Spirit, Skyworks Aeronautics Sign Agreement to Pursue Development of Defence and Commercial Platforms

Rhea-AI Summary

Spirit AeroSystems and Skyworks Aeronautics have signed a Memorandum of Understanding to enhance support for Skyworks' defense and commercial platforms in the U.K. and Europe. Spirit's teams in Northern Ireland and Scotland will collaborate on the design of the VertiJet, a high-speed VTOL platform capable of flying at speeds up to 400 mph. This agreement reinforces Spirit's commitment to expanding its U.K. operations. The collaboration aims to utilize advanced materials and lightweight structures for innovative aircraft technologies. Skyworks, known for its gyronautics expertise, sees Spirit as a strategic partner to actualize the VertiJet's potential.

Positive

• Strategic partnership with Skyworks enhances Spirit's capabilities in the defense and aerospace sector.
• Development of the VertiJet VTOL platform could lead to significant advancements in aviation technology.
• Reinforces Spirit's commitment to expanding its operations and presence in the U.K.

Negative

• None.

BELFAST, Northern Ireland--(BUSINESS WIRE)-- Spirit AeroSystems, Inc. and Skyworks Aeronautics announced today a Memorandum of Understanding for the companies to pursue support for Skyworks defence and commercial platforms in the U.K and European marketplace.

Spirit’s Northern Ireland and Scotland operations will work collaboratively on detailed design activity to support Skyworks VertiJet - a vertical take-off and landing (VTOL), high-speed and long-range gyrodyne. This platform is capable of flying at projected speeds of up to 400 mph (644 km/h) – two to three times faster than current operating helicopters.

Sir Michael Ryan, Spirit Vice President for European Space and Defence, said the agreement with Skyworks continues Spirit’s commitment to grow its U.K. business.

“We will be applying our engineering and technology leadership in advanced materials and ultra-light structures to explore the design, testing and integration of lightweight and aerodynamically efficient technologies in support of Skyworks’ aircraft platforms, such as its VertiJet VTOL program for military and commercial use,” he said.

Skyworks Aeronautics is a world leader in the science and technology of gyronautics, focusing on the design and development of high-performance gyroplanes, using highly advanced technology and modern aerospace science, engineering, and design methods. Skyworks Aeronautics has been developing manned and unmanned vertical lift gyroplane technologies for more than two decades.

“Spirit AeroSystems is a prominent leader in the aerospace industry with world-class design and manufacturing capabilities,” said John E. Michel, Skyworks Aeronautics Co-Founder and Chief Executive Officer. “We cannot think of a better industry partner to help make the promise and potential of the VertiJet and other Skyworks-related platforms a tangible reality.”

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

On the web: www.spiritaero.com
On Twitter: @SpiritAero

On the web: www.skyworks-aero.com
On Twitter: @SkyworksAero
On LinkedIn: /in/company/skyworksaero/
On Facebook: @SkyworksAero

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/20230328005538/en/

Media:

Forrest Gossett

(316) 523-5197

forrest.s.gossett@spiritaero.com

Investor Relations:

Ryan Avey

(316) 523-7040

investorrelations@spiritaero.com

Source: Spirit AeroSystems, Inc.

FAQ

What is the significance of the partnership between Spirit AeroSystems and Skyworks Aeronautics?

The partnership aims to improve support for Skyworks' defense and commercial platforms, focusing on advanced VTOL technology.

What is the projected speed of the VertiJet developed by Skyworks?

The VertiJet is capable of flying at projected speeds of up to 400 mph (644 km/h).

How does the partnership impact Spirit AeroSystems' operations in the U.K.?

It reinforces Spirit's commitment to growing its business in the U.K. and engaging in advanced aerospace projects.

What technologies will Spirit AeroSystems apply in the VertiJet's development?

Spirit will apply engineering and technology leadership in advanced materials and ultra-light structures.

Who is the CEO of Skyworks Aeronautics?

John E. Michel is the Co-Founder and CEO of Skyworks Aeronautics.