WICHITA, Kan., Oct. 30, 2020 /PRNewswire/ -- Spirit AeroSystems
Holdings, Inc. (NYSE: SPR) ("Spirit AeroSystems") announced today
it has completed, through its wholly-owned subsidiaries Spirit
AeroSystems, Inc. ("Spirit") and Spirit AeroSystems Global Holdings
Limited ("Spirit UK"), its acquisition of select assets of
Bombardier aerostructures and aftermarket services businesses in
Belfast, Northern Ireland (known
as Short Brothers); Casablanca,
Morocco; and Dallas, United
States.
"We are excited to finalize this strategic and transformational
acquisition," said Spirit AeroSystems President and CEO
Tom Gentile. "The acquired sites
bring expertise in engineering, innovation and advanced composites,
and also aligns with our strategic priorities. With the addition of
these sites, Spirit acquires the entire work package for the A220
wing manufacturing processes and technology, which are critical for
the future of next-generation aircraft, and doubles our global
world-class aftermarket services business."
The acquired Bombardier operations employ approximately
3,300 people at three sites comprising approximately 3.4 million
square feet. The backlog of work includes long-term contracts on
the Airbus A220 and Bombardier business jets, along with
world-class aftermarket services at two of the acquired
sites.
At closing, Spirit/Spirit UK paid $275
million to Bombardier, and acquired certain liabilities as
previously disclosed including the Short Brothers plc pension
scheme and financial payment obligations under a repayable
investment agreement between Short Brothers and the United Kingdom's Department for Business,
Energy and Industrial Strategy. On the first anniversary of
closing, Spirit will make a special contribution of £100 million
(approximately $130 million) to the
Shorts pension scheme. The total enterprise valuation of the
acquisition is $865 million.
About Spirit AeroSystems
Spirit AeroSystems designs and builds aerostructures for both
commercial and defense customers, focusing on affordable,
innovative composite and aluminum manufacturing solutions to
support customers around the globe. With headquarters in
Wichita, Kansas, Spirit operates
sites in the U.S., U.K., Malaysia
and Morocco. The company's core
products include fuselages, pylons, nacelles and wing components
for the world's premier aircraft. More information is available at
www.spiritaero.com
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SOURCE Spirit AeroSystems