Spirit settles 787 claims with Boeing

Spirit AeroSystems has settled its claims related to 787 delays with the Boeing Co., the company said Wednesday.

“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,” said Phil Anderson, Spirit Senior Vice President and Chief Financial Officer, in a statement.

Spirit did not disclose the details of the settlement.

Spirit supplies the forward fuselage and engine pylons on the 787 and supplies structures on Boeing’s 737 and 777 and other planes.

The agreement provides that the parties will complete formal amendments in the first half of 2011. Spirit said it expects to include any impact of the agreement in its fourth quarter and full year 2010 financial report planned for Feb. 10, 2011.

“Since the program’s inception, our team has worked diligently to support customer requirements on 787 development and production,” Anderson said. “We are optimistic about the future of the overall program, which we anticipate will continue to provide long-term benefit to Spirit.”