Spirit AeroSystems reaches agreement with Boeing on 787 program

Spirit AeroSystems Holdings, Inc. (NYSE: SPR) announced today it has reached an agreement with The Boeing Company regarding certain claims associated with the development and production of the 787-8 airplane in December 2010.

"Working closely with our largest customer, we have developed a fair and equitable framework that reflects current program financial realities and reinforces a partnership that provides the basis for long-term value creation on the program for both Spirit and Boeing," said Phil Anderson, Spirit Senior Vice President and Chief Financial Officer.

"Since the program's inception, our team has worked diligently to support customer requirements on 787 development and production," Anderson said. "We are optimistic about the future of the overall program, which we anticipate will continue to provide long-term benefit to Spirit."

The agreement provides that the parties will complete formal amendments in the first half of 2011. The company expects to include any impact of the agreement in its Fourth Quarter and Full Year 2010 Financial Report planned for February 10, 2011.

Spirit AeroSystems designs and builds the composite forward fuselage, engine pylons, and wing leading edge components for the 787 program.