Boeing set to acquire Spirit's Northern Ireland plant, Infra News, ET Infra
Boeing is set to take over the non-Airbus portion of Spirit AeroSystems ' operations in Belfast, Northern Ireland, after attempts to find a buyer for the site fell through, a Spirit spokesperson said on Tuesday.In April, European planemaker Airbus finalized a deal to acquire several Spirit AeroSystems facilities tied to its aircraft programs.Under the terms of the agreement Spirit reached with Airbus, the engineering programs for the A220 wing and A350 engineering program are expected to transfer to the European planemaker, Spirit Aero spokesperson Joe Buccino told Reuters."If a suitable third-party buyer is not secured for the remainder of the Belfast site, the A220 mid-fuselage program transfers to Airbus, with the remaining Belfast operations transferring to Boeing."Last year, Boeing agreed to buy back Spirit in a $4.7 billion all-stock deal, aiming to streamline its operations and improving quality control , years after spinning off the key supplier.With no buyer secured for the remaining Belfast operations, the facility is now expected to be transferred to Boeing, Buccino said.A Boeing spokesperson told Reuters that the company "remains committed to its acquisition of Spirit AeroSystems" and that "taking ownership of Belfast is an outcome we've known was a possibility for some time."The site also produces aerostructures components for Bombardier business jets. The Canadian planemaker is "very actively engaged with all parties to ensure continuity and quality," company spokesperson Mark Masluch told Reuters."We remain open to all solutions regarding the site's future," Masluch added, not fully ruling out a potential acquisition.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
3 hours ago
- Time of India
Big I-T Scam Busted: Citizens Manipulate Online System, Pose As Foreigners To Claim Tax Refund
Nagpur: A big scam involving income-tax refunds was busted by taxmen here, after scores of I-T returns were filed by salaried individuals declaring themselves as foreign citizens. Earnings of foreign nationals in India and staffers in diplomatic missions are exempt from tax on several counts. The scamsters used a loophole in the online filing system and clicked the option for non-Indian citizens and claimed exemptions under this category. After the wake-up call, the income tax department is mending the systems to bar Indian citizens from clicking on the option at the time of filing returns, said sources. The first link was unearthed following a raid in Gondia town, where a small-time tax professional assisting people in filing returns was found to have manipulated the system in this way. This led to a probe on as many as 2,000 IT returns, triggering nationwide scrutiny, said sources. The exact amount of tax evaded from the modus operandi is yet to be ascertained, said sources. Section 10(6) of the Income Tax Act and its clauses deal with exemptions for foreign citizens and embassy staffers. Fraudulent exemptions were claimed by local taxpayers by clicking on options available under this Section of the Income Tax Act. In some cases, a simpler method was adopted. There is an 'any other' option in the drop-down menu, which was clicked to claim sizable deductions from the tax liability. The returns were filed by taxpayers in the jurisdiction of Nagpur chief commissionerate of income tax department, which covers Vidarbha and Marathwada regions of Maharashtra. The probe alerted the tax department and suggestions were made to the Central Processing Centre (CPC) to set up security checks, including automatic firewalling of I-T returns by Indian citizens who select the foreign citizens' option in the menu, said sources. The new suggestions to CPC call for barring returns for Indian citizens if exemptions under Section 10 (6) or its relevant clauses are claimed.
Mint
3 hours ago
- Mint
France Urges Tariff Barriers to Stop China From Killing Industry
French Finance Minister Eric Lombard said Europe must shore up its tariff barriers to counter Chinese imports that risk harming the continent's industrial economy. Europe has already taken action on steel and automobiles, but rules must be changed to allow the wider use of measures against imports from China, Lombard said. 'In the world we are in today, we must protect our industry,' Lombard said on Saturday at an economics conference in Aix-en-Provence, France. 'We must do it on all industrial segments, otherwise the Chinese policy that consists of having a production capacity of more than 50% global market share in each sector will kill our industry.' His comments underscore growing concerns in Paris that US President Donald Trump's efforts to redraw global trade flows risk hitting Europe on several fronts, and not just because of potential tariffs on exports to the US. China announced anti-dumping duties on European brandy on Friday while exempting major cognac makers that agreed to minimum price levels. The action followed the EU's decision in 2024 to levy duties as high as 45% on Chinese-made electric vehicles. In another sign of the tension between Europe and Beijing, the Chinese government intends to shorten a two-day summit with European Union leaders this month to just a day, Bloomberg reported on Friday. Speaking to Bloomberg on Friday at the Aix-en-Provence event, French Industry Minister Marc Ferracci also called for Europe to ramp up its defenses against Chinese imports. 'Another phenomenon that is concerning is the redirection of Chinese flows which were targeted to the US, and that are now coming to Europe,' Ferracci said. 'China has built over-capacities in a wide array of industries and that makes it quite sensitive and quite dangerous for our industries.' Lombard said the new government coalition in Germany is an opportunity for Paris and Berlin to work more closely together. He'll meet with his counterparts there in the coming weeks. This article was generated from an automated news agency feed without modifications to text.
Time of India
4 hours ago
- Time of India
Trump's 50% tariff threat looms: EU considers temporary trade deal with US; Von der Leyen pushes for ‘agreement in principle'
Donald Trump (left), Ursula von der Leyen (AP) The European Union is considering a temporary trade agreement with the United States that would maintain a 10 percent tariff on most exports, according to a briefing by the European Commission to EU ambassadors on Friday, reported news portal Politico. The update came after a key round of negotiations in Washington on Thursday, where EU trade commissioner Maroš Šefčovič aimed to defuse US President Donald Trump's threat to impose a sweeping 50 percent tariff on all European imports starting July 9, if a deal is not reached. Talks will continue on potential exemptions for certain sectors, including the automotive industry, two national officials familiar with the discussions said, according to the news portal.. However, the outcome was seen as underwhelming in several European capitals, especially after earlier signals from the Commission's negotiating team that some industries could receive immediate tariff relief. The US currently imposes tariffs of 25 percent on cars and 50 percent on steel and aluminum imports. EU remains divided Despite intensive negotiations, reaching a consensus on a trade agreement with the United States remains challenging for European Commission President Ursula von der Leyen, amid ongoing divisions among EU member states over how to proceed. According to three diplomats, all possibilities, including a failure to reach any deal, are still being considered. In a fresh twist, US officials have reportedly threatened to impose a 17 percent tariff on European food imports, two national officials confirmed, backing a report by the Financial Times. Von der Leyen is expected to hold one-on-one consultations with EU leaders over the weekend before deciding on the bloc's next steps, one official said. Meanwhile, Trump is likely to meet with his advisers on Monday, meaning any official announcement would be delayed until after those discussions. Division into three categories According to an EU diplomat, the European Commission expects President Donald Trump to classify America's trade partners into three distinct groups. In the first category, countries where provisional agreements have been reached would see a continued pause on 'reciprocal' tariffs, with the possibility of additional tariff relief later. The second category includes countries where no agreement has been reached; here, the country-specific tariffs announced by Trump in April, 20 percent in the EU's case, would be reinstated while negotiations continue. In the third category, countries with stalled or unsuccessful talks would face higher tariffs, which would remain in place until further notice. Limited deal amid divisions Ursula von der Leyen paved the way for a minimal trade agreement on Thursday, stating her goal was to secure an 'agreement in principle.' The move would follow a similar approach taken by the United Kingdom, which maintained a baseline tariff while securing exemptions for key sectors like automobiles and steel as broader negotiations continued. However, ahead of Friday's briefing, several EU member states cautioned that such a deal would be unacceptable without a clear and immediate commitment from President Donald Trump to lift tariffs on critical industries. German Chancellor Friedrich Merz has pushed for a swift agreement, particularly to secure lower tariffs for Germany's major export sectors. In contrast, countries including France, Spain, Italy, and Denmark have urged the Commission to negotiate a more comprehensive and balanced arrangement with Washington. Meanwhile, Brussels has kept a potential second wave of retaliatory tariffs, valued at €100 billion on hold, in an effort to give negotiations room to advance and to avoid escalating the ongoing transatlantic trade tensions.
