Boeing Announces Agreement to Acquire Vought Share of Global Aeronautica

    SEATTLE, March 28 /PRNewswire-FirstCall/ -- 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.
 
     More Information
 
     Global Aeronautica was established in December 2004 as a joint venture
 between Alenia North America, a Finmeccanica company, and Vought Aircraft
 Industries, based in Dallas.
 
     Global Aeronautica employs more than 300 people and is responsible for
 joining and integrating 787 fuselage sections from Vought, Alenia and other
 structural partners. Along with joining the majority of the fuselage
 sections, the joint venture also installs and tests associated systems and
 applies primer on the sections.
 
     Vought produces aft fuselage sections 47 and 48 in a new
 342,000-square-foot building and employs about 300 workers at its South
 Carolina plant.
 
     Alenia builds the center fuselage sections 44 and 46 in its facilities
 and delivers these to the Global Aeronautica integration facility. Alenia
 also manufactures the horizontal stabilizer of the 787 in its Foggia
 facility.
 
     Headquartered in Everett, Wash., Boeing's 787 program is completing
 work on the first 787 Dreamliner. Three other airplanes also are in
 production at the Everett facility.
 
     Forward-Looking Information Is Subject to Risk and Uncertainty
 
     Certain statements in this report may constitute "forward-looking"
 statements within the meaning of the Private Securities Litigation Reform
 Act of 1995. Words such as "expects," "intends," "plans," "projects,"
 "believes," "estimates," and similar expressions are used to identify these
 forward-looking statements. These statements are not guarantees of future
 performance and involve risks, uncertainties and assumptions that are
 difficult to predict. Forward-looking statements in this press release
 include, among others, statements regarding future results as a result of
 our growth and productivity initiatives, our 2007 and 2008 financial
 outlook and the benefits of the IDS structure. Forward-looking statements
 are based upon assumptions as to future events that may not prove to be
 accurate. Actual outcomes and results may differ materially from what is
 expressed or forecasted in these forward-looking statements. As a result,
 these statements speak only as of the date they were made and we undertake
 no obligation to publicly update or revise any forward-looking statements,
 whether as a result of new information, future events or otherwise. Our
 actual results and future trends may differ materially depending on a
 variety of factors, including the continued operation, viability and growth
 of major airline customers and non-airline customers (such as the U.S.
 Government); adverse developments in the value of collateral securing
 customer and other financings; the occurrence of any significant collective
 bargaining labor dispute; our successful execution of internal performance
 plans including our company-wide growth and productivity initiatives,
 production rate increases and decreases (including any reduction in or
 termination of an aircraft product), availability of raw materials,
 acquisition and divestiture plans, and other cost-reduction and
 productivity efforts; charges from any future SFAS No. 142 review; ability
 to meet development, production and certification schedules for the 787
 program and the ability to meet scheduled deliveries of the 787 airplane;
 technical or quality issues in development programs (affecting schedule and
 cost estimates) or in the satellite industry; an adverse development in
 rating agency credit ratings or assessments; the actual outcomes of certain
 pending sales campaigns and U.S. and foreign government procurement
 activities, including the uncertainty associated with the procurement of
 tankers by the U.S. Department of Defense (DoD) and funding of the C-17
 program; the cyclical nature of some of our businesses; unanticipated
 financial market changes which may impact pension plan assumptions;
 domestic and international competition in the defense, space and commercial
 areas; continued integration of acquired businesses; performance issues
 with key suppliers, subcontractors and customers; significant disruption to
 air travel worldwide (including future terrorist attacks); global trade
 policies; worldwide political stability; domestic and international
 economic conditions; price escalation; the outcome of political and legal
 processes, changing priorities or reductions in the U.S. Government or
 foreign government defense and space budgets; termination of government or
 commercial contracts due to unilateral government or customer action or
 failure to perform; legal, financial and governmental risks related to
 international transactions; legal and investigatory proceedings; tax
 settlements with the IRS and various states; U.S. Air Force review of
 previously awarded contracts; costs associated with the exit of the
 Connexion by Boeing business; and other economic, political and
 technological risks and uncertainties. Additional information regarding
 these factors is contained in our SEC filings, including, without
 limitation, our Annual Report on Form 10-K for the year ended December 31,
 2006 and our Quarterly Report on Form 10-Q for the quarters ended March 31,
 2007, June 30, 2007 and September 30, 2007.
 
 
 

SOURCE The Boeing Company
RELATED LINKS
http://www.boeing.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.