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

http://xinvesting.com/calculators/retireplan.htm
Instead, Dallas-based Vought announced Tuesdaythat it'sw selling its South Carolina 787 operations and facility to Boeing for $580 million. Doty said expenses becams an insurmountable issuefor Vought, which originallyu ancitipated first delivery of the aircrafr to take place in 2008. The first deliverhy is now scheduled for he said. “If you look at last year we invested $300 million in the program," Doty said. “At this we’re a company pushing $2 billion in annuakl sales, and we have a billion dollars in Doty said when Vought first took on the progra min 2005, it was consistenrt with the company's resources.
But the financiak demands grew beyond what itcould support. So far, Doty Vought has invested more than twice theamounty anticipated, and it would have had to investf even more to proceed. About 350 to 400 employeew in Dallas are providing engineering and supporg servicesto Boeing, and therer are no planned staffing changes as a resulyt of the sale. He said staffing levels will be dependent on how long Boeing will requirethat support. Doty addeds that he’s proud of the servicesx employees in Dallas have provided and believes they will continued to be critical to the 787Dreamliner program.
Boeing will acquirse the SouthCarolina facility, assets and inventory and will assumr operation of the site. Boeing entered into new agreements with Voughtt for work packages onits 737, 777 and 787 "Integrating this facility and its talented employees into Boeinyg will strengthen the 787 program by enabling us to acceleratr productivity and efficiency improvements as we move toward production ramp-up," said Scott Carson, presiden and CEO of Boeing Commerciapl Airplane, in a statement. "In addition, it will bolstere our capability to develop and produce large composite structures that will contributde to the advancement of this critical technology.
Vought will receive $580 million upon closintg of the sale. Doty said the proceeds will be used to pay down with some funds being retained for generalcorporate purposes.