Agreement to Acquire Vought Share of Global Aeronautica Closes

Boeing [NYSE: BA] announced today it has finalized the agreement to acquire Vought Aircraft Industries' interest in Global Aeronautica, LLC, a South Carolina fuselage sub-assembly facility for Boeing's newest airplane, the 787 Dreamliner. With the completion of this transaction, Global Aeronautica is now a 50-50 joint venture between The Boeing Company and Alenia North America, a subsidiary of Italy's Alenia Aeronautica -- a Finmeccanica company.

Vought continues to produce the aft fuselage for the 787 at its facility adjacent to Global Aeronautica in North Charleston.

Closing occurred following receipt of regulatory approvals on June 3, 2008. Terms of the transaction were not disclosed. The transaction will not affect Boeing's current financial guidance.

"As a partner in the Global Aeronautica joint venture with Alenia North America, Boeing looks forward to applying its proven lean manufacturing expertise to enhance the efficiency and productivity of the facility's operations and ensure the timely delivery of high-quality assemblies to our Everett, Washington facility," said Pat Shanahan, vice president and general manager of the 787 program.
"We are proud to partner with Boeing in Global Aeronautica," said Giuseppe Giordo, president and chief executive officer of Alenia North America. "We are committed to our investment in South Carolina and to the success of the 787 program." More Information Global Aeronautica was established in December 2004 as a joint venture between Alenia North America, a Finmeccanica company, and Vought Aircraft Industries, based in Dallas.
Global Aeronautica employs more than 300 people and is responsible for joining and integrating 787 fuselage sections from Alenia and other structural partners. Along with joining the majority of the mid-body fuselage sections, the joint venture also installs and tests associated systems and applies primer on the sections. Vought produces aft fuselage sections 47 and 48 in a new 342,000-square-foot building and employs about 300 workers at its South Carolina plant.

Alenia builds the center fuselage sections 44 and 46 in its facilities and delivers these to the Global Aeronautica integration facility. Alenia also manufactures the horizontal stabilizer of the 787 in its Foggia facility.

Headquartered in Everett, Wash., Boeing's 787 program is completing work on the first 787 Dreamliner, which is scheduled for first flight in the fourth quarter of 2008. First delivery is scheduled for the third quarter 2009.