Boeing Announces Agreement to Acquire Vought Share of Global Aeronautica

Mar 28, 2008, 01:00 ET from The Boeing Company

    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
     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.
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SOURCE The Boeing Company