Spirit's 2020 acquisition of the A220 wing and fuselage factories in Northern Ireland and Morocco are its biggest bet on a future diversified away from Boeing's commercial airplanes. The company is in the midst of negotiations with Airbus on those contracts, which predate its ownership, and are today, along with its A350 work, operating at a loss through the end of 2025, according to regulatory filings.
Airbus A220 work still core to Spirit AeroSystems’ future
In his final weeks as chief executive, Tom Gentile on September 7 declared its contracts for Spirit’s carbon fiber composite work on the 787, A350 and A220 “not sustainable” and said it had entered into negotiations with Boeing and Airbus to rework the agreements that have left it underwater.
Spirit concluded a revised agreement with Boeing in October, but now has to negotiate a similar comprehensive deal with Airbus. “This is an item of utmost urgency for me personally, and I will be — if not leading — very deep in these conversations and discussions,” said Spirit’s new interim CEO Pat Shanahan on the company’s November 1 third quarter earnings call.
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