U.S. aircraft parts maker Spirit AeroSystems said on Monday it reached a deal with Bombardier Inc to cut the cash component of a deal to buy the Canadian planemaker's aerostructures unit by 45per cent to US$275 million as COVID-19 weighed on the aerospace sector.
The revised deal, expected to close on Oct. 30, sent Spirit AeroSystems shares down 7per cent while Bombardier stock edged 2.3per cent shares higher in midday trading.Spirit caused jitters among Bombardier investors in late September when it raised uncertainty over the deal's closing. The revised agreement includes a facility in Belfast which produces wings for Airbus SE's A220 jet, which is considered politically sensitive as the largest high-tech manufacturer in Northern Ireland.
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