Spirit AeroSystems repays Belfast-linked loan

Spirit AeroSystems makes the wings and other components for the A220

Spirit AeroSystems says it has completed the early repayment of a UK government loan connected to its Belfast operation.

Spirit inherited the loan when it bought the Belfast business from Bombardier in 2019.

The UK government agreed the £180m loan in 2005 as part of an aid package for the development of the CSeries jet.

Bombardier later sold the CSeries project to Airbus which renamed it the A220.

Spirit makes the wings and other components for the A220.

• Airbus plans increase in A220 jet production

The loan was due to be repaid gradually as planes were delivered to customers.

But Spirt chief executive Tom Gentile said agreement had been reached to 'retire the launch investment associated with the A220 program earlier than planned.'

Speaking to analysts Spirit's chief financial officer Mark Suchinski said agreement was reached with the UK's Department of Business Energy and Industrial Strategy in April and resulted in a cash payment of $291m.

Meanwhile Mr Gentile said a recent pay agreement at its NI operations, which runs until December 2023, was 'mutually beneficial' and 'an important element in our commercial segment's future'.