* Spirit offers no details on deal or claims
* 787 nearly three years behind schedule
* Spirit shares up 9.7 pct; Boeing up 1.7 pct
(Adds comment more from Spirit, analyst comment. Updates
CHICAGO, Jan 12 Aircraft parts maker Spirit
Aerosystems Holdings Inc (SPR.N) said it reached a deal with
Boeing Co (BA.N) on Spirit's claims related to development and
production of the long-delayed 787 Dreamliner.
Spirit did not give details, but its shares rose 9.7
percent on Wednesday on the New York Stock Exchange. The
company has taken financial hits in recent years because of
delays in the Dreamliner, which is nearly three years behind
Spirit spokeswoman Debbie Gann said the claims were related
to design changes requested by Boeing that slowed 787
"We have developed a fair and equitable framework that
reflects current program financial realities and reinforces a
partnership that provides the basis for long-term value
creation on the program for both Spirit and Boeing," Phil
Anderson, Spirit's chief financial officer, said in a
"We are optimistic about the future of the overall
program, which we anticipate will continue to provide long-term
benefit to Spirit," Anderson said.
Gann declined to say exactly what Spirit had requested of
Boeing, but she said the company would give more information on
the claims when it reports its quarterly earnings.
JPMorgan analyst Joseph Nadol said in a research note: "We
do not yet have all the details, so it is difficult to assess
the extent to which this deal benefits Spirit, but it certainly
lifts a major overhang."
Nadol said costs to Spirit for work on the 787 have risen
significantly from the assumptions in its initial contract.
"We believe that the total value of the settlement was
probably in the hundreds of millions," Nadol said.
Spirit, a former Boeing unit that makes a range of fuselage
and wing parts for large commercial planes, is one of the major
suppliers for the carbon-composite 787. Wichita, Kansas-based
Spirit also supplies the Airbus unit of Europe's EADS
The aviation industry is waiting for word from Boeing on
when it will make the first delivery of the Dreamliner to an
airline customer. The 787 program suffered a setback in
November when an electrical fire on a Dreamliner halted test
Shares of Spirit closed up 9.69 percent at $22.42 in
afternoon trading on the New York Stock Exchange. Boeing shares
were up 1.73 percent to $70.15.
(Reporting by Kyle Peterson; Editing by John Wallace, Tim
Dobbyn and Steve Orlofsky)