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Boeing Buys Rest of 787 Subassembly Plant

Boeing is now the sole owner of a South Carolina subassembly fuselage plant for its 787 Dreamliner.

SEATTLE (

TheStreet

) --

Boeing

(BA) - Get Report

is now the sole owner of a South Carolina subassembly fuselage plant for its 787 Dreamliner.

Boeing bought the half of the Global Aeronautica plant it didn't own from a subsidiary of Italy's

Finmeccanica

.

Boeing said Tuesday it plans to integrate the plant with the rest of its organization in North Charleston, S.C.

"The Boeing Charleston site is critical to the success of the 787 program," said Jim Albaugh, president and CEO of Boeing Commercial Airplanes, in a statement.

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"Ultimately, we believe integration of the site will increase productivity for the 787 program and allow us to maintain our long-term competitiveness," Albaugh added.

Terms of the acquisition weren't disclosed.

In June 2008, Boeing

completed the acquisition of half of Global Aeronautica

, allowing it then to firm up its control of the 787 supply chain.

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-- Reported by Joseph Woelfel in New York.

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