An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Spirit AeroSystems, Joramco sign Memorandum of Understanding for MRO services cooperation
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Spirit AeroSystems, Inc. (NYSE: SPR) has signed a Memorandum of Understanding (MOU) with Joramco at MRO Europe in London. This partnership aims to enhance services for composite and metallic aerostructures in the Middle East. Both companies will collaborate to develop new repair processes, leveraging Joramco's extensive experience and certifications from regulatory bodies like the FAA and EASA. Spirit's Aftermarket business has shown growth, with revenues increasing from $186 million in 2019 to $239.9 million in 2021, following important acquisitions in Belfast and Casablanca.
Positive
MOU with Joramco to enhance operations in the Middle East, tapping into Joramco's 50 years of experience.
Growth in Spirit's Aftermarket business, with revenues rising from $186 million in 2019 to $239.9 million in 2021.
Negative
None.
WICHITA, Kan.--(BUSINESS WIRE)--
Spirit AeroSystems, Inc. [NYSE – SPR] announced today at MRO Europe in London a Memorandum of Understanding (MOU) with Joramco, the Amman-based maintenance, repair, and overhaul (MRO) provider and the engineering arm of Dubai Aerospace Enterprise (DAE), to explore cooperation in providing a wide range of repairs to and services of composite and metallic aerostructures to customers in the region.
A team of engineers and experts from both companies will be formed to support the needs of operators, and shops, and develop new repair processes as needed.
Joramco, based at Queen Alia International Airport in Amman, Jordan, 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).
“We are eager to begin structural repair MRO operations in the Middle East and look forward to working with Joramco,” said Kailash Krishnaswamy, Senior Vice President for Spirit AeroSystems Aftermarket Services. “Together, we will be able to offer better value to our customers in the region by leveraging our structural engineering expertise.”
Commenting on the occasion, Joramco CEO Fraser Currie said: “We at Joramco are proud to announce our MOU with Spirit AeroSystems. Our clients are accustomed to receiving high-quality maintenance and repair and this new development will further fulfill our promise to them. Together, we will explore exchanging expertise and improve our current services and acquire new ones that are in demand in the region.”
Spirit’s Aftermarket business continues to grow worldwide since the 2021 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; and is exploring an opportunity with Malaysia Airlines Berhad (MAB) to develop maintenance, repair and overhaul services for the 737 Next Generation Aircraft. Spirit’s Aftermarket business revenues have grown from $186 million in 2019 to $239.9 million in 2021.
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. Also, Spirit 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.
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.
