Spirit AeroSystems announces an agreement to transfer the Gulfstream wing work packages at Spirit's facility in Tulsa to the Triumph Group. The transfer includes both the G650 and G280 wing programs.
Spirit employees who are currently working on the Gulfstream programs will be offered positions with Triumph.
Spirit AeroSystems President & CEO Larry Lawson: "We thoroughly evaluated all of our options and made the best decision for the company, our people and our customers. As for the other Tulsa programs, we are taking a pause in the process to evaluate the remaining work," said Lawson. "There are a number of factors to take into consideration, including exploring our options within the community and with other constituents who have approached us. We won't rush the evaluation and will provide an update as soon as we are ready."
The transaction is expected to close before the end of the year. The agreement calls for Spirit to make a cash payment to Triumph at closing in the amount of $160 million. The transaction is an estimated loss in the range of $235 million.