Spirit AeroSystems Reaches Agreement with Boeing on 787 Program
12 Januar 2011 - 1:31PM
PR Newswire (Canada)
WICHITA, Kan., Jan. 12, 2011 /CNW/ -- 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. WICHITA, Kan., Jan. 12, 2011 /CNW/ -- Debbie
Gann, Corporate Communications, +1-316-526-3910, or Alan Hermanson,
Investor Relations, +1-316-523-7040, both for Spirit AeroSystems
Holdings, Inc. Web Site: http://www.spiritaero.com
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