Spirit AeroSystems completed the acquisition of Bombardier's aerostructures business for $275m.

Spirit AeroSystems, which manufactures and distributes aerospace equipment, completed the acquisition of Bombardier's aerostructures business for $275m. Spirit will also acquire Short Brothers, an aerospace company and make a $130m special contribution to the pension scheme of Short Business. Net pension liabilities of the Shorts pension scheme to be assumed by Spirit are с.$300m. "This acquisition accelerates our strategic transformation by increasing our Airbus content with the A220 composite wing and growing our aftermarket business. The transaction secures Spirit's position as the world's leader in composite structures for aircraft and as one of the leaders in integrated wing technologies. As with the rest of the aerostructures industry, performance will be adversely impacted due to COVID-19 for the coming years, but we worked closely with Bombardier on a mutually agreeable price reduction that mitigates this impact. Going forward, we look forward to becoming one of Bombardier's largest suppliers," Tom Gentile, Spirit AeroSystems President and Chief Executive Officer. On October 26, 2020, parties agreed to decrease the consideration from $1.1bn to $275m.