Boeing Co. said July 7 it will pay $580 million to acquire the South Carolina operations of a key supplier for the oft-delayed production of the company's 787 Dreamliner.
Boeing has agreed to purchase the North Charleston, S.C., facility from Vought Aircraft Industries, which performs fabrication and assembly of structures and systems installation of 787 aft fuselage sections.
As part of the agreement, Boeing will release Vought from its obligations to repay advances.
This transaction is expected to close in the third quarter following satisfaction of customary closing conditions, including consent from Vought's lenders.
The acquisition should help Boeing ramp-up production on the aircraft, which has been delayed five times partly because of problems with suppliers, the company said.
After the transaction, Vought will continue its work on many Boeing programs, including other components of the 787, as well as structures and components on the 737, 747, 767, 777, C-17 and V-22 through operations located elsewhere.