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Boeing announces agreement to acquire Vought share of Global Aeronautica

The Boeing Company [NYSE: BA] announced today it has agreed to acquire Vought Aircraft Industries' interest in Global Aeronautica, LLC, a South Carolina fuselage sub-assembly facility for Boeing's newest airplane, the 787 Dreamliner. After the transaction is complete, Global Aeronautica will become a 50-50 joint venture between The Boeing Company and Alenia North America, a subsidiary of Italy's Alenia Aeronautica -- a Finmeccanica company. Vought will continue to produce the aft fuselage for the 787 at its facility adjacent to Global Aeronautica in North Charleston.

Closing will occur following receipt of regulatory approvals. Terms of the transaction were not disclosed. The transaction will not affect Boeing's current financial guidance. Boeing's supplier management organization will continue to oversee Global Aeronautica along with the other major 787 supplier-partner team members.

"As a partner in the Global Aeronautica joint venture, Boeing will work with Alenia to apply proven lean manufacturing expertise to continue improving the efficiency and productivity of GA's operations, while Vought will focus on its primary business of delivering quality aft fuselage structures for the 787," said Pat Shanahan, vice president and general manager of the 787 program. "All three partners in this transaction -- Boeing, Vought and Alenia -- believe these changes will enable the 787 team to continue to overcome supply-chain challenges of the program."

Elmer Doty, president and chief executive officer, Vought Aircraft Industries, said, "This seamless transition of joint venture ownership will build upon the strong foundation already established within Global Aeronautica. Selling our interest has no impact on our adjacent facility, where the Vought 787 team remains focused on manufacturing composite fuselage sections for this incredible airplane."

Giuseppe Giordo, president and chief executive officer, Alenia North America, said, "The 787 program is a strategic program for Alenia and its presence in South Carolina. We are confident that with Boeing as an investor, the successful work of Global Aeronautica will continue thanks to the hard work and dedication of its management and employees."

"We look forward to working with the Global Aeronautica team and continuing our relationships with Vought and Alenia as we move ahead on the 787 program," said Shanahan.

Press release issued by Boeing Commercial Airplanes on March 28, 2008


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Boeing Commercial Airplanes Airframer
Triumph Aerospace Structures - Technology and Engineering Center - Arlington Aircraft Structural Components, Empennages, Aircraft Doors, Nacelles, Wings, Helicopter Assemblies, Fuselage Sections, Wing Spoilers, Wing Flaps, Air Refuelling Systems, Wire Assemblies, Testing Services, Wing Spars, Fairings, Aircraft Flooring
Leonardo Aeronautics (Alenia) Airframer


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