Spirit AeroSystems, Boeing announce new 737 Max production agreement

Spirit AeroSystems Inc. announced Thursday that it has reached a new 737 Max production rate agreement with The Boeing Co.

The company says Spirit (NYSE:SPR) will restart production slowly, ramping up deliveries throughout the year to reach 216 for 2020. The company did not give a specific restart date.

The company says in a release that it does not expect to reach the production rate of 52 a year until at least 2022.

There is a caveat: the rate agreement is based on expectations for Boeing’s (NYSE:BA) production rate and the return to service for the aircraft. And they warn that, depending on conditions, the agreement could change.