SPIRIT AEROSYSTEMS HOLDINGS, INC.

(SPR)
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Delayed Nyse  -  04:00 2022-08-16 pm EDT
34.77 USD   -0.52%
08/08Cowen Lowers Spirit Aerosystems Holdings' Price Target to $55 From $70, Reiterates Outperform Rating
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08/04Morgan Stanley Adjusts Spirit Aerosystems Holdings' Price Target to $51 From $54, Maintains Overweight Rating
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08/04SPIRIT AEROSYSTEMS : Q2 2022 Earnings Call Transcript
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Spirit AeroSystems : Celebrates Launch of New Manufacturing Program in Morocco

06/27/2022 | 03:15pm EDT

CASABLANCA, Morocco, June 27, 2022 - Spirit AeroSystems, Inc. [NYSE: SPR] hosted a celebratory event today to officially launch the production of fuselage sections at its North Africa site.

Spirit's Morocco facility recently started producing the aft and forward fuselage sections as well as the keel-beams for the Airbus A220 aircraft. The site has developed expertise in manufacturing a range of components for Bombardier business jets and now joins Spirit global sites already delivering on Airbus commercial programs.

The structures are dispatched from Morocco for assembly at Spirit's Belfast facility in Northern Ireland. Both sites were acquired by Spirit in 2020 as part of a diversification strategy, adding significant Airbus content, and further developing Spirit's global footprint as well as increasing its aftermarket business.

Morocco's Minister of Industry and Trade, Ryad Mezzour, and senior executives from Airbus and Royal Air Maroc, joined Stephen Orr, Vice-President and General Manager, Spirit AeroSystems, Morocco, at the recently extended 250,000 square-foot manufacturing facility in Midparc, Casablanca's aerospace industrial park. More than 300 employees are supporting Spirit programmes there, as the site continues to expand its manufacturing portfolio.

"Today, we proudly celebrate the meteoric growth experienced by Spirit's Midparc site, where construction was launched by His Majesty King Mohammed VI, may God assist Him, in September 2013. Since then, the plant, at the cutting edge of technology specializing in the manufacture of aeronautical parts and structures, has established itself as one of the flagships of the aerospace industry in Morocco," said Ryad Mezzour, Minister of Industry and Trade.

"Spirit's new program, producing high-tech fuselage sections in Africa for the Airbus A220, following the recent extension of its site, further strengthens the Kingdom's positioning in complex, high value-added processes, as well as the international influence of our national aeronautics ecosystem. Our solid partnership with Spirit will continue with the same enthusiasm and could present future development opportunities in Morocco," the Minister said.

"The Kingdom already builds parts for all of Airbus' commercial aircraft, including the A220. This aircraft is the latest addition to our product line and consequently to our industrial footprint in Morocco. With this achievement, A220 parts manufacturing is now well integrated in the Moroccan aerospace ecosystem and can proudly be described as 'Made in Morocco'. Today, we celebrate another milestone in our relationship with Morocco and Spirit AeroSystems, and we look forward to progressing a robust and sustainable aviation industry together," said Mikail Houari, President, Airbus Africa and Middle East.

"We are developing an ambitious roadmap to accelerate the growth of our Casablanca site, with the support of our Ministry of Industry and Trade, and are delighted to extend our manufacturing capability to include this latest programme for Airbus. We look forward to working closely with Spirit's Belfast team, who also supply the integrated wings for the A220 aircraft, and to building a strong and rewarding relationship with Airbus," Orr said.

On the web: www.spiritaero.com
On Twitter: @SpiritAero

###

Contact:
Safaa Bouchouirab
+212673746960
safaa.bouchouirab@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.

Disclaimer

Spirit AeroSystems Holdings Inc. published this content on 27 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 June 2022 19:14:03 UTC.


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Financials (USD)
Sales 2022 5 092 M - -
Net income 2022 -216 M - -
Net Debt 2022 2 903 M - -
P/E ratio 2022 -17,9x
Yield 2022 0,12%
Capitalization 3 656 M 3 656 M -
EV / Sales 2022 1,29x
EV / Sales 2023 1,03x
Nbr of Employees 16 100
Free-Float 70,9%
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Thomas C. Gentile President, Chief Executive Officer & Director
Mark J. Suchinski Vice President-Quality
Robert D. Johnson Chairman
Kevin Matthies Senior VP, Chief Technology & Quality Officer
Samantha J. Marnick Chief Operating Officer & Executive Vice President
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