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Joramco Named as Spirit AeroSystems Authorized MRO Center in Middle East
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WICHITA, Kan.--(BUSINESS WIRE)--
Spirit AeroSystems, Inc. announced today an agreement with Jordan Aircraft Maintenance Company, Joramco, to be a Spirit Authorized Maintenance, Repair and Overhaul (MRO) center.
Joramco, based in Amman, Jordan, is a maintenance, repair, and overhaul provider and the engineering arm of Dubai Aerospace Enterprise (DAE). Joramco will provide a wide range of repairs and services of composite and metallic aerostructures to customers in the region.
Under this agreement, Joramco will initially provide total nacelle repair services to both Airbus A320 and Boeing 737 aircraft in partnership with Spirit AeroSystems. Joramco and Spirit intend to expand the services to other platforms, including Boeing 777.
“In early 2021, we laid out a strategy to be available ‘locally’ for our global customers. This agreement with Joramco is one of the pillars of that strategy for our regional customers. Joramco is a highly regarded MRO player, both for near- and far-reaching operators. Our strategic alliance will enable Joramco to offer a broader scope of repair services to its customers, and a broader reach of customers for us,” said Kailash Krishnaswamy, Senior Vice President of Spirit AeroSystems Aftermarket Solutions.
Commenting on the agreement, Joramco CEO Fraser Currie said: “We are excited to see the Memorandum of Understanding (MOU) that was signed with Spirit AeroSystems last year come to fruition. Spirit AeroSystems is one of the world's largest manufacturers of aerostructures for commercial airplanes with vast capabilities and this is hopefully just the beginning of an evolving collaboration. The agreement is another key step forward for Joramco meeting the objective to expand the capabilities and enhancing the support to our global customer base.”
Spirit’s Aftermarket business continues to grow worldwide since the acquisition of select Bombardier maintenance, repair and overhaul operations in Belfast, Northern Ireland, and Casablanca, Morocco; and the acquisition of assets from Applied Aerodynamics in Dallas, Texas, USA.
Over the last year, Spirit Aftermarket services has opened Spirit Evergreen Aftermarket Solutions (SEAS), a joint venture with Evergreen Aviation Technologies Corp. in Taiwan; signed an agreement with Guangzhou Aircraft Maintenance Engineering Company Limited (GAMECO) to be the Spirit Authorized Repair Center in Mainland China; signed an agreement with GMR Aerotechnic to be the Spirit Authorized Repair Center in India; and has signed a MOU with Malaysia Airlines Berhad (MAB) to develop maintenance, repair and overhaul services. Spirit’s Aftermarket business revenues have grown from $186 million in 2019 to $311 million in 2022.
Spirit AeroSystems, Inc. ("Spirit") is a subsidiary of Spirit AeroSystems Holdings, Inc. [NYSE: SPR] (“Spirit AeroSystems”).
Joramco, based at Queen Alia International Airport in Amman, has more than 50 years of experience. It has built a solid track record as a leading independent commercial aircraft maintenance, repair and overhaul facility serving a wide range of customers in the Middle East, Europe, South Asia, and Africa, offering services on several aircraft models from the Airbus, Boeing, and Embraer fleets. Joramco is certified by many international regulatory authorities including the European Aviation Safety Agency (EASA), the U.S. Federal Aviation Administration (FAA) and the Jordanian Civil Aviation Regulatory Commission (JCARC).
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.
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.
