Spirit AeroSystems Adds Space as a Strategic Focus
Strategic investments and commitment to defense & space programs drive significant growth and a new name
WICHITA, Kan., June 23, 2021 – Spirit AeroSystems, a subsidiary of Spirit AeroSystems Holdings, Inc. (NYSE: SPR) has changed the name of its defense business to “Defense and Space” to reflect more completely its customer base and capabilities. Spirit projects Defense and Space will make up 20% of total consolidated company revenue by the end of 2021, with a long-term goal of having the business comprise 40% of total consolidated company revenue. Spirit’s Defense and Space business is conducted through several subsidiaries that provide space and defense prime contractors aerostructures and high-temperature materials capabilities.
“With our design and manufacturing capabilities in commercial aerospace, Spirit AeroSystems brings unique experience to the defense and space market that helps drive improved outcomes for our customers,” said Duane Hawkins, president of the Defense and Space division at Spirit AeroSystems, Inc. “As a tier-one aerospace supplier, defense and space are natural markets for us to serve. We know how to help our customers affordably design and manufacture aerostructures, and we bring expertise working with advanced materials. Our rapid growth in defense and space in the past 16 months tells us our customers see value in what we offer as we partner with them on next-generation platforms.”
As part of its commitment to driving affordable programs, Spirit is investing in new capabilities and processes to help customers deliver better solutions. Examples of Spirit’s investments that improve cost management and production efficiencies for the defense and space market include:
- Advanced manufacturing: Across all facilities, Spirit entities are is developing engineering principles, incorporating digital efforts, automating repetitive processes, creating operational review processes, and incorporating new tools and equipment, like Spirit Exact®, to help advance next-generation defense and space programs.
- Design & build: By leveraging engineering expertise in designing for manufacturability with integrated product teams, Spirit entities can drive efficiencies early in the manufacturing process to keep costs low, meet schedules, and ensure production volumes.
- Capacity: Spirit entities are restructuring its facilities to increase its capacity and drive new efficiencies by simplifying their supply chain, creating the Global Digital Logistics Center and the national defense prototyping center, automating repetitive processes and investing in assembly technology.
- Driving cost reductions in hypersonic programs: Spirit believes thermal protection system materials, an area of significant cost in hypersonic solutions, can be reduced substantially by leveraging efficiencies of scale, determinant assembly, automation and employing world-class supply chain processes.
- Adaptable capabilities: Spirit entities are investing in flexible industrial base capabilities to allow hypersonic programs to be adaptable and begin the transition to operational weapons systems. As a result, Spirit entities can deliver customizable material solutions that can be optimized for various applications.
To learn more about Spirit’s defense and space solutions and recent growth, visit our website.
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. 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.
Contacts
Haley Beattie
+44 7720 638746
haley.beattie@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.
