ST. LOUIS COUNTY, Mo. — The Boeing Co. (NYSE: BA) on Friday said it has acquired GKN Aerospace St. Louis LLC, saving about 550 jobs that would have been lost if the Hazelwood parts factory had closed at the end of this year.
Boeing said financial details of the deal with GKN’s parent company, Melrose Industries PLC, will not be disclosed in accordance with terms of the transaction, which closed April 25. The purchase provides “continuity of the production and sustainment of critical parts" for Boeing’s fighter jet programs, the F/A-18 and the F-15 Eagle, a Boeing spokesperson said.
GKN announced in February 2022 that it would close its Hazelwood plant by the end of 2023, saying the “facility has consistently struggled for profitability in recent years.” That timeline was extended to December of this year after Boeing in late 2022 sued GKN, several related entities and their owner, United Kingdom-based Melrose, alleging that the company failed to adequately capitalize GKN Aerospace St. Louis, rendering it insolvent. Melrose denied that charge. The acquisition of GKN resolves pending litigation, a Boeing spokesperson said.
Click here to read the full story from the St. Louis Business Journal.