Spirit AeroSystems Completes Purchase of BAE Systems Aerostructures Unit

Spirit AeroSystems Completes Purchase of BAE Systems Aerostructures Unit

April 03, 2006

    WICHITA, Kan., April 3 /Xinhua-PRNewswire/ -- Spirit
AeroSystems, Inc., today announced that it has completed
the purchase of BAE Systems Aerostructures business unit
located in Prestwick, Scotland, and Samlesbury, England.
Spirit paid pounds sterling 80 million for the business,
which has been renamed Spirit AeroSystems (Europe) Limited.
The sale was announced in January. 

    "We are delighted to officially welcome the newest
members of the Spirit AeroSystems team," said Executive
Vice President and Chief Operating Officer Ron Brunton.
"We look forward to building on the excellent
foundation for quality and the reputation of delivering
unique solutions to customers that our newest
aerostructures business unit has established in the
industry." 

    Spirit AeroSystems (Europe) Limited produces structural
components, chiefly on wings, similar to that in Spirit's
business unit in Tulsa, Oklahoma, but on different airplane
programs. More than 80 percent of the European unit's
revenue is earned on Airbus airplanes, including the A320
family, the A330 and A340, and the A380. The remainder is
from the Boeing 767 and 777, and from the Raytheon Hawker
800XP.

    "Joining the Spirit AeroSystems team marks a new
and exciting phase in the development of our
business," said Neil McManus, Vice President and
Managing Director, Spirit AeroSystems (Europe) Limited.
"We must capitalize on the opportunities this presents
for our business, the employees and our local
communities."

    Spirit's European business unit employs over 800 people
in the United Kingdom, and has a history dating back to the
early days of large scale airplane production in Scotland
in the 1930s. 

    "Acquiring the aerostructures unit fits our
long-range strategy of growing our business and becoming
the top tier one supplier/partner of aircraft components in
the aerospace industry," said Chief Executive Officer
Jeff Turner. "Our new Spirit AeroSystems (Europe)
employees bring great capability plus valuable knowledge
and insights required to work with our new customers."


    Spirit AeroSystems is the world's largest independent
supplier of structures for commercial aircraft. Formed by
Onex Corporation in June 2005, Spirit continues its work on
designing and building part of every Boeing commercial
aircraft currently in production. Spirit also designs and
builds aircraft production tooling, has composite
capabilities, and provides spares and aftermarket support
to airlines.

    On the Net:  http://www.spiritaero.com

    For more information, please contact:

     Fred Solis of Spirit AeroSystems
     Tel:    [phone]
     Mobile: [phone] 

     Conrad King of Spirit AeroSystems (Europe) Limited
     Tel:    [phone] 
     Mobile: [phone]

SOURCE  Spirit AeroSystems, Inc.