Boeing Announces Agreement to Acquire Summit Aeronautics Group in Montana
SEATTLE, Nov. 22, 2010 /PRNewswire-FirstCall/ -- Boeing (NYSE: BA) announced today that it has agreed to acquire the business and operations conducted by Summit Aeronautics Group in Helena, Mont. Summit employs 135 people to manufacture titanium and other hard metal structures for commercial and military aircraft.
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.
"Bringing this successful partner and its talented employees into Boeing provides additional flexibility to support increased production rates," said Ross Bogue, vice president and general manager of Boeing Fabrication. "It grows our capacity to manufacture titanium and other hard metals structures in support of current and future airplane production requirements."
"Our Summit team is proud of the work we have done to support key Boeing programs," said Tom Hoffman, president of Summit Aeronautics Group. "The acquisition recognizes that our people and capabilities are world class. We look forward to expanding our relationship with Boeing and becoming an integral part of the Boeing production team."
Through the agreement, Boeing will acquire, among other things, 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 key manufacturing and assembly capabilities and technologies to Boeing Commercial Airplanes.
Source: BOEING
