European plane-maker Airbus will take over parts of Spirit AeroSystems as it and Boeing carve up the key supplier in an effort to improve production quality.

Spirit AeroSystems said there is "substantial doubt about the company's ability to continue as a going concern" though Boeing and Airbus are planning to acquire portions of the parts maker.

Airbus SE agreed to take over some assets and sites from Spirit AeroSystems Holdings Inc., clearing the way for the struggling US aerospace supplier to be acquired back by its former parent Boeing Co.