Spirit AeroSystems (SPR) Booms on Reaching 787-8 Agreement (BA)
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Spirit AeroSystems Holdings (NYSE: SPR) shares are booming today following an announcement that they have reached an agreement with Boeing (NYSE: BA) regarding certain claims associated with the development and production of the 787-8 airplane in December 2010.
The stock is up $1.89, or 9.3%, this afternoon, on heavier volume.
Formal amendments between the companies are expected to be completed in H111. Spirit expects to include the impact of the agreement on Q410 and FY10 statements.
Spirit Senior Vice President and Chief Financial Officer Phil Anderson said, "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."
The stock is up $1.89, or 9.3%, this afternoon, on heavier volume.
Formal amendments between the companies are expected to be completed in H111. Spirit expects to include the impact of the agreement on Q410 and FY10 statements.
Spirit Senior Vice President and Chief Financial Officer Phil Anderson said, "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."
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