Spirit AeroSystems Holdings Inc, an aircraft parts maker, said it will pay rival supplier Triumph Group Inc $160 million to take over its wings contract for two Gulfstream business jets.Spirit will incur a loss of $1.45 to $1.65 per share on the transaction, which is expected to close this year, the company said.Spirit shares rose 2.1 percent at 44.38 in early morning trading on the New York Stock Exchange. Triumph was down almost 1 percent at $67.68.Triumph, based in Berwyn, Pennsylvania, said the deal would immediately add to its earnings and boost annual revenue by $250 million.
Spirit AeroSystems Holdings, Inc. (Holdings) is an independent non- original equipment manufacturer (OEM) aircraft parts designers and manufacturers of commercial aerostructures. Shares of SPR traded higher by 2.12% or $0.92/share to $44.38. In the past year, the shares have traded as low as $25.17 and as high as $44.23. On average, 1155800 shares of SPR exchange hands on a given day and today's volume is recorded at 787963.
Triumph Group, Inc. (Triumph) designs, engineers, manufactures, repairs, overhauls and distributes a portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. Shares of TGI fell by 0.83% or $-0.57/share to $67.75. In the past year, the shares have traded as low as $59.53 and as high as $79.90. On average, 462273 shares of TGI exchange hands on a given day and today's volume is recorded at 49131.
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