Boeing will take over fuselage supplier Spirit AeroSystems as it works improve quality

Boeing will buy Spirit AeroSystems, a subsidiary it spun off in 2009, as the planemaker works to get a handle on its production quality.

Spirit produces 737 fuselages for Boeing and was partly responsible for the manufacturing of the Max 9 that lost a door plug during an Alaska Airlines flight in January.

Boeing agreed on Sunday to acquire Spirit AeroSystems for $37.25 per share in an all-stock deal that values the supplier at more than $4 billion, according to two sources familiar with the matter.

The $37.25 deal price values Spirit Aero at $4.7 billion, according to Boeing.

“We believe this deal is in the best interest of the flying public, our airline customers, the employees of Spirit and Boeing, our shareholders and the country more broadly,” Boeing President and CEO Dave Calhoun said in a statement. “By reintegrating Spirit, we can fully align our commercial production systems, including our Safety and Quality Management Systems, and our workforce to the same priorities, incentives and outcomes – centered on safety and quality.”

Spirit also produces some components for Airbus A220s and A350s, and Airbus will acquire some segments of the manufacturer's business for $1. Airbus will be compensated $559 million as part of the transaction.

The deal is still subject to regulatory approvals, and Boeing said it likely won't be fully closed until mid-2025.

Contributing: Reuters

Zach Wichter is a travel reporter for USA TODAY based in New York. You can reach him at zwichter@usatoday.com.

This article originally appeared on USA TODAY: Boeing, Airbus to take over Spirit AeroSystems under $4.7 billion deal