Canadian aircraft manufacturer Bombardier has sold its plant in Northern Ireland.

It has announced a definitive agreement to sell its aerostructures business to US-based Spirit AeroSystems Holding, Inc.

Bombardier says this move supports its decision to focus on two growth pillars: trains and business aircraft.

As part of the deal Spirit will acquire Bombardier's operations in Belfast, Casablanca, Morocco and Dallas in the US.

The deal is worth some US$500m (€448m) in cash with liabilities in excess of US$700m (€628m), according to a statement from Bombardier.

Following the sale, Spirit will continue to supply structural aircraft components and spare parts to support Bombardier aircraft.

The transaction follows the formation of Bombardier Aviation earlier this year.

The sale is expected to close in the first half of 2020 and remains subject to regulatory approvals and closing conditions.

Back in May, Bombardier said it wanted to "consolidate its aerospace assets into a single, streamlined, and fully integrated" business unit.

A worker passes the Bombardier Aerospace plant in Belfast | Image: Niall Carson/PA Archive/PA Images

Alain Bellemare, chief executive officer at Bombardier, says: "This transaction represents another strategic milestone in the reshaping of our portfolio to focus on our strong business aircraft and rail franchises.

"We are confident that Spirit's acquisition of these aerostructures assets is the best outcome for customers, employees and shareholders, and we are committed to ensuring a smooth and orderly transition."

Headquartered in Montreal, Bombardier has over 68,000 employees world-wide - including more than 3,000 people in Northern Ireland.

It has production and engineering sites in 28 countries as well as a broad portfolio of products and services for the business aviation, commercial aviation and rail transportation markets.

Bombardier shares are traded on the Toronto Stock Exchange.

In the fiscal year ended December 2018, it posted revenues of US$16.2bn (€14.5bn).

Last year, Bombardier announced plans to cut almost 500 jobs in Belfast as it worked to cut costs.

Spirit designs and builds aerostructures for both commercial and defence customers.

The company's core products include fuselages, pylons, nacelles and wing components.

Headquartered in Wichita, Kansas it also operates sites in the UK, France and Malaysia.