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Spirit AeroSystems Names GMR Aero Technic as Aftermarket Repair Provider in India
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Spirit AeroSystems has signed a significant agreement with GMR Aero Technic to become the authorized repair center in India for Boeing and other aircraft. This partnership aims to enhance MRO (Maintenance, Repair, Overhaul) services, particularly for 737 MAX aircraft. GMR Aero Technic, located at Rajiv Gandhi International Airport, will initially provide repair services for nacelles, radomes, and flight control surfaces. This collaboration is part of Spirit's broader strategy to expand its aftermarket services, which saw revenues increase from $186 million in 2019 to $311 million in 2022.
Positive
Agreement with GMR Aero Technic enhances MRO service capabilities in India.
Expansion of repair capabilities for Boeing 737 MAX and other aircraft types.
Aftermarket business revenues grew from $186 million in 2019 to $311 million in 2022.
Negative
None.
HYDERABAD, India--(BUSINESS WIRE)--
Spirit AeroSystems, Inc. today announced an agreement with GMR Aero Technic to be the Spirit Authorized Repair Center in India for Boeing and other aircraft.
Spirit AeroSystems signs an agreement naming GMR Aero Technic as the company's MRO provider in India. Front, from left: Ashok Gopinath, Chief Executive Officer, GMR Aero Technic, and Kailash Krishnaswamy , Senior Vice President, Aftermarket Solutions, Spirit AeroSystems. Back, from left: Rear Admiral Srinivas Kanugo, AVSM, VSM (Retired), Strategic Advisor, GMR Aero Technic; Ganapati Hebbar, Manager, Supplier Development & Growth, Boeing India; Ashwani Bhargava, Senior Director Supply Chain, Boeing India; Air Cdme DB Murali, VSM (Retired), AVP, Business Development, GMR Aero Technic; and Anil Kumar, Senior Manager of Business Development, GMR Aero Technic. (Photo: Business Wire)
GMR Aero Technic, a subsidiary of GMR Hyderabad International Airport Limited (GHIAL), is a-third-party airframe Maintenance, Repair & Overhaul (MRO) facility offering base maintenance, line-maintenance, limited shop and component support, and cabin interiors at Rajiv Gandhi International Airport (RGIA), Hyderabad.
“Spirit AeroSystems is pleased to work with GMR Aero Technic to extend its footprint into India, offering repair and design knowledge and experience for its customers' operations,” said Kailash Krishnaswamy, Senior Vice President of Spirit Aftermarket Services. “Through this agreement, GMR Aero Technic will expand its offerings to its customers by leveraging Spirit’s structural component repair expertise for Boeing and other aircraft. We are delighted that we can jointly now offer repairs of structural components of the 737 MAX and other platforms in the fast-growing Indian MRO industry.”
Commenting on the agreement, GMR Aero Technic CEO Ashok Gopinath said, “We are pleased to announce our strategic partnership with Spirit AeroSystems for providing a one-stop solution to our customers by establishing repair capabilities for nacelles and radomes jointly in India. This partnership reaffirms our commitment to provide world-class MRO services and further contribute to the Make in India initiative by providing value-added services to our customers in this part of the world.”
Initially, GMR Aero Technic will provide repair services of nacelles, radomes, and flight control surfaces for all narrow bodies, including Boeing’s 737 NG and MAX aircraft.
“Boeing continues to collaborate with local industry players, further enabling India’s aspiration of becoming an MRO hub for the region. The partnership between Spirit AeroSystems and GMR Aero Technic will strengthen MRO solutions for our airline customers in the region,” said Salil Gupte, President, Boeing India.
Spirit AeroSystems' aftermarket business continues to grow worldwide since the 2021 acquisition of select Bombardier MRO 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 AeroSystems 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) and Joramco to develop MRO services. Spirit’s Aftermarket business revenues have grown from $186 million in 2019 to $311 million in 2022.
Spirit AeroSystems is a subsidiary of Spirit AeroSystems Holdings, Inc. [NYSE: SPR].
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.
