Spirit AeroSystems said Boeing would give it advance payments of $425 million and help it address issues like higher levels of inventory and lower cashflows after the U.S. aviation regulator capped the planemaker's 737 MAX production.
The agreement announced by Spirit on Tuesday comes amid
talks between the two for Boeing to buy the fuselage supplier, a former
subsidiary, and as the planemaker tries to get control of a sprawling crisis
sparked by a mid-air panel blowout in January on a new Alaska Airlines 737 MAX
9.
Under the deal, Spirit will maintain a production rate that
supports Boeing's contractual production demand.
Boeing said it continues "to work together with Spirit
to improve quality, stabilize operations and support our customers."
Spirit, one of the industry's major manufacturers of large
aircraft structures, has struggled with cash flow problems over the past few
quarters and quality issues surrounding the fuselages it makes for Boeing's 737
narrowbody jets.
Spirit will also provide to Boeing specified financial
information on a weekly basis.
The deal would also help navigate lower expected deliveries
to Boeing due to the Federal Aviation Administration decision to cap the
planemaker's 737 production rate at 38 planes per month and higher factory
costs to maintain rate readiness and production quality.
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