April 17, 2014 9:31 PM ET

Aerospace and Defense

Company Overview of Spirit AeroSystems, Inc.

Company Overview

Spirit AeroSystems, Inc. operates as a non-OEM designer and manufacturer of aerostructures for commercial, military, and business/regional jets. It offers composite and metallic aircraft fuselages, propulsion systems, wing structures, pylons, nacelles, and wing components. The company also provides aftermarket customer support services, including spare parts, maintenance/repair/overhaul, and fleet support services. It serves commercial and military customers in North America, Europe, Asia, and internationally. Spirit AeroSystems, Inc. was formerly known as Mid-Western Aircraft Systems, Inc. and changed its name to Spirit AeroSystems, Inc. in July 2005. The company was incorporated in 2004 an...

3801 South Oliver Street

Wichita, KS 67210-2112

United States

Founded in 2004





Key Executives for Spirit AeroSystems, Inc.

Chief Executive Officer and President
Age: 54
Chief Financial Officer and Senior Vice President
Age: 53
Chief Operations Officer and Executive Vice President
Age: 57
Chief Technology Officer and Senior Vice President
Age: 61
Chief Scientist and Vice President
Compensation as of Fiscal Year 2013.

Spirit AeroSystems, Inc. Key Developments

Spirit AeroSystems Enters into a Memorandum of Agreement with Boeing Company

On April 8, 2014, Spirit AeroSystems Inc. entered into a Memorandum of Agreement (the MOA) with The Boeing Company amending Spirit's long-term supply agreement with Boeing covering products for Boeing's B737, B747, B767 and B777 commercial aircraft programs (the Supply Agreement). The MOA establishes pricing terms for recurring products under the Supply Agreement for the period commencing on April 1, 2014 and ending on December 31, 2015. Prices will continue to be adjusted each year based on a quantity-based price adjustment formula described in the Supply Agreement, as amended by the MOA, whereby average per-unit prices are higher at lower volumes. Prices continue to be subject to other adjustments provided for under the Supply Agreement. The new pricing terms will not be applied to the period prior to April 1, 2014. The MOA includes implementation of a production rate up to 47 airplanes per month on the B737 program and suspension of 12 months of 787 advance repayments, which will be applied beginning at line unit 1001. Consistent with the Supply Agreement, the MOA also provides that if Spirit and Boeing have not agreed to future pricing terms by the time the current pricing terms expire, then, until such agreement is reached, interim pricing terms will be determined according to the existing prices as of December 2015 using the quantity-based price adjustment formula and specified annual escalation until such time as future pricing is agreed.

Spirit Aerosystems Opens Sales Office at the Tinker Business and Industrial Park in Midwest City

Spirit AeroSystems, Inc. opened a sales office at the Tinker Business and Industrial Park in Midwest City, Okla. Spirit's Aftermarket division supports the OEM to provide spare parts for commercial platform aircraft that have been modified for military programs.

Spirit AeroSystems, Inc. Completes Refinancing of Senior Secured Credit Facility

Spirit AeroSystems, Inc. announced that it has closed a refinancing of its $540.4 million senior secured term loan B. The new $540.4 million term loan B, which was priced at LIBOR plus 2.50% and matures in September 2020, replaces the term loan B that was scheduled to mature in April 2019.

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