Boeing has agreed to take over its main supplier, Spirit AeroSystems, ending nearly 20 years of outsourcing production of key components of its commercial aircraft, including the 737 Max airframe and parts of the 767, 777 and 787. This all-stock transaction values Spirit at $4.7 billion.

In 2005, Boeing spun off its Kansas and Oklahoma operations, which became what is now Spirit AeroSystems, but remained its largest customer. Boeing has said that regaining ownership of the parts maker will improve the safety of the manufacturing process. In addition to its work for Boeing, Spirit makes components for other aerospace companies such as Airbus, Bombardier, Lockheed Martin, Northrop Grumman and Rolls-Royce. Last year, Boeing accounted for 64% of Spirit's net sales, while Airbus accounted for 19%.

Spirit has also entered into a separate agreement with Airbus. Under this agreement, Airbus will take over part of Spirit's operations. This includes work on the A220 and A350 at various locations around the world, including Northern Ireland, the US, France and Morocco. Airbus will be compensated $559 million for taking over the loss-making operations of Spirit, with Airbus paying a nominal $1 for the assets.