Spirit AeroSystems to Suspend Factory Operations

Rhea-AI Summary

Spirit AeroSystems suspends factory production as employees represented by IAM go on strike. Non-IAM employees should report to work as usual. The company is disappointed with the rejection of the contract offer and believes it recognizes employee contributions. Meetings with IAM leadership will continue.

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• Factory production suspended due to strike. Potential disruption to operations and fulfillment of increasing aircraft demand.

WICHITA, Kan., June 21, 2023 /PRNewswire/ -- In light of the decision to strike by Spirit AeroSystems employees represented by the International Association of Machinists and Aerospace Workers today, Spirit will suspend factory production prior to the expiration of the contract. Beginning with the start of first shift on Thursday, June 22, all IAM-represented employees are not to report for work but will receive pay for their regularly scheduled work hours. All scheduled overtime is canceled.

All employees not represented by the IAM should report to work as usual on Thursday.

We are disappointed that our employees represented by the IAM rejected our four-year contract offer and voted to strike. We believe that our fair and competitive offer recognizes the contributions of our employees and ensures we can successfully meet increasing demand for aircraft from our customers.

We know that no one wins in a work stoppage; however, we respect the rights of our represented employees. Despite this setback, we are not distracted from the task at hand. We look forward to continued meetings with IAM leadership.

Spirit AeroSystems, Inc. ("Spirit") is a subsidiary of Spirit AeroSystems Holdings, Inc. [NYSE: SPR] ("Spirit AeroSystems").

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 original content:https://www.prnewswire.com/news-releases/spirit-aerosystems-to-suspend-factory-operations-301857718.html

SOURCE Spirit AeroSystems, Inc.

FAQ

Why did Spirit AeroSystems suspend factory production?

Factory production was suspended due to a strike by employees represented by the IAM.

What will happen to non-IAM employees?

Non-IAM employees should report to work as usual.

Why is the company disappointed?

The company is disappointed because the IAM employees rejected their four-year contract offer and voted to strike.

What is the impact of the strike on operations?

The strike may disrupt operations and the fulfillment of increasing aircraft demand.

Will meetings with IAM leadership continue?

Yes, meetings with IAM leadership will continue.