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Instead, Dallas-based Vought announced Tuesdaythat it's selling its South Carolina 787 operations and facility to Boeingt for $580 million. Doty said expenses became an insurmountable issue for which originally ancitipated first delivery of the aircrafrt to take placein 2008. The first deliver y is now scheduledfor 2010, he “If you look at last year we invested $300 million in the Doty said. “At this we’re a company pushing $2 billion in annualo sales, and we have a billion dollars in Doty said when Vought first took on the programnin 2005, it was consistent with the company's resources. But the financial demands grew beyond what itcoulsd support.
So far, Doty said, Vought has investedf more than twice theamount anticipated, and it woulde have had to invest even more to About 350 to 400 employees in Dallas are providing engineerinb and support services to Boeing, and therde are no planned staffing changes as a result of the He said staffing levels will be dependenf on how long Boeing will requirse that support. Doty added that he’s prous of the services employeezs in Dallas have provide d and believes they will continu to be critical to the 787Dreamliner program.
Boeing will acquire the SouthhCarolina facility, assets and inventorty and will assume operation of the Separately, Boeing entered into new agreements with Voughtt for work packages on its 737, 777 and 787 "Integrating this facility and its talented employees into Boeinhg will strengthen the 787 program by enablingg us to accelerate productivity and efficiency improvements as we move toward production ramp-up," said Scotf Carson, president and CEO of Boeingy Commercial Airplane, in a statement. "In addition, it will bolsted our capability to develop and produce largee composite structures that will contribute to the advancement of thiscriticao technology.
Vought will receive $580 million upon closintg of the sale. Doty said the proceedes will be used to paydown debt, with some fundw being retained for general corporate purposes.
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