Boeing Agrees to Acquire Summit Aeronautics Group
This acquisition extends a strong partnership between Boeing and Summit. Summit currently performs hard metal machining on 747-8 fail-safe bars, which allow the flaps to move on the wings; 787 edge frames that fit around the doors; and 767 main-landing-gear beams, which facilitate the landing gear rotation. After the transaction, Summit will continue its work on these Boeing programs and manufacture other machined parts for the 787. Summit also will continue to support existing military programs.
Through the agreement, Boeing will acquire the building, assets and inventory as well as assume operation of the site. Boeing anticipates this transaction will close in the fourth quarter following satisfaction of customary closing conditions. This transaction is not expected to have a material impact on Boeing's 2010 or 2011 financial results. Terms were not disclosed.
Once acquired, Boeing Fabrication will manage the Helena facility. Boeing Fabrication, which is currently located at 10 sites worldwide, provides manufacturing and assembly capabilities and technologies to Boeing Commercial Airplanes.