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Spirit AeroSystems Announces Agreement to Upgrade 757 Fleet for SF Airlines in China
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Spirit AeroSystems, a subsidiary of Spirit AeroSystems Holdings, has signed a 10-year agreement with SF Airlines to modify inlet cowlings for its Boeing 757 cargo freighters. The agreement was finalized at the Air Show China in Zhuhai, enhancing Spirit's repair capabilities and regional support in the Asia Pacific. Inlet cowlings will be repaired at Spirit's Belfast operations, aiming to improve operational efficiency for SF Airlines in the post-COVID market landscape. This strategic partnership signals Spirit's commitment to supporting growing freight traffic.
Positive
10-year agreement with SF Airlines signifies a long-term revenue stream.
Enhances Spirit's position in the Asia Pacific market.
Strategic move to support increased freight traffic post-COVID.
Negative
None.
ZHUHAI, China--(BUSINESS WIRE)--
Spirit AeroSystems, Inc. ("Spirit"), a subsidiary of Spirit AeroSystems Holdings, Inc. [NYSE: SPR] (“Spirit AeroSystems”), announced today it signed, through its Belfast, Northern Ireland operations (known as Short Brothers), an agreement with SF Airlines (SFA) to modify inlet cowlings for its Boeing 757 cargo freighters.
Leaders from SF Airlines and Spirit AeroSystems met this week at the Air Show China in Zhuhai, China, to sign an agreement for Spirit to repair inlet cowlings on the airline's Boeing 757 freighter fleet. From left, Mr. Peter Huang, Vice President of SF Airlines; Ms. Judy Wu, General Manager of the Material Supply Department of SF Airlines; Mr. Tong Jian, President of Maintenance and Engineering Division, SF Airlines; Mr. Kailash Krishnaswamy, General Manager of Spirit AeroSystems (Hangzhou) Enterprise Management Consulting Co.; Mr. Li Sheng, Chief Executive Officer of SF Airlines; Mr. Tristan Ge, Spirit AeroSystems Sales Manager-Asia; and Mr. Jian Liu, Spirit AeroSystems Business Development Manager- Asia. (Photo: Business Wire)
SF Airlines CEO Mr. Li Sheng attended the contract signing with Mr. Kailash Krishnaswamy, General Manager of Spirit AeroSystems (Hangzhou) Enterprise Management Consulting Co., Ltd. in China, during the Air Show China event in Zhuhai, China. Also from SFA, Mr. Tong, General Manager of the SFA Maintenance and Engineering Department, and Ms. Wu, Director of the SFA Maintenance and Engineering Department, joined Mr. Li for the signing.
“Spirit AeroSystems is honored to be selected by SF Airlines for this 10-year agreement,” Mr. Krishnaswamy said. “Under this agreement, Spirit will provide important repairs for inlet cowlings that will help keep SFA’s Boeing 757 fleet operating effectively now and in the future.”
SFA technicians will remove cowlings from the engines and ship them to Spirit’s site in Belfast, Northern Ireland, where the repairs will take place. Once repairs are complete, the cowlings will be shipped back to SFA.
Mr. Krishnaswamy added, “Spirit is positioning itself regionally to support SF Airlines and other operators with increasing passenger travel and freight traffic in the post-COVID era, and we look forward to bringing our world class repair capabilities to the Asia Pacific region.”
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.
