Spirit Aero to be broken up in $4.7 bln Boeing deal

Boeing said Monday it will buy its supplier Spirit AeroSystems for $4.7 billion. the US playmaker moved after a crisis caused by a midair blowout on a 737 Max jet led to questions over quality. Boeing rival Airbus has also agreed to take on the suppliers loss making Europe focused activities in return for hundreds of millions of dollars of compensation. Boeing spun off Spirits in 2005 and has long considered a buyback. The decision to go ahead now comes as the aerospace giant tries to resolve a crisis at one of the industry's key suppliers. January's blower incident involved a door plug made by Spirit and contributed to a major slowdown in output of Boeing. The playmaker announced the planned departure of CEO Dave Calhoun in the wake of the crisis. Now, the deal is due to close around midway through next year and is seen as an effort to address its safety problems ensure up its production line. Airbus is also a Spirit customer and didn't want archrival Boeing building parts for its latest jets. It's now confirmed it will take over core activities, and four of the suppliers plans to avoid that. Sources said the move was loosely coordinated between the three companies. Airbus said it would receive $559 million in compensation from Spirit, depending on the final outlines of the deal.