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Spirit AeroSystems

 
Hoover's Profile: Spirit AeroSystems Holdings, Inc.
(NYSE:SPR)
Company Financials
Income Statement
Balance Sheet
Cash Flow Statement

Contact Information
Spirit AeroSystems Holdings, Inc.
3801 S. Oliver St.
Wichita, KS 67210
KS Tel. 316-526-9000
Toll Free 800-501-7597
Fax 316-523-8814

Type: Public
On the web: http://www.spiritaero.com
Employees: 13,162
Employee growth: 0.6%

Unlike the Wright Brothers, modern aerospace designers and manufacturers like Spirit AeroSystems Holdings (formerly Mid-Western Aircraft Systems) operate with a lot more resources than a wing and a prayer. The company makes commercial airplane components, such as fuselages, propulsion systems, wings, and underwing parts. Spirit AeroSystems was acquired from Boeing by Canada-based Onex Corp. in 2005 and went public in 2006. Today it continues to design and build aerostructures for every Boeing aircraft currently in production; it also supplies components to Boeing's chief rival Airbus. Spirit AeroSystems maintains operations in the US, the UK, and Asia.

Key numbers for fiscal year ending December, 2008:
Sales: $3,771.8M
One year growth: (2.3%)
Net income: $265.4M
Income growth: (10.6%)

Officers:
President, CEO, and Director: Jeffrey L. Turner
SVP and COO: Richard Buchanan
VP Investor Relations, Interim CFO, and Treasurer: Philip D. Anderson

Competitors:
Goodrich Corp.
Saab AB
Vought Aircraft

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Wikipedia: Spirit AeroSystems
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Spirit AeroSystems, Inc.
Type Public (NYSESPR)
Founded 1927 (in 2005, company took on current name)
Headquarters Wichita, Kansas, USA
Key people Jeff Turner, CEO
Industry Aerospace and defense
Products Aerostructures
Space systems
Revenue $3.28 Billion year end (12/31/2006)
Employees 11,845 (12/31/2006)
Website www.spiritaero.com

Spirit AeroSystems, Inc. ("Spirit" NYSESPR), based in Wichita, Kansas, is the world's largest first-tier aerostructures manufacturer. The company builds several important pieces of Boeing aircraft, including the fuselage of the 737, portions of the 787 fuselage, and the cockpit (referred to as "Section 41" by Boeing) of nearly all of its airliners. Spirit's main competition comes from Vought Aircraft Industries, Goodrich, Alenia, and Kawasaki Heavy Industries.

Spirit was formed when Boeing Commercial Airplanes sold its Wichita division to investment firm Onex. Boeing Integrated Defense Systems retained its military business in Wichita, which lies on neighboring land. The Wichita division was responsible for construction of many important aircraft in Boeing's history, including the B-29 Superfortress, B-47 Stratojet, and B-52 Stratofortress. Spirit can trace its legacy back even further to Stearman Aircraft, which was founded on the same site. Stearman later became part of Boeing. Spirit also includes North American Aviation's former Tulsa and McAlester facilities (both in Oklahoma.)

On January 31, 2006, BAE Systems announced it had agreed to sell its aerostructures business, based at Glasgow Prestwick Airport and Samlesbury Aerodrome, to Spirit.[1] The BAE unit, which was renamed Spirit AeroSystems (Europe) Ltd., is a major supplier to Raytheon (5%), Airbus (80%), and Boeing (15%). The transaction was completed on April 1, 2006. With this purchase, Spirit is no longer critically dependent upon a single customer for business.

After planning to take Spirit public,[2] at initial public offering on November 21, 2006, the firm's stock rose 10% on the first day.[3] Onex still owns 58% of Spirit, which results in 92% of voting power, as its shares confer "supervoting" power.[3]

Former House Majority Leader Richard Gephardt (D-MO) serves as a labor consultant for Spirit and sits on its board of directors.[4]

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