Boeing (BA 0.25%) is reportedly in talks to acquire supplier Spirit AeroSystems (SPR 2.14%) in an attempt to gain control of its troubled supply chain. The talk has Spirit shares soaring, up 15.7% as of 11:15 a.m. ET Friday.

A failed experiment nears an end?

Spirit is the maker of a range of fuselages and other aerospace components primarily for Boeing and its archrival Airbus. The company was spun out of Boeing in 2005 as part of the aerospace giant's strategy to lower its costs by outsourcing more of its manufacturing, but Spirit has struggled almost from the start.

The two companies' fates have been tied together even after Spirit became independent. In recent years, some of the issues Boeing has had with its 737 MAX and other platforms have been blamed on Spirit. And the supplier has been unable to shake the shadow of Boeing, with its parent still accounting for about two-thirds of company revenue.

On Friday, The Wall Street Journal reported that Spirit has hired bankers to explore strategic options and has had preliminary talks with Boeing about a deal. There is no indication an acquisition is imminent, and there would be some complications to a pairing.

Spirit would likely have to find a buyer for its Airbus businesses, which are mostly located in Northern Ireland. The two sides would also have to figure out how to account for loans and payment advances Boeing has provided Spirit to help keep it solvent while Boeing's production lines have been operating below capacity.

Should investors rush in on news Boeing and Spirit are talking?

A reunion between Boeing and Spirit makes sense but is nothing for investors to get too excited about. Boeing faces a herculean task in the years to come to clean up operational snafus and win back the trust of airline customers and regulators. But the company has only limited sway over Spirit's production lines as long as the company remains independent.

Buying Spirit would give Boeing firmer control of its supply chains and relieve the financial pressure on Boeing to keep this "too big to fail" supplier afloat when times are tough.

But Boeing is in no position to overpay for Spirit, and there are likely very few other buyers eager to jump into this quagmire. There could be upside for Spirit holders if the company can orchestrate a bidding war for the Airbus assets, but that seems far from certain.

Investors would be wise to watch this drama play out from the sidelines.