Spirit Aerosystems Holdings, Inc. (SPR) Company Bio
Spirit AeroSystems Holdings, Inc., through its subsidiaries, designs, manufactures, and supplies commercial aero structures worldwide. The company operates through three segments: Fuselage Systems, Propulsion Systems, and Wing Systems. The company was founded in 1927 and is based in Wichita, Kansas.
Spirit AeroSystems (SPR) terminates the acquisition of Asco Industries N.V. parent, S.R.I.F. NV. as the conditions of the deal had not been satisfied.The deal was announced two years back in May 2018 for $650M, then the purchase price was decreased to $420M in October 2019....
Spirit AeroSystems Holdings Inc. disclosed Friday that ihas reached an agreement to terminate the deal to buy Asco Industries N.V. parent, S.R.I.F. NV. The termination comes after Spirit said earlier this week that the deal may be terminated because conditions of the deal had not been satisfied. The deal was first announced in May 2018 for $650 million, then the purchase price was lowered to $420 million in October 2019. Spirit's stock, which rose 1.1% in premarket trading Friday, has plunged 74.8% year to date through Thursday, while the S&P 500 has gained 0.5%.
Wall Street appears to be slowly warming to the stock. Thursday’s upgrade was from Wolfe Research analyst Hunter Keay. Keay’s price target edged higher to $147 from $146—a bit above where Boeing shares closed on Thursday.
Moody's Investors Service ("Moody's") affirmed its ratings for Spirit AeroSystems, Inc. ("Spirit"), including the company's B2 corporate family rating (CFR) and B2-PD probability of default rating. Moody's also affirmed ratings for the company's existing senior secured first lien notes (Ba2), senior secured second lien notes (B1), and senior unsecured notes (Caa1). Concurrently, Moody's assigned a Ba2 rating to the company's proposed $400 million first lien term loan.