By Tim Hepher
BRUSSELS (Reuters) – The head of European planemaker Airbus said talks to finalise the takeover of part of troubled U.S. aerostructures supplier Spirit Aerosystems were going smoothly but that bringing it into Airbus would “not be a walk in the park”.
Airbus plans to take over the running of four Spirit plants associated with its A350 and A220 jetliner programmes as part of a loosely coordinated plan to carve up the company with Boeing, which is buying back almost all the rest of its former unit.
The rare act of cooperation between business foes reflects concerns that the rapid decline of one of the industry’s key suppliers, spun off from Boeing almost 20 years ago, could have spread havoc through the world’s largest planemakers.
Because the plants lose money, Spirit has agreed to pay $559 million to Airbus subject to due diligence and the shape of the deal, which could also include a fifth Scottish plant.
“My teams say the finalisation is going reasonably well…so I am quite optimistic on Spirit,” Airbus CEO Guillaume Faury told Reuters in an interview.
But the French CEO said tough tasks still lay ahead.
“We will have to go from signing to closing and then we will have to get our hands on it, and will have to do the ramp-up,” Faury said on the sidelines of a European industry event.
“There are plenty of problems to be solved. It is not a walk in the park but it seems that we are ticking the boxes one by one.”
Spirit did not respond to a request for comment.
The Wichita-based company this month issued a going concern warning, indicating doubts over its ability to pay its bills at some point in the next 12 months.
Already facing financial pressure, Spirit’s fortunes had taken a tumble after the blowout of a door plug on a Boeing 737 MAX in January, prompting the U.S. planemaker to offer to buy back the fuselage supplier for its most-sold jetliner series.
Last week, Boeing and Airbus agreed to advance Spirit a combined $457 million to keep it afloat while the three-way split is finalised. The plan must also win regulatory approval.
Faury’s remarks highlight the extent of Airbus’ concerns that contagion from the Boeing crisis could have reached its own operations via Spirit, which relies on Airbus for 25% of sales.
“The risk was not on our side. It was on Spirit’s side and even Boeing’s,” Faury said.
“The fact that Boeing was able to refinance itself is good news,” Faury said referring to Boeing’s $24 billion equity raise in late October, which analysts say put Boeing on an improved footing and removed potential distractions from the Spirit deal.
About the author
Lara Trump withdraws from consideration to replace Rubio in US Senate
By Jasper Ward(Reuters) -Lara Trump, daughter-in-law of President-elect Donald Trump, said on Saturday she has removed her name from consideration to replace outgoing U.S. Senator Marco Rubio.Rubio was picked by Trump to serve as secretary of state. Florida Governor Ron DeSantis will pick a replacement for Rubio, who is expected to resign as senator when Trump takes office on Jan. 20.There was speculation that Lara Trump, who served as co-chair of the Republican National Committee in the lead-up to the 2024 election, would succeed Rubio in the Senate.Trusted news and daily delights, right in your inboxSee for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories.However, in a post on X, Trump said she had decided to remove herself from consideration "after an incredible amount of thought, contemplation, and encouragement from so many.""I could […]
Hawk on the house
Hawk on the house Source: missionlocal.org
Burglars ransack Southern California homes while posing as deliverymen
Residents are frightened and angry as a group of suspects continue ransacking San Fernando Valley homes, leaving a trail of destruction behind.A Valley Village resident said she was stunned and shaken up after thieves targeted her home on Dec. 17 between 5 p.m. to 6 p.m.The break-in was captured on home surveillance cameras as a male suspect approached the house and appeared to be disguised as a delivery man.“Ten minutes after we left [our home], someone was knocking at the door and our dog was barking away,” she said. “Then within a minute, someone had broken into the back of the house, smashed the glass door, came in and locked the dog in a room and just trashed the house. They took all of my jewelry.”Photos of the aftermath showed drawers in every room were removed and emptied and all […]
Jim’s owners retiring, leaving future of Mission diner unclear
The mom-and-pop owners of Jim’s Restaurant on Mission Street, a community staple for over three decades, will have their last day of work this Saturday, according to the restaurant.Jim’s Restaurant announced that its owners will be retiring after Saturday. It’s unclear, however, whether Jim’s will continue operating under new management. What is clear is it will no longer be the same without Ms. and Mr. Kim. The current owners, Kim Ok Un and Kim Jung Nyun, declined to comment about their retirement or whether Jim’s would continue operating. An Instagram commenter says, “So so sooo happy for you guys!! So well deserved but Jim’s will never be the same without you”.Another says, “Legendary spot just up the street from KPOO. Thanks y’all for the decades of service to the community.”On Friday around noon, the restaurant at 2420 Mission St. between 20th and […]
Police bust man at Gwinnett McDonald’s they say tried to sell home he didn’t own
Gwinnett County police arrested a man at a local McDonald’s who they say attempted to sell a property he did not own by stealing the identity of its rightful owner.Police say 55-year-old Armond Long, of Lilburn, posed as the property owner and listed the land for sale on Zillow.The scheme unraveled when the actual owner discovered the listing while the sale was pending and contacted authorities.Records show the land was pending for $130,000 before law enforcement got involved.“He didn’t have any intention of selling that property, so he contacted local authorities,” said Cpl. Juan Madiedo.TRENDING STORIES: Authorities in Lake Havasu City, Arizona worked with Gwinnett County police to set up a sting operation.Long agreed to meet at a McDonald’s near the Mall of Georgia to sign final closing documents. An undercover Gwinnett officer, posing as a courier, handed Long documents […]
S.F. police shoot, kill Dior guard turned alleged hit-and-run driver
San Francisco police shot and killed a purportedly armed man they say they tracked down — after he allegedly hit pedestrians and a cyclist with a car on Thursday evening. Assistant Chief David Lazar, who gave a press conference this morning, said the man was believed to be a security guard at Dior, and said he discovered a firearm “on the ground” at the scene that he believed belonged to the guard. He did not give any details about whether the man was armed at the time police shot him. Lazar also could not confirm how many police officers fired their weapons at the man. The driver was allegedly driving on the sidewalk around 6:30 p.m. at Kearny and Post streets and hit two pedestrians, an 18-year-old and a 17-year-old, Lazar said, in pursuit of a man on an electric bicycle. After hitting […]
Related
Lara Trump withdraws from consideration to replace Rubio in US Senate
By Jasper Ward(Reuters) -Lara Trump, daughter-in-law of President-elect Donald Trump, said on Saturday she has removed her name from consideration to replace outgoing U.S. Senator Marco Rubio.Rubio was picked by Trump to serve as secretary of state. Florida Governor Ron DeSantis will pick a replacement for Rubio, who is expected to resign as senator when Trump takes office on Jan. 20.There was speculation that Lara Trump, who served as co-chair of the Republican National Committee in the lead-up to the 2024 election, would succeed Rubio in the Senate.Trusted news and daily delights, right in your inboxSee for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories.However, in a post on X, Trump said she had decided to remove herself from consideration "after an incredible amount of thought, contemplation, and encouragement from so many.""I could […]
Burglars ransack Southern California homes while posing as deliverymen
Residents are frightened and angry as a group of suspects continue ransacking San Fernando Valley homes, leaving a trail of destruction behind.A Valley Village resident said she was stunned and shaken up after thieves targeted her home on Dec. 17 between 5 p.m. to 6 p.m.The break-in was captured on home surveillance cameras as a male suspect approached the house and appeared to be disguised as a delivery man.“Ten minutes after we left [our home], someone was knocking at the door and our dog was barking away,” she said. “Then within a minute, someone had broken into the back of the house, smashed the glass door, came in and locked the dog in a room and just trashed the house. They took all of my jewelry.”Photos of the aftermath showed drawers in every room were removed and emptied and all […]
Police bust man at Gwinnett McDonald’s they say tried to sell home he didn’t own
Gwinnett County police arrested a man at a local McDonald’s who they say attempted to sell a property he did not own by stealing the identity of its rightful owner.Police say 55-year-old Armond Long, of Lilburn, posed as the property owner and listed the land for sale on Zillow.The scheme unraveled when the actual owner discovered the listing while the sale was pending and contacted authorities.Records show the land was pending for $130,000 before law enforcement got involved.“He didn’t have any intention of selling that property, so he contacted local authorities,” said Cpl. Juan Madiedo.TRENDING STORIES: Authorities in Lake Havasu City, Arizona worked with Gwinnett County police to set up a sting operation.Long agreed to meet at a McDonald’s near the Mall of Georgia to sign final closing documents. An undercover Gwinnett officer, posing as a courier, handed Long documents […]
Mother of Olentangy High student that inspired sextortion bill hopes it saves lives
Editor's note: This story discusses suicide and sexual abuse. If you or someone you know is struggling, you can call or text 988.Jennifer Markus spent much of Wednesday watching The Ohio Channel as a bill to make "sextortion" a felony wound its way among lawmakers.She's a pediatric care nurse at Nationwide Children's Hospital where her colleagues have offered comfort after her son Braden Markus took his life three years ago when someone posing as a high school girl on social media asked him for intimate photos and then demanded $1,800 so they wouldn't be published.He initially refused. But within 30 minutes, the boy who loved sports and fireworks and Japanese food, who was about to get his driver's license, was gone."It's bittersweet," Mrs. Markus told The Dispatch Thursday. "Holy crap. my friends and a lot of people just got this […]
Family Mourns 6-Year-Old Who Died After Escaping Home, Running Across Interstate
A family in San Jose, California, is mourning their 6-year-old son King Holguin, a nonverbal and autistic child who was fatally struck by a car Friday, Dec. 13, on Interstate 280, per ABC 7 News.King was two weeks shy of his seventh birthday when he died.“I just want to hold him,” the boy’s father, who was not identified, told the outlet Monday. “I want him back, but I know he is in a better place. He was always outgoing, loving and the house is quiet without him. But I know everyone misses him and I miss him.”A news release from the California Highway Patrol obtained Wednesday by People confirmed a pedestrian “ran into the number three lane” of the northbound interstate that night and was struck by a 2024 Nissan Altima driven by a 36-year-old San Jose local.The pedestrian was […]
4 Things Retirees Should Stop Buying To Build Their Retirement Savings
monkeybusinessimages / iStock.com Maintaining financial stability during retirement is challenging for many retirees, because their income is fixed, whether it comes from Social Security, investments or pensions. Read More: 3 Things Retirees Should Sell To Build Their retirement Savings Be Aware: 10 Little Luxuries To Stay Away From in Retirement “Balancing enjoyment and security in retirement is about clarity and intention,” said Melissa Pavone, founder of Mindful Financial Partners. “By understanding your numbers, building a detailed cash flow plan, and revisiting it regularly with a trust advisor, you can embrace the retirement you’ve envisioned.” However, many retirees unknowingly spend money on items that drain their savings, making it harder to meet unexpected needs and stretch their money over time. Here are four things retirees should stop buying to build their retirement savings. According to Deloitte’s annual Digital Media Trends report, […]
