Latest news with #SpiritAeroSystems
Free Malaysia Today
10 hours ago
- Business
- Free Malaysia Today
DRB-Hicom unit to buy Spirit AeroSystems Malaysia for RM426mil
Spirit Malaysia supplies components for Airbus and Boeing aircraft, including the A220, A320, A350, 737 and 787 programmes. (Spirit AeroSystems pic) PETALING JAYA : DRB-Hicom Bhd's wholly-owned subsidiary Composites Technology Research Malaysia Sdn Bhd (CTRM) will acquire aerospace manufacturer Spirit AeroSystems Malaysia Sdn Bhd for US$95.2 million (RM426.1 million). In a statement on Bursa Malaysia, DRB-Hicom said the deal would strengthen CTRM's aerostructure expertise and competitive position in the aerospace sector. Spirit Malaysia supplies components for Airbus and Boeing aircraft, including the A220, A320, A350, 737 and 787 programmes. For the financial year ended 2024, it posted a profit after tax of RM70.1 million on revenue of just over RM1 billion, with net assets of RM770.5 million. CTRM manufactures composite aerostructures for commercial and military aircraft such as the Airbus A320, A350, A380 and A400M. 'At the same time, CTRM will enhance its presence across the supply chain and be better positioned for long-term competitiveness and sustainable growth in an increasingly challenging and dynamic aerospace market,' DRB-Hicom said in a statement today. The addition of Spirit Malaysia will also boost CTRM's 'ability to bid for integrated work packages' while 'unlocking new contract opportunities', it added. It said the move also supported government efforts to position Malaysia as a regional aerospace hub under the New Industrial Master Plan 2030 and Malaysian Aerospace Blueprint 2030. If the European Commission and the US Federal Trade Commission do not approve the acquisition, or if any government authority opposes CTRM's purchase, the seller will pay a termination fee of US$7 million. AmInvestment Bank is advising DRB-Hicom on the deal.
Malay Mail
14 hours ago
- Business
- Malay Mail
DRB-Hicom to buy up Spirit AeroSystems Malaysia in RM426m deal
KUALA LUMPUR, Aug 11 — DRB-Hicom Bhd has announced plans to acquire the Malaysian operations of aerospace manufacturer Spirit AeroSystems for approximately US$95.2 million (RM426.1 million). The company said in a stock exchange filing today that the acquisition is expected to be completed by the end of the year. Once finalised, Spirit AeroSystems Malaysia Sdn Bhd will be fully owned by Composites Technology Research Malaysia Sdn Bhd (CTRM), DRB-Hicom's wholly owned aerospace subsidiary, The Edge reported. DRB-Hicom described the deal as a strategic move to strengthen CTRM's competitive position in the aerospace industry by expanding its aerostructure expertise. Spirit Malaysia supplies major components and assemblies for Airbus and Boeing aircraft, including the A220, A320, A321, A350, B737 and B787, from its facilities at the Malaysia International Aerospace Centre in Subang. The Subang site also functions as Spirit Malaysia's Southeast Asia hub and supports key global programmes. In 2024, Spirit Malaysia posted a profit after tax of RM70.1 million on revenue exceeding RM1 billion. CTRM develops and manufactures composite parts such as wing components for the A320, A350 and A380, nacelles for the A350, and various aerostructures for the A400M, B737, B787, B767 and B777 aircraft. According to DRB-Hicom, the combined entity will benefit from greater operational scale, stronger customer relationships, and improved leverage across the aerospace supply chain. The acquisition comes as Boeing seeks to purchase Spirit AeroSystems' US parent while Airbus has agreed to take over assets serving its own programmes, with DRB-Hicom noting that the deal is subject to regulatory approval and carries a US$7 million termination fee if blocked.
Yahoo
3 days ago
- Business
- Yahoo
Boeing's $8.3B Power Move Just Got the Green Light -- Here's What Happens Next
Boeing (NYSE:BA) just cleared a key runway. The UK's Competition and Markets Authority has signed off on Boeing's $4.7 billion all-stock buyout of Spirit AeroSystems (NYSE:SPR), ending its initial review without escalating to a deeper investigation. No detailed reasoning was published, but the decision removes a major regulatory overhang and keeps Boeing's Q4 2025 deal timeline intact. Spirit confirmed Friday that progress is still on track. Boeing has yet to comment. Warning! GuruFocus has detected 6 Warning Signs with BA. The transaction, first announced last July, values Spirit at $37.25 per share and $8.3 billion including debt. But this isn't just another M&A headlineit's a strategic reunion. Spirit was spun off from Boeing two decades ago in a cost-cutting move. Now, the supplier responsible for key components of the 737 and 787 Dreamliner could be coming home. This carve-up could help regulators stay comfortable and keep competitive tensions in check. One important caveat: Airbus SE (EADSY), Boeing's biggest competitor, will be taking over the Spirit operations tied to Airbus jets. This carve-up could help regulators stay comfortable and keep competitive tensions in check. For now, the market will be watching closely. The outcome could reshape how Boeing manages its supply chainagainand possibly define the next phase of its turnaround. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Boeing's $4.7 Billion Spirit AeroSystems Deal Cleared in U.K.
U.K. antitrust officials said they wouldn't open an in-depth probe into Boeing's deal to acquire fuselage maker Spirit AeroSystems Holdings, effectively clearing the transaction weeks after they launched the first phase of an investigation. The Competition and Markets Authority started looking at the deal in June to determine whether it could stifle competition in the U.K. Officials have now concluded that isn't the case and said the transaction didn't warrant a more in-depth probe. Intel's CEO, Under Attack From Trump, Is Already at Odds With His Board 'I Feel Like I'm Going Crazy': ChatGPT Fuels Delusional Spirals Trump Shakes Up Wall Street With Orders on 401(k)s, 'Debanking' Disney Settles Suit With Actress Dismissed From 'The Mandalorian' Five Things to Know About the Intel CEO's Links to China Boeing agreed to acquire Spirit in July last year in a roughly $4.7 billion deal that included Boeing-related commercial operations as well as commercial, defense and aftermarket operations. Spirit, which split from Boeing about two decades ago, has been at the center of quality issues affecting 737 MAX jets. Spirit's factory in Wichita, Kan., made the fuselage involved in last year's Alaska Airlines door-plug blowout. Boeing executives have said they believe taking control of Spirit's operations would improve the safety and quality of its manufacturing. Clearance from the CMA brings the companies closer to finalizing the transaction. If U.K. antitrust officials had concluded the deal threatened competition, they could have blocked it altogether or imposed so-called remedies on Boeing, meaning the jet maker could have been forced to sell certain assets or make other concessions to earn antitrust approval. A Boeing spokesperson said the company was pleased with the outcome and would continue to work through the remaining regulatory processes. Joe Buccino, a Spirit spokesperson, said progress continued toward completion of the deal, which is expected to close in the fourth quarter. Aside from issues affecting Boeing jets, Spirit has also been under the spotlight for supply-chain snags that have slowed aircraft assembly for Boeing's European rival, Airbus. Airbus Chief Executive Guillaume Faury said repeatedly that challenges stemming from Spirit were putting pressure on plans to ramp up production of its A220 narrow-body and A350 wide-body aircraft. Like Boeing, Airbus struck its own deal in April to take over some Spirit operations that make parts for its jets in the U.S., Europe and Africa, moving to take direct control of production in a bid to stabilize supply chains. Write to Mauro Orru at Apple Got the Jump on Tariffs, Deciding Years Ago to Make iPhones in India This Battery Pioneer Is Worth $40 Billion, but He's No 'Rich Guy' Meta's Superintelligence AI SWAT Team Is Now Called TBD Lab OpenAI Unveils GPT-5, Its Latest and Most Powerful Model, After Two-Year Wait Trump Calls on Intel CEO to Resign Over China Ties
CTV News
3 days ago
- Business
- CTV News
U.K. regulator clears Boeing takeover of Spirit AeroSystems
The logo for Boeing appears above its trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew) Britain's competition regulator has cleared Boeing's planned acquisition of Spirit AeroSystems, it said on Friday, after deciding against an in-depth investigation into whether the deal would be anti-competitive. The news is likely to reassure investors after a series of crises depleted Boeing's finances, strained employee morale and damaged public trust. The plane maker did not immediately respond to a Reuters request for comment. A spokesperson for Spirit said the deal is expected to be closed in the fourth quarter of this year. The U.K.'s Competition and Markets Authority did not provide details in its initial statement, but said the investigation would not go to a 'phase 2' stage based on available data. The full text of its decision would be published shortly, it said. Last year, Boeing agreed to buy back Spirit in a US$4.7 billion all-stock deal to streamline its operations and improve quality control, years after spinning off the supplier. The acquisition marked an end to nearly two decades of independence for the world's largest standalone aerostructures company. In July, Boeing also agreed to take over a portion of Spirit's operations in Belfast, Northern Ireland, from Europe's Airbus, which in April had finalized a deal to buy several of Spirit's facilities tied to its aircraft programs. The watchdog began its initial investigation in June and had a deadline of August 28 for a decision. (Reporting by Pushkala Aripaka, Nithyashree R B and Prerna Bedi in Bengaluru; Editing by Sonia Cheema, Shilpi Majumdar and Barbara Lewis)
