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Spirit AeroSystems And Progresstech Announce Intent To Sell Joint Venture

Stocks in this article: SPR

WICHITA, Kan., Oct. 31, 2013 /PRNewswire/ -- Spirit AeroSystems International Holdings, Inc. (a wholly-owned subsidiary of Spirit AeroSystems, Inc.) and the Progresstech Group of Companies of Moscow, Russian Federation, today announced that they intend to conclude their joint venture that began in 2007. Spirit intends to sell its 50 percent interest in Spirit-Progresstech, LLC to a member company of Progresstech.

(Logo: http://photos.prnewswire.com/prnh/20130515/CG13652LOGO)

Spirit's decision to sell its share in the joint venture is part of the previously-announced strategic review intended to better align resources across the company to meet customer demands. The intent to sell allows Progresstech opportunities to expand its work statement in North America while continuing current engineering support to Spirit.

"Both of our companies have benefited from the joint venture that began in 2007," said David Walker, Spirit senior vice president/chief technology officer & business development. "We value the talent and services provided to us by Spirit-Progresstech, and we are pleased this announcement supports our companies' priorities now and into the future."

"Acquiring Spirit's half of the joint venture is a move aligned with our assets consolidation initiative that will strengthen Progresstech's global footprint and positioning as a leading engineering service provider within the aerospace industry," said Vladimir Kulchitsky, Progresstech president. "As a result of our successful relationship with Spirit, Progresstech is now taking steps to advance its international expansion strategy."

On the web: www.spiritaero.com www.progresstech.ru/en

About Spirit AeroSystems, Inc. Spirit AeroSystems, Inc., (a wholly-owned subsidiary of Spirit AeroSystems Holdings, Inc. [NYSE:SPR]) with headquarters in Wichita, Kan., USA, is one of the world's largest non-OEM designers and manufacturers of aerostructures for commercial aircraft. In addition to its Wichita and Chanute facilities in Kansas, Spirit has locations in Tulsa and McAlester, Okla.; Kinston, N.C.; Nashville, Tenn.; Prestwick, Scotland; Preston, England; Subang, Malaysia; and Saint-Nazaire, France. In the U.S., Spirit's products include fuselages, pylons, nacelles and wing components. Additionally, Spirit provides aftermarket customer support services, including spare parts, maintenance/repair/overhaul, and fleet support services in North America, Europe and Asia. Spirit Europe produces wing components for a host of customers, including Airbus.

About Progresstech Group of Companies PROGRESSTECH Group of Companies, with headquarters in Moscow, Russian Federation, is the leading Eastern European company providing intellectual services to aerospace and aviation transport industries, including engineering services for aerospace, airports and infrastructures design, research studies, certification & consulting in the airport technology area, business consulting. Progresstech engineering team consists of highly experienced professionals from various cities of Russia, Commonwealth of Independent States (CIS), European countries, and USA.

SOURCE Spirit AeroSystems

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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