( BA ) and higher factory costs to maintain rate readiness, and lingering effects brought on by the recent strike by Boeing ( BA ) employees," Spirit said.

"We continue to work closely with our valued supplier to stabilize our production system and help us deliver for our customers," a Boeing ( BA ) spokesperson told MT Newswires.

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