WICHITA,
Kan., June 27, 2023 /PRNewswire/ -- Spirit
AeroSystems, Inc., a subsidiary of Spirit AeroSystems Holdings,
Inc. [NYSE: SPR] ("Spirit AeroSystems"), today announced the
contents of a new four-year contract proposal unanimously agreed to
by the bargaining committee of the Local Lodge 839 of the
International Association of Machinists and Aerospace Workers
(IAM).
IAM union members will vote on approval on Thursday, June 29, at Hartman Arena in
Park City, Kan.
The new proposed contract is a result of negotiations that began
this past Saturday between the company and IAM officials, mediated
by the Federal Mediation and Conciliation Service.
"We listened closely and worked hard in our talks over the last
several days to further understand and address the priorities of
our IAM-represented employees," said Tom
Gentile, President and CEO of Spirit AeroSystems. "We
believe this new offer is fair and competitive and recognizes the
contributions of our employees covered under this proposed
agreement, enabling our ability to meet the growing needs of our
customers and deliver value for our investors."
Highlights of the new contract terms include:
- Exact same core healthcare plan. Healthcare for
employees will be 100 percent unchanged from the comprehensive
coverage they currently have.
- No mandatory weekend overtime.
- Sign on bonus of $3,000
cash.
- Increased Pay: Total wage increase of 9.5 percent in
year one, guaranteed increase of 23.5 percent over the life of the
contract, and annual bonuses and Cost of Living Allowance on
top.
More details of the new contract offer can be found Spirit-IAM
Wichita Contract Negotiations | Spirit AeroSystems.
Operations at Spirit's Wichita
plant will continue to be suspended until the new contract is
ratified.
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.
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SOURCE Spirit AeroSystems