2007'02.01.Thu
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: +1-316-526-3153 Mobile: +1-316-304-6623 Conrad King of Spirit AeroSystems (Europe) Limited Tel: +44-129-267-2323 Mobile: +44-779-342-2408 SOURCE Spirit AeroSystems, Inc.
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