Spirit AeroSystems, Boeing Reach Agreement to Support Production Stability

Rhea-AI Summary

Spirit AeroSystems announces Memorandum of Agreement with Boeing to enhance production and quality

Positive

• None.

Negative

• Operational challenges may negatively affect stock price

• Memorandum of Agreement to enable production increases and enhance quality, predictability

WICHITA, Kan., Oct. 18, 2023 /PRNewswire/ -- Spirit AeroSystems, Holdings Inc. [NYSE: SPR] announced today that its subsidiary, Spirit AeroSystems Inc., entered into a Memorandum of Agreement (MoA) with The Boeing Company. The agreement enables greater collaboration to achieve improved quality and higher deliveries in the future. "Boeing and Spirit will continue to work shoulder to shoulder to mitigate today's operational challenges," said Spirit AeroSystems.

President and CEO Patrick M. Shanahan said: "Our collective teams will focus on further generating supply chain performance and resiliency. This united effort to synchronize our production systems will enable greater market responsiveness and delivery assurance."

The agreement strengthens the strategic relationship between Spirit and Boeing for the long-term to fulfill operational commitments and airline expectations. 

On the web: www.spiritaero.com
On Twitter: @SpiritAero

About Spirit AeroSystems
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

FAQ

What is the purpose of the Memorandum of Agreement?

The agreement aims to enable greater collaboration between Spirit AeroSystems and Boeing to achieve improved quality and higher deliveries in the future.

What does the agreement strengthen?

The agreement strengthens the strategic relationship between Spirit AeroSystems and Boeing for the long-term to fulfill operational commitments and airline expectations.

What are the potential challenges mentioned in the announcement?

The announcement mentions today's operational challenges that Spirit AeroSystems and Boeing will work together to mitigate.

How will the agreement benefit market responsiveness and delivery assurance?

The united effort to synchronize production systems between Spirit AeroSystems and Boeing is expected to enable greater market responsiveness and delivery assurance.