Boeing’sBA

nearly 20-year outsourcing experiment is finally coming to an end — and it only took several fatal crashes, impending criminal charges, and a blown-out door for them to realize a change was needed. After spinning off Spirit AeroSystemsSPR

in 2005, the two companies are coming back together in a $4.7B all-stock acquisition — which comes at a trying time for Boeing.

• Boeing’s stock is down nearly 25% this year amid its 737 MAX controversies, which have spawned the departure of CEO Dave Calhoun and criminal charges stemming from the planes’ fatal crashes.
• Jefferies analyst Sheila Kahyaogl said the benefits for Boeing “are priceless,” and the deal will provide much-needed operational improvements.

Getting off the ground: The deal will reunite thousands of employees, many of whom have decades of experience at Boeing. After all, 70% of Spirit’s revenue came from Boeing last year. Spirit’s CEO Pat Shanahan, a long-time Boeing exec credited with turning around the 787 Dreamliner’s early problems, is also a contender to replace Calhoun. An analyst from Third Bridge told Barron’s that this wouldn’t be a “quick fix,” but at this point, investors will settle for any solution.