Spirit AeroSystems, Malaysia Airlines Berhad sign Memorandum of Understanding to create MRO services for 737NG
21 September 2022 - 9:30AM
Business Wire
Spirit AeroSystems, Inc. [NYSE – SPR] announced today at MRO
Asia-Pacific in Singapore a Memorandum of Understanding (MOU) with
Malaysia Airlines Berhad (MAB) to develop maintenance, repair and
overhaul (MRO) services for the 737 Next Generation Aircraft.
Under the terms of the agreement, Spirit and MAB will start to
jointly work on establishing repair services for nacelle and flight
control surfaces to support the airline’s fleet and the planes of
other operators before the end of 2022.
“This is an important development as Spirit Aftermarket Services
continues to expand service offerings to the important Asia-Pacific
market,” said Kailash Krishnaswamy, Senior Vice President of
Aftermarket Services for Spirit.
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 have grown 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.
Ahmad Luqman Mohd Azmi, Group Chief Operations Officer of MAB,
said, “We are delighted to fortify our partnership with global
players within the aviation landscape, especially in leveraging the
capabilities of MAB Engineering’s expertise in providing reliable
and high-quality MRO services that prioritises safety. This is in
line with our Long-Term Business Plan 2.0 aspirations of becoming
Asia’s leading travel and aviation services provider which will
further accelerate the growth of our MRO services and capabilities
within the region.”
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. Also, Spirit 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.
About Malaysia Airlines
Since September 2015, the airline has been owned and operated by
Malaysia Airlines Berhad. It is part of the Malaysia Aviation Group
(MAG), a global aviation organisation that comprises of different
aviation business and lifestyle travel solution portfolios aimed at
serving global air travel needs. The airline is committed to
facilitating safe and seamless travels by placing safety and
hygiene as the anchor across all end-to-end consumer touchpoints in
line with its MHFlySafe initiative. Via its alliance with
oneworld®, Malaysia Airlines offers superior connectivity to more
than 900 destinations in 170 territories across the globe. For more
information, please visit www.malaysiaairlines.com and download the
Malaysia Airlines app to get the latest promotions conveniently at
your fingertips.
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.
Spirit is not responsible for the accuracy or completeness of
third-party statements expressed herein or through external website
or other references. These are for general information purposes
only.
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version on businesswire.com: https://www.businesswire.com/news/home/20220921005139/en/
Investor Relations: Aaron Hunt (316) 523-7040
investorrelations@spiritaero.com
Media: Forrest Gossett (316) 803-2975
forrest.s.gossett@spiritaero.com
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