Boeing announces agreement to acquire Summit Aeronautics

Boeing agreed (22-Nov-2010) to acquire the business and operations conducted by Summit Aeronautics Group in Helena, Montana. Summit employs 135 people to manufacture titanium and other hard metal structures for commercial and military aircraft. Summit currently performs work for the B747-8, B787 and B767s. Through the agreement, Boeing will acquire, among other things, the building, assets and inventory as well as assume operation of the site. Boeing anticipates this transaction will close in 4Q2010, following satisfaction of customary closing conditions. This transaction is not expected to have a material impact on Boeing's 2010 or 2011 financial results. Terms were not disclosed. [more]