Spirit designs and builds the composite forward fuselage, engine pylons, and wing leading edge components for the Boeing 787.

"Working closely with our largest customer, we have developed a fair and equitable framework that reflects current programme financial realities and reinforces a partnership that provides the basis for long-term value creation on the program for both Spirit and Boeing," says Phil Anderson, Spirit Senior Vice President and Chief Financial Officer.

"Since the programme's inception, our team has worked diligently to support customer requirements on 787 development and production," he continues. "We are optimistic about the future of the overall programme, which we anticipate will continue to provide long-term benefit to Spirit."

The agreement provides that the parties will complete formal amendments in the first half of 2011. 

Headquartered in Wichita, Kansas, USA, Spirit AeroSystems is the world's largest independent supplier of commercial airplane assemblies and components.