By Josh Beckerman


Aerostructures maker Spirit AeroSystems Holdings, which has been hurt by a strike at Boeing, agreed to sell its Fiber Materials Inc. business to Tex-Tech Industries for $165 million.

FMI's applications include thermal protection systems, re-entry vehicle nose tips, and rocket motor throats and nozzles.

Spirit bought FMI in January 2020 to expand its presence in the defense sector.

Last week, Boeing said it agreed to pay Spirit up to $350 million in advance. Boeing agreed in July to buy Spirit in an all-stock transaction valued at about $4.7 billion. Spirit was formed by a 2005 spinoff from Boeing.

Meanwhile, Airbus recently agreed to provide Spirit a non-interest-bearing line of credit of $107 million. Spirit will use the line of credit as advance payments.

Spirit shares were down 0.6% after hours to $31.15.


Write to Josh Beckerman at josh.beckerman@wsj.com


(END) Dow Jones Newswires

11-18-24 1855ET