Spirit AeroSystems did not directly 'buy' the Boeing Wichita factory. Instead, the facility was acquired in June 2005 by the investment firm Onex Corporation, an event that directly led to the formation of Spirit AeroSystems (initially named Mid-Western Aircraft Systems).
The Genesis of Spirit AeroSystems: A Strategic Acquisition
The transaction in June 2005 marked a significant turning point for the aerospace industry, specifically for the Wichita factory. Boeing decided to divest its Wichita factory along with other facilities, which were then purchased by Onex Corporation. This acquisition formed the foundation for what would become Spirit AeroSystems.
Here are the key details of this pivotal acquisition:
| Detail | Description |
|---|---|
| Date of Acquisition | June 2005 |
| Acquirer | Onex Corporation |
| Seller | Boeing |
| Assets Acquired | Boeing's Wichita factory, Tulsa facility, and McAlester facility |
| Transaction Value | US$1.2 billion in total enterprise value (US$900 million cash + $300 million debt assumption) |
| New Entity Formed | Mid-Western Aircraft Systems (later rebranded as Spirit AeroSystems) |
Upon the completion of this sale, the newly acquired assets were organized under a new entity, originally named Mid-Western Aircraft Systems. This company subsequently evolved into Spirit AeroSystems, establishing itself as a leading global designer and manufacturer of aerostructures for commercial and defense aircraft. Therefore, while Spirit AeroSystems didn't purchase the factory directly, its very existence is a direct result of this strategic acquisition in June 2005.
