This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Workers Threaten Suit to Block Spirit AeroSystems Sale

NEW YORK (The Deal) -- The union representing machinists at Spirit AeroSystems Holdings (SPR - Get Report) said Friday it plans to file suit to block the company from outsourcing union jobs by selling assets, the latest twist to Spirit's long-running auction.

The International Association of Machinists and Aerospace Workers is threatening the suit despite Spirit not formally announcing any plans to sell the units. But Wichita, Kan.-based Spirit has been considering options for some assets for about a year, and the businesses that the IAM are worried about being sold have been the subject of deal speculation in recent months.

Sources said Friday that the IAM action could be an indication that a deal announcement is close.

Spirit in August 2013 put its Oklahoma wing assembly operations on the block as part of a review sparked by new CEO Larry Lawson. That auction has moved in fits and starts in the months since, with Spirit according to sources exploring a number of potential avenues to try to shed some of its poorer-performing operations.

The company according to sources has attempted to sell off its money-losing business making business jet wings while keeping the more lucrative work making assemblies for Boeing (BA - Get Report), but has found only tepid interest for the business jet operation. Sources said earlier this summer that Spirit has also discussed divesting some of its Wichita-based fabrication operations as a way to potentially offset losses it might incur from selling part of the wing unit.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BA $122.56 -0.85%
SPR $43.00 -2.29%
AAPL $94.02 -2.67%
FB $104.07 -5.81%
GOOG $683.57 -3.45%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs