Spirit AeroSystems (NYSE: SPR) has secured a lifeline from , its most important customer, which will help the aerospace manufacturer smooth out production issues. Investors are relieved, sending shares of Spirit up more than 20%.

Spirit is a one-time subsidiary of Boeing that is still responsible for the manufacture of key components of Boeing's most important jets. But Spirit has had its share of difficulties of late, including an August disclosure that Spirit quality issues would delay the delivery of Boeing 737 MAX aircraft.

On Wednesday, the two companies announced a memorandum of understanding that they say will lead to "greater collaboration" to improve product quality and increase deliveries. The deal also includes some near-term price improvements on airframes manufactured by Spirit and purchased by Boeing. The aerospace giant has also agreed to provide Spirit with a series of cash advances, including an immediate $100 million.

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Source Fool.com