WICHITA, Kan., Jan. 12, 2011 /PRNewswire/ -- Spirit AeroSystems
Holdings, Inc. (NYSE: SPR) announced today it has reached an
agreement with The Boeing Company regarding certain claims
associated with the development and production of the 787-8
airplane in December 2010.
"Working closely with our largest customer, we have developed a
fair and equitable framework that reflects current program
financial realities and reinforces a partnership that provides the
basis for long-term value creation on the program for both Spirit
and Boeing," said Phil Anderson,
Spirit Senior Vice President and Chief Financial Officer.
"Since the program's inception, our team has worked diligently
to support customer requirements on 787 development and
production," Anderson said. "We are optimistic about the future of
the overall program, which we anticipate will continue to provide
long-term benefit to Spirit."
The agreement provides that the parties will complete formal
amendments in the first half of 2011. The company expects to
include any impact of the agreement in its Fourth Quarter and Full
Year 2010 Financial Report planned for February 10, 2011.
Spirit AeroSystems designs and builds the composite forward
fuselage, engine pylons, and wing leading edge components for the
787 program.
On the web: http://www.spiritaero.com
About Spirit AeroSystems, Inc.
Based in Wichita, Kan.,
Spirit AeroSystems is the world's largest independent supplier of
commercial airplane assemblies and components. In addition to its
Kansas facility, Spirit has
locations in Tulsa and
McAlester, Okla.; Kinston, N.C.; Prestwick, Scotland; Samlesbury, England; Kuala
Lumpur, Malaysia; and is developing a new manufacturing
facility in Saint-Nazaire, France.
In the U.S., Spirit's core products include fuselages, pylons,
nacelles and wing components. Additionally, Spirit provides
aftermarket customer support services, including spare parts,
maintenance/repair/overhaul, and fleet support services in
North America, Europe and Asia. Spirit Europe produces wing components for a host of
customers, including Airbus.
This press release contains forward-looking statements
concerning future business opportunities. Actual results may vary
materially from those projected as a result of certain risks and
uncertainties, including but not limited to future levels of
business in the aerospace and commercial transport industries or in
the number of aircraft to be built; the success and timely
progression of our customers' new programs; challenges in the
design, development, production and support of advanced
technologies; as well as other risks and uncertainties, including
but not limited to those detailed in Spirit AeroSystems Holdings,
Inc. Securities and Exchange Commission filings.
SOURCE Spirit AeroSystems Holdings, Inc.