Spirit AeroSystems Advances New Contract with International Association of Machinists and Aerospace Workers; Members to Vote on Approval This Week
WICHITA, Kan. - June 27, 2023 - 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.
Contacts:
Media: Forrest Gossett
(316) 371-6751
Forrest.s.gossett@spiritaero.com
Investor Relations: Ryan Avey
(316) 523-7040
Ryan.d.avey@spiritaero.com
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.
