Spirit AeroSystems Applauds Leaders for Protecting Aviation Industry Jobs

Rhea-AI Summary

Spirit AeroSystems applauds the U.S. Congress for supporting the Aviation Manufacturing Jobs Protection (AMJP) program, safeguarding nearly 31,000 aviation jobs through $673 million in funding for 593 supply chain businesses. This bipartisan effort led by key congressional leaders aims to bolster the industry post-COVID-19 downturn, where air travel dropped by 96%. CEO Tom Gentile credited the program with retaining skilled workers and reinforcing the nation's industrial base. The AMJP provides up to 50% compensation for eligible employees while ensuring wage guarantees and no reduction in hours.

Positive

• AMJP program protects nearly 31,000 aviation jobs.
• Funding of $673 million directly benefits 593 aviation supply chain businesses.
• Bipartisan congressional support enhances industry recovery efforts.

Negative

• None.

WICHITA, Kan.--(BUSINESS WIRE)-- Spirit AeroSystems, Inc. (“Spirit” or “Spirit AeroSystems”), a wholly owned subsidiary of Spirit AeroSystems Holdings, Inc. (NYSE: SPR), today applauded congressional and aerospace industry leaders for protecting critical U.S. aviation manufacturing jobs.

Nearly 31,000 aviation jobs are being protected through the Aviation Manufacturing Jobs Protection (AMJP) program following multiple rounds of funding that provided $673 million to 593 aviation supply chain businesses.

The bipartisan AMJP was championed by Sen. Jerry Moran (R-Kan.), Sen. Maria Cantwell (D-Wash.), Rep. Ron Estes (R-Kan.) and Rep. Rick Larsen (D-Wash.), helping the aviation industry emerge from the downturn in air travel caused by the COVID-19 pandemic.

“We applaud the leadership of Sen. Moran, Sen. Cantwell, Rep. Estes and Rep. Larsen for spearheading the AMJP program that has protected aviation jobs,” said Tom Gentile, president and CEO of Spirit AeroSystems. “After we witnessed a 96% drop in global air travel, this critical bipartisan, bicameral program helped bridge the gap for hundreds of aviation manufacturers and their employees.”

Gentile said the initial ideas around creating the AMJP program and ultimately the successful enactment of the bill likely would not have happened without the leadership of the Aerospace Industries Association and Eric Fanning, AIA president and CEO.

The AMJP also benefitted from the support of International Association of Machinists President Robert Martinez Jr., who saw how the bill could benefit aviation workers around the country.

“The AMJP protected thousands of jobs throughout the aviation supply chain and protected and strengthened our nation’s industrial base,” Gentile said. “We are fortunate to have congressional leaders, aviation industry champions and labor leaders who understand the value of retaining highly skilled aviation employees.”

The six-month federal program is a public-private partnership helping preserve aviation industry jobs by providing up to 50% compensation for certain eligible employees, with employer requirements such as guaranteeing wages and no reduction in hours.

On the web: www.spiritaero.com

On Twitter: @SpiritAero

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220224006082/en/

Media:

Forrest Gossett

316-803-2975

forrest.gossett@spiritaero.com

Investor Relations:

Aaron Hunt

(316) 523-7040

investorrelations@spiritaero.com

Source: Spirit AeroSystems, Inc.

FAQ

What is the Aviation Manufacturing Jobs Protection program related to Spirit AeroSystems (SPR)?

The AMJP program aims to protect nearly 31,000 aviation jobs, providing $673 million in funding to support 593 aviation supply chain businesses.

How many jobs does the AMJP program protect for Spirit AeroSystems (SPR)?

The AMJP program protects nearly 31,000 aviation jobs.

Who led the AMJP program that benefits Spirit AeroSystems (SPR)?

The AMJP program was championed by congressional leaders including Sen. Jerry Moran, Sen. Maria Cantwell, Rep. Ron Estes, and Rep. Rick Larsen.

How much funding has been allocated to the AMJP program for Spirit AeroSystems (SPR)?

The AMJP program has allocated $673 million to support 593 aviation supply chain businesses.

What is the impact of the AMJP program on the aviation industry for Spirit AeroSystems (SPR)?

The AMJP program is crucial for helping the aviation industry recover from the COVID-19 pandemic, during which global air travel experienced a 96% decline.