Boeing to buy Summit Aeronautics Group

CHICAGO (BestGrowthStock) – Boeing Co (BA.N: ) said on Monday it will buy Summit Aeronautics Group, which makes titanium and other hard metal structures for commercial and military aircraft.

Boeing did not disclose the terms of the deal, which is expected to close in the fourth quarter.

Summit performs hard metal machining on 747-8 fail-safe bars, which allow the flaps to move on the wings, 787 edge frames that fit around the doors, and 767 main-landing-gear beams.

It will continue its work on these Boeing programs and make other machined parts for the 787 Dreamliner, Boeing said.

This transaction is not expected to have a material impact on Boeing’s 2010 or 2011 financial results, the company said.

Shares of Boeing were down 37 cents at $63.22 on the New York Stock Exchange.

(Reporting by Kyle Peterson; Editing by Derek Caney)

Boeing to buy Summit Aeronautics Group