Spirit AeroSystems Expands Again with New MRO Acquisition, Growing Capabilities for Customers

WICHITA, Kan., April 27, 2021 /PRNewswire/ -- Spirit AeroSystems (NYSE: SPR) announced today the acquisition (through a subsidiary) of the assets of Applied Aerodynamics, a high-quality composite maintenance, repair and overhaul (MRO) company based in Farmer Branch, Texas, which complements the company's acquisition of select Bombardier assets. The acquisition expands Spirit's existing MRO infrastructure in the region with the addition of Applied Aerodynamics' expertise, workforce, defense scope of work and 120,000-square-foot facility. The expansion allows Spirit to conduct a wider range of repairs on more products to help North American fleet operators and defense customers be more competitive by reducing administrative hassles and costs while also increasing quality and turnaround times.

'Spirit AeroSystems is investing heavily in MRO capabilities to improve the customer experience as part of its strategic transformation to be a more balanced, global company and Applied Aerodynamics is an obvious fit to help us achieve this goal,' said Jim Lickteig, senior director of Aftermarket Solutions at Spirit AeroSystems. 'With this acquisition, we're prepared to help customers where they need us the most as they rise out of this pandemic. By providing customized, high-quality MRO solutions, we can help operators control their costs and improve efficiencies and speed because of the added capacity.'

With broader MRO capabilities, fleet operators can consolidate vendors, which helps to streamline communication efforts, reduce administrative costs, and increase efficiencies. In addition, with a more prominent presence near an international airport, inventory can be quickly airfreighted, further helping to drive down costs and increase speed. The Applied Aerodynamics acquisition enables Spirit to expand beyond MRO services for thrust reversers and nacelles on the 737 and 777 with new services for a broader range of fleets. These additional composite repairs include radomes, flight controls, lats, slats, flaps, spoilers, ailerons, winglets, and main landing gear doors for the 737, 747, 757, 767, A320, A321, 787 models. For defense, Spirit acquires a new scope of work for C17 flight controls and Coast Guard bearings.

'Spirit AeroSystems has been a trusted partner for many years because we share a common goal of delivering high-quality solutions with unrivaled pricing and efficiencies to help customers maximize airtime,' said Brad Teel, founder and president of Applied Aerodynamics. 'In addition to our values, this acquisition is a natural fit because we complement each other's services, expertise and capabilities. This will benefit the aviation industry significantly as it begins to bounce back from a challenging year and will require high-quality, affordable partners more than ever.'

Spirit will be expanding the capabilities of Applied Aerodynamics to its other MRO locations, including Wichita, Kan., Western Europe, North Africa, and East Asia, over the next year as part of its ongoing commitment to helping customers increase their competitiveness in the market.

To learn more about Spirit's global MRO solutions and locations, visit the website.

About Spirit AeroSystems
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. Also, Spirit 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.

About Applied Aerodynamics
Founded in 1990 in Farmers Branch, Texas, Applied Aerodynamics Inc. is an industry-leader in high-quality, efficient composite maintenance, repair and overhaul (MRO) solutions for premier airlines. Employing the principals of total quality management (TQM), Applied Aerodynamics offers outstanding structural repair and overhaul of thrust reversers, flight controls, radomes/tailcones, nacelles, doors, panels and more. More information is available at www.applied-aero.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.

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SOURCE Spirit AeroSystems