In the sale of Spirit AeroSystems’ Gulfstream wing work in Tulsa, Spirit will give Triumph Aerostructures $160 million in cash, plus customer and vendor contracts, inventory, property, plant and equipment and specified intellectual property.
That’s according to a filing with the Securities & Exchange Commission, which outlines the sale announced Dec. 9.
The complicated deal includes both the G650 and G280 wing programs, the companies report.
The transaction is expected to close by the end of the year.
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Under the terms of the deal, Triumph is obligated to make offers to hire substantially all of the Spirit employees who work on the Gulfstream programs, the SEC filing said.
Triumph Aerostructures, a subsidiary of Triumph Group, will assume certain specified liabilities, including any liabilities for defective design or manufacturing, subject to certain exceptions, it said.
During the transition, Spirit will provide certain services to Triumph for up to 24 months following the closing. It will provide some products and services for up to 36 months and subject to extensions.
In addition to the $160 million in cash, Spirit will pay Triumph $275,000 for each set of wing components beyond 25 wing shipsets delivered to Israel Aerospace Industries, up to a total of $23.5 million.