Spirit Evergreen Aftermarket Solutions Joint Venture ready to Serve Asia-Pacific Aftermarket Customers
20 September 2022 - 11:30AM
Business Wire
Spirit AeroSystems [NYSE: SPR] announced today at MRO
Asia-Pacific in Singapore that Spirit Evergreen Aftermarket
Solutions (SEAS), a joint venture with Evergreen Aviation
Technologies Corp. (EGAT), will open for business on Oct. 3 in
Taiwan.
Spirit announced the joint venture agreement with EGAT in April
2021, strengthening its global maintenance, repair and overhaul
(MRO) capabilities. The agreement will bring comprehensive nacelles
and flight control surfaces solutions for 777 (GE90, Trent800 &
PW4000), 747-8 (GEnx-2B), 737 (CFM56-7B & LEAP 1B), 747/767
(CF6-80C2), 787 (GEnx-1B), A330 (Trent700), and A320 (V2500 &
CFM56-5B).
SEAS increases Spirit’s services to meet growing fleet demands
in the Asia-Pacific region.
“We are very happy to have successfully built our commercial
relationship into a long lasting one as a joint-venture partner,”
said Kailash Krishnaswamy, Senior Vice President of Spirit
Aftermarket Services. “During the last several years, EGAT has been
a trusted partner while we jointly served the Asia-Pacific market.
The significant pickup in flight activity in this region provides
robust tailwind for the success of our joint venture. Spirit will
be bringing its efficient and low-cost MRO repair engineering, and
material management capabilities to the joint venture.”
In September 2020, Spirit EGAT entered into an agreement for
Spirit to provide maintenance services in Taiwan on 777
GE90/Trent800 nacelles, 737 CFM56-7B thrust reversers, and
flight-control surfaces along with broader nacelle MRO services on
the CF6 powered aircraft and A320.
“For EGAT in SEAS, it is a partnership of shared values towards
delivering excellence in MRO services, underpinned by mutually
strong business ethics,” said Kin Chong, Executive Vice President
of EGAT’s Business Coordination Division. “SEAS is an extension of
the exceptional heavy airframe maintenance and modification
business value that EGAT provides to a host of notable airline
partners globally, ranging from Dreamlifter conversions to BCF
conversions, and from 787 structural mods to 747-8 stringer
repairs.”
Krishnaswamy said Spirit’s Aftermarket business continues to
grow since the 2021 acquisition of select Bombardier maintenance,
repair and overhaul operations in Belfast, Northern Ireland, and
Casablanca, Morocco; the acquisition of assets from Applied
Aerodynamics in Dallas, Texas, USA, and the SEAS joint venture.
Spirit’s Aftermarket business revenues grew from $186 million in
2019 to $239.9 million in 2021. Spirit is targeting to grow the
Aftermarket business to $500 million in revenue by 2025.
On the web: www.spiritaero.com On Twitter: @SpiritAero
About Spirit AeroSystems Inc.
Spirit AeroSystems is one of the world's largest manufacturers
of aerostructures for commercial airplanes, defense platforms, and
business/regional jets. With expertise in aluminum and advanced
composite manufacturing solutions, the company's core products
include fuselages, integrated wings and wing components, pylons,
and nacelles. We are leveraging decades of design and manufacturing
expertise to be the most innovative and reliable supplier of
military aerostructures, and specialty high-temperature materials,
enabling warfighters to execute complex, critical missions. Spirit
also serves the aftermarket for commercial and business/regional
jets. Headquartered in Wichita, Kansas, Spirit has facilities in
the U.S., U.K., France, Malaysia and Morocco. More information is
available at www.spiritaero.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements" that
may involve many risks and uncertainties. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "aim," "anticipate," "believe,"
"could," "continue," "estimate," "expect," "goal," "forecast,"
"intend," "may," "might," "objective," "outlook," "plan,"
"predict," "project," "should," "target," "will," "would," and
other similar words, or phrases, or the negative thereof, unless
the context requires otherwise. These statements reflect
management's current views with respect to future events and are
subject to risks and uncertainties, both known and unknown. Our
actual results may vary materially from those anticipated in
forward-looking statements. We caution investors not to place undue
reliance on any forward-looking statements. Important factors that
could cause actual results to differ materially from those
reflected in such forward-looking statements and that should be
considered in evaluating our outlook include, without limitation,
the impact of the COVID-19 pandemic on our business and operations;
the timing and conditions surrounding the full worldwide return to
service (including receiving the remaining regulatory approvals) of
the B737 MAX, future demand for the aircraft, and any residual
impacts of the B737 MAX grounding on production rates for the
aircraft; our reliance on Boeing for a significant portion of our
revenues; our ability to execute our growth strategy, including our
ability to complete and integrate acquisitions; our ability to
accurately estimate and manage performance, cost, and revenue under
our contracts; demand for our products and services and the effect
of economic or geopolitical conditions in the industries and
markets in which we operate in the U.S. and globally; our ability
to manage our liquidity, borrow additional funds or refinance debt;
and other factors disclosed in our filings with the Securities and
Exchange Commission. These factors are not exhaustive and it is not
possible for us to predict all factors that could cause actual
results to differ materially from those reflected in our
forward-looking statements. These factors speak only as of the date
hereof, and new factors may emerge or changes to the foregoing
factors may occur that could impact our business. Except to the
extent required by law, we undertake no obligation to, and
expressly disclaim any obligation to, publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220920005391/en/
Media: Forrest Gossett (316) 803-2975
forrest.s.gossett@spiritaero.com Investor Relations: Aaron Hunt
(316) 523-7040 investorrelations@spiritaero.com
Spirit Aerosystems (NYSE:SPR)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Spirit Aerosystems (NYSE:SPR)
Historical Stock Chart
Von Jul 2023 bis Jul 2024