WICHITA, Kan., Dec. 6, 2017 /CNW/ -- Spirit AeroSystems
[NYSE: SPR] today announced plans for major expansion and
growth, including the addition of 1,000 jobs and capital
investments totaling $1 billion over
the next five years at its Wichita,
Kan., facility. The growth is fueled by a number of factors:
increasing production rates on existing commercial aircraft
programs, growth in Spirit's Fabrication and Defense businesses and
other new business pursuits. The announcement solidifies Spirit's
presence in Wichita and
Kansas for decades to come.
"Wichita is our headquarters
and the hub of our operations," said Spirit President and CEO
Tom Gentile. "Our workforce is
unparalleled, with generations of aircraft employees who have
worked in our plant. And now future generations will have those
same opportunities. We are proud to partner with the city, county
and state to bring new jobs and investment to the community and
help ensure Wichita remains the
Air Capital of the World."
"For years Kansas has played a
powerful role in the global aviation industry, and today's
announcement ensures that we will continue to do so for years to
come," said Kansas Lieutenant Governor Jeff
Colyer. "Spirit AeroSystems' $1
billion investment marks one
of the largest economic development projects in Kansas history and will result in great career
opportunities for over a thousand Kansans. I am thrilled that we
were able to bring this project to fruition with our incredible
partners at Spirit, and I look forward to seeing the impact their
investment will have both on Wichita and the state as a whole."
"These are high-paying, highly coveted aviation jobs," said
Wichita Mayor Jeff Longwell. "They will pump billions of
dollars into our local economy over the next decade and beyond.
Spirit is a great company, a wonderful community steward, and we
worked very collaboratively to ensure they chose Wichita for this expansion."
The memorandum of understanding (MOU) with the city and
Sedgwick County includes joint
investment in a new building to be constructed on the north side of
Spirit's property. The completion of the transactions contemplated
by the MOU is contingent on approval by the Wichita City Council
and the Sedgwick County Commission
and the execution of definitive agreements between the parties.
"We are excited to work with Spirit on this project for our
community. It's a tremendous win for Sedgwick County and all of us in south-central
Kansas, including the dozens of
aviation suppliers here," said Sedgwick
County Commission Chairman Dave
Unruh. "It is further validation of the county's investment
in the National Center for Aviation Training more than a decade ago
as this community is uniquely equipped to help Spirit tackle the
demands for a ramp-up of this magnitude."
The majority of the new job creation will be in the hourly
ranks, including skilled sheet metal mechanics, composite
technicians and CNC machine operators.
"Spirit is a global company with sites across the world, and we
will continue to grow where it makes sense for the business. We
have deep roots in Wichita, and we
are here for the long-haul," Gentile said.
On the web: www.spiritaero.com
On Twitter: @SpiritAero
About Spirit AeroSystems
Spirit AeroSystems
designs and builds aerostructures for both commercial and defense
customers. With headquarters in Wichita, Kansas, Spirit operates sites in the
U.S., U.K., France and Malaysia. The company's
core products include fuselages, pylons, nacelles and wing
components for the world's premier aircraft. Spirit
AeroSystems focuses on affordable, innovative composite
and aluminum manufacturing solutions to support customers around
the globe. 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 reflect our current expectations or
forecasts of future events. 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," "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, but are not limited to, the following: 1) our ability to
continue to grow our business and execute our growth strategy,
including the timing, execution, and profitability of new and
maturing programs; 2) our ability to perform our obligations under
our new and maturing commercial, business aircraft, and military
development programs, and the related recurring production; 3) our
ability to accurately estimate and manage performance, cost, and
revenue under our contracts, including our ability to achieve
certain cost reductions with respect to the B787 program; 4) margin
pressures and the potential for additional forward losses on new
and maturing programs; 5) our ability to accommodate, and the cost
of accommodating, announced increases in the build rates of certain
aircraft; 6) the effect on aircraft demand and build rates of
changing customer preferences for business aircraft, including the
effect of global economic conditions on the business aircraft
market and expanding conflicts or political unrest in the
Middle East or Asia; 7) customer cancellations or deferrals
as a result of global economic uncertainty or otherwise; 8) the
effect of economic conditions in the industries and markets in
which we operate in the U.S. and globally and any changes therein,
including fluctuations in foreign currency exchange rates; 9) the
success and timely execution of key milestones such as the receipt
of necessary regulatory approvals and customer adherence to their
announced schedules; 10) our ability to successfully negotiate, or
re-negotiate, future pricing under our supply agreements with
Boeing and our other customers; 11) our ability to enter into
profitable supply arrangements with additional customers; 12) the
ability of all parties to satisfy their performance requirements
under existing supply contracts with our two major customers,
Boeing and Airbus, and other customers, and the risk of nonpayment
by such customers; 13) any adverse impact on Boeing's and Airbus'
production of aircraft resulting from cancellations, deferrals, or
reduced orders by their customers or from labor disputes or acts of
terrorism; 14) any adverse impact on the demand for air travel or
our operations from the outbreak of diseases or epidemic or
pandemic outbreaks; 15) our ability to avoid or recover from
cyber-based or other security attacks, information technology
failures, or other disruptions; 16) returns on pension plan assets
and the impact of future discount rate changes on pension
obligations; 17) our ability to borrow additional funds or
refinance debt; 18) competition from commercial aerospace original
equipment manufacturers and other aerostructures suppliers; 19) the
effect of governmental laws, such as U.S. export control laws and
U.S. and foreign anti-bribery laws such as the Foreign Corrupt
Practices Act and the United Kingdom Bribery Act, and environmental
laws and agency regulations, both in the U.S. and abroad; 20) the
effect of potential changes in tax law, such as those outlined in
recent proposals on U.S. tax reform; 21) any reduction in our
credit ratings; 22) our dependence on our suppliers, as well as the
cost and availability of raw materials and purchased components;
23) our ability to recruit and retain highly-skilled employees and
our relationships with the unions representing many of our
employees; 24) spending by the U.S. and other governments on
defense; 25) the possibility that our cash flows and borrowing
facility may not be adequate for our additional capital needs or
for payment of interest on, and principal of, our indebtedness; 26)
our exposure under our existing senior revolving credit facility to
higher interest payments should interest rates increase
substantially; 27) the effectiveness of any interest rate hedging
programs; 28) the effectiveness of our internal control over
financial reporting; 29) the outcome or impact of ongoing or future
litigation, claims, and regulatory actions; and 30) exposure to
potential product liability and warranty claims. 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.
As with any projection or forecast, these statements are inherently
susceptible to uncertainty and changes in circumstances. 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. Additional information concerning
these and other factors can be found in our filings with the
Securities and Exchange Commission, including our most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
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SOURCE Spirit AeroSystems