Bombardier to get less cash in sale of aerostructures business to Spirit AeroSystems
The Canadian PressIndustry Operations Transportation & Logistics
(CP) MONTREAL – Bombardier Inc. says it will receive less cash than it originally had agreed to in the sale of its aerostructures business to Spirit AeroSystems Holding Inc.
The company says it will receive US$275 million in cash in the amended deal, down from the US$500 million in cash that was first announced last year.
Spirit will also assume liabilities, including government refundable advances and pension obligations, valued at US$824 million.
The sale includes operations in Belfast, U.K., and Casablanca, Morocco, as well as a maintenance, repair and overhaul facility in Dallas.
Concerns about the future of the deal were raised last month after Spirit said some closing conditions were unmet, injecting a degree of uncertainty into the deal.
Bombardier said Monday the closing conditions have been met and the transaction is expected to close on Friday.