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Boeing Co has reached an agreement to sell its plant in Spokane, WA to Triumph Group Inc for an undisclosed sum.
Boeing said in March this year that it was looking to sell the plant, which produces a variety of composite and thermoplastic aircraft parts. Products include floor panels, air control system ducts and non-structural composite flight deck components.
As part of the transaction, Boeing and Triumph will enter into an eight-year, single-source agreement to continue supplying the parts fabricated by the Spokane plant. The companies said the deal allows the 400 employees at Spokane to be kept on.
Boeing has been forced to cut 30,000 jobs due to the downturn in the airline industry. The company recently said it is on target to achieve the cuts by the year-end. In addition to the 30,000, Boeing said 5,000 more jobs will go in its commercial division in 2003.
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