Spirit AeroSystems Holdings, Inc. (SPR)

Spirit AeroSystems was formed in 2005 when private equity firm Onex acquired Boeing's commercial aerostructures operations in Wichita, Kansas, and Tulsa and McAlester, Oklahoma. The new company became one of the largest independent makers of aircraft structures, headquartered in Wichita. It produced fuselages, nacelles, pylons and wing components for commercial aircraft, and also served defense programs.

Spirit completed its initial public offering in November 2006 and listed on the New York Stock Exchange under the symbol SPR. Boeing remained by far its largest customer, with Spirit building the fuselage for the 737 family and major sections for the 787 and 747, while Airbus was a second major customer for wing and fuselage structures at operations in the United Kingdom, France and North Carolina. In 2020 the company expanded its Airbus-related work by acquiring Bombardier's aerostructures operations in Northern Ireland and Morocco.

The company reported its work in commercial, defense and space, and aftermarket segments. Defense programs included work on the P-8, KC-46 and other platforms, while aftermarket services covered spares, repairs and composite repair. Its financial results were heavily affected by cost overruns on fixed-price contracts, production-rate changes at Boeing and Airbus, and the 2019-2020 grounding of the 737 MAX.

In January 2024, a door plug on a Boeing 737 MAX 9 operated by Alaska Airlines detached in flight. The incident drew scrutiny to quality in the 737 supply chain, including the fuselages built by Spirit, and led to production restrictions that reduced Spirit's cash flow. The strain on both companies prompted Boeing to consider bringing Spirit's main Boeing-related operations back in-house.

On July 1, 2024, Boeing agreed to acquire Spirit in an all-stock transaction valued at about $4.7 billion in equity, or roughly $37.25 per share at the time of announcement, with a fixed exchange ratio. As part of a related agreement, Airbus would take over Spirit's Airbus-related work at sites in Belfast, Prestwick, Saint-Nazaire and Kinston. Shareholders approved the deal in 2024, and the transaction awaited regulatory approvals including those of the US Federal Trade Commission and European authorities.

After regulatory clearance and the separation of the Airbus-related sites, Boeing completed its acquisition of Spirit AeroSystems on December 8, 2025. Spirit shares were exchanged for Boeing common stock at the agreed ratio, and the company became part of Boeing. A Form 25 was filed with the SEC that day to remove Spirit's common stock from the New York Stock Exchange, ending trading under the SPR symbol.