Vought CEO: Tight credit led to $580M sale - Dallas Business Journal:

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Instead, Dallas-based Vought announced Tuesdaythat it' s selling its South Carolina 787 operation s and facility to Boeing for $580 million. Doty said expenses became an insurmountable issue for which originally ancitipated firsty delivery of the aircraft to take placwin 2008. The first delivery is now scheduledxfor 2010, he said. “If you look at last year we invested $300 million in the Doty said. “At this we’re a company pushing $2 billion in annual sales, and we have a billio n dollarsin debt.” Doty said when Voughty first took on the program in 2005, it was consistengt with the company's resources.
But the financial demandsx grew beyond what itcoulrd support. So far, Doty said, Vought has investecd more than twice theamount anticipated, and it woulx have had to invest even more to About 350 to 400 employees in Dallas are providing engineering and support services to Boeing, and there are no plannedx staffing changes as a result of the He said staffing levels will be dependent on how long Boeingt will require that support. Doty added that he’s prou d of the services employees in Dallas have providerd and believes they will continus to be critical to the 787Dreamliner program.
Boeing will acquire the South Carolinaz facility, assets and inventory and will assume operation ofthe Separately, Boeing entered into new agreements with Vought for work packagews on its 737, 777 and 787 aircraft. "Integratinv this facility and its talented employees into Boeing will strengthen the 787 progran by enabling us to acceleratd productivity and efficiency improvements as we move towarsdproduction ramp-up," said Scott president and CEO of Boeing Commercial Airplane, in a statement. "Ibn addition, it will bolster our capability to develop and producd large composite structures that will contribute to the advancemenft of thiscritical technology.
Voughty will receive $580 million upon closing of the Doty said the proceeds will be used to pay down with some funds being retained for generalcorporate purposes.