$93 Billion Aerospace Company Boeing to Cut 17,000 Jobs Representing 10% of Workforce, Pleaded Guilty in Settlement Agreement in 2024 July with United States Prosecutors for Criminal Conspiracy in 2 Fatal Crashes of 737 Max Airplanes Which Killed 346 People, Faces Maximum Criminal Fine of $478.2 Million, Boeing to Setup Corporate Monitoring System & Required to Spend at Least $455 Million to Enhance Compliance & Safety Programs in Next 3 Years, Deal is Subject to Court Approval
12th October 2024 | Hong Kong
United States aerospace company Boeing ($93 billion market value) has announced to cut 17,000 jobs, representing 10% of global workforce. In 2024 July, Boeing has agreed to plead guilty in a settlement agreement with United States prosecutors for criminal conspiracy in 2 fatal crashes of 737 Max airplanes which killed 346 people. Boeing is facing a maximum criminal fine of $478.2 million. In the settlement agreement, Boeing is required to setup a corporate monitoring system and to spend at least $455 million to enhance compliance & safety programs in the next 3 years. The deal is subject to United States court approval. Earlier in July 2024, Boeing (4/7/24: $113 billion) has announced to buy Spirit AeroSystems for $4.7 billion in an all-share deal at $37.25 per share. Spirit AeroSystems is the world’s largest tier-1 aerostructures manufacturer.
“ $93 Billion Aerospace Company Boeing to Cut 17,000 Jobs Representing 10% of Workforce, Pleaded Guilty in Settlement Agreement in 2024 July with United States Prosecutors for Criminal Conspiracy in 2 Fatal Crashes of 737 Max Airplanes Which Killed 346 People, Faces Maximum Criminal Fine of $478.2 Million, Boeing to Setup Corporate Monitoring System & Required to Spend at Least $455 Million to Enhance Compliance & Safety Programs in Next 3 Years, Deal is Subject to Court Approval “
$112 Billion Aerospace Company Boeing to Plead Guilty in Settlement Agreement with United States Prosecutors for Criminal Conspiracy in 2 Fatal Crashes of 737 Max Airplanes Which Killed 346 People, Faces Maximum Criminal Fine of $478.2 Million, Boeing to Setup Corporate Monitoring System & Required to Spend at Least $455 Million to Enhance Compliance & Safety Programs in Next 3 Years, Deal is Subject to Court Approval
10th July 2024 – United States aerospace company Boeing (9/7/24: $112 billion) will be pleading guilty in a settlement agreement with United States prosecutors for criminal conspiracy in 2 fatal crashes of 737 Max airplanes which killed 346 people. Boeing is facing a maximum criminal fine of $478.2 million. In the settlement agreement, Boeing is required to setup a corporate monitoring system and to spend at least $455 million to enhance compliance & safety programs in the next 3 years. The deal is subject to United States court approval. Earlier in July 2024, Boeing (4/7/24: $113 billion) has announced to buy Spirit AeroSystems for $4.7 billion in an all-share deal at $37.25 per share. Spirit AeroSystems is the world’s largest tier-1 aerostructures manufacturer.
$113 Billion Aerospace Company Boeing to Buy Spirit AeroSystems for $4.7 Billion in All-Share Deal at $37.25 Per Share, Spirit AeroSystems is World Largest Tier-1 Aerostructures Manufacturer
4th July 2024 – United States aerospace company Boeing (4/7/24: $113 billion) has announced to buy Spirit AeroSystems for $4.7 billion in an all-share deal at $37.25 per share. Spirit AeroSystems is the world’s largest tier-1 aerostructures manufacturer. Boeing (1/7/24): “Boeing [NYSE: BA] today announced it has entered into a definitive agreement to acquire Spirit AeroSystems [NYSE: SPR]. The merger is an all-stock transaction at an equity value of approximately $4.7 billion, or $37.25 per share. The total transaction value is approximately $8.3 billion, including Spirit’s last reported net debt. Each share of Spirit common stock will be exchanged for a number of shares of Boeing common stock equal to an exchange ratio between 0.18 and 0.25, calculated as $37.25 divided by the volume weighted average share price of Boeing shares over the 15-trading-day period ending on the second trading day prior to the closing (subject to a floor of $149.00 per share and a ceiling of $206.94 per share). Spirit shareholders will receive 0.25 Boeing shares for each of their Spirit shares if the volume-weighted average price is at or below $149.00, and 0.18 Boeing shares for each of their Spirit shares if the volume-weighted average price is at or above $206.94. Boeing’s acquisition of Spirit will include substantially all Boeing-related commercial operations, as well as additional commercial, defense and aftermarket operations. As part of the transaction, Boeing will work with Spirit to ensure the continuity of operations supporting Spirit’s customers and programs it acquires, including working with the U.S. Department of Defense and Spirit defense customers regarding defense and security missions. Airbus SE and Spirit have also entered into a binding term sheet under which Airbus will acquire, assuming the parties entered into definitive agreements and receipt of any required regulatory approvals, certain commercial work packages that Spirit performs for Airbus concurrently with the closing of the Boeing-Spirit merger. In addition, Spirit is proposing to sell certain of its operations, including those in Belfast, Northern Ireland (non-Airbus operations), Prestwick, Scotland, and Subang, Malaysia. The transaction is expected to close mid-2025 and is subject to the sale of the Spirit operations related to certain Airbus commercial work packages and the satisfaction of customary closing conditions, including regulatory and Spirit shareholder approvals. PJT Partners is acting as lead financial advisor to Boeing, with Goldman Sachs & Co, LLC and Consello acting as additional advisors. Sullivan & Cromwell LLP is acting as outside counsel to Boeing.”
Boeing – As a leading global aerospace company, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. As a top U.S. exporter, the company leverages the talents of a global supplier base to advance economic opportunity, sustainability and community impact. Boeing’s diverse team is committed to innovating for the future, leading with sustainability, and cultivating a culture based on the company’s core values of safety, quality and integrity.
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