August 28, 2016 10:14 AM ET

Aerospace and Defense

Company Overview of Spirit AeroSystems, Inc.

Company Overview

Spirit AeroSystems, Inc. designs, manufactures, and sells non-OEM aerostructures and aircraft components for commercial and defense aircrafts in the United States and internationally. It offers composite and metallic aircraft fuselages, propulsion systems, pylons, engine nacelles, wing structures and components, fan cowls, thrust reversers, and systems integration products. The company also provides aftermarket customer support services, including maintenance/repair/overhaul, fleet support, engineering, and other services, as well as spare parts. Spirit AeroSystems, Inc. was formerly known as Mid-Western Aircraft Systems Inc. and changed its name to Spirit AeroSystems, Inc. in July 2005. The...

3801 South Oliver Street

PO Box 780008

Wichita, KS 67278-0008

United States

Founded in 2004

Phone:

316-526-9000

Fax:

316-523-8814

Key Executives for Spirit AeroSystems, Inc.

Chief Executive Officer and President
Age: 56
Chief Financial Officer and Senior Vice President
Age: 56
Chief Operating Officer and Executive Vice President
Age: 52
Chief Technology Officer and Senior Vice President of Engineering
Age: 56
Chief Administrative Officer and Senior Vice President
Age: 45
Compensation as of Fiscal Year 2016.

Spirit AeroSystems, Inc. Key Developments

Spirit AeroSystems, Inc. Announces Upgrades to Historic Plant 2 in Wichita

Spirit AeroSystems, Inc. has invested in upgrades to its historic Plant 2 and its Wichita facilities. Spirit builds 70% of the 737 structure in Plant 2, including the entire fuselage of airplane. The upgrades include projects like installation of robotic drilling and fastening, expansion of the propulsion manufacturing facility, building additional rail spurs for increased transportation needs and a re-investment in the facilities across the Wichita campus.

Federal Appeals Court Panel Upholds Dismissal of Spirit AeroSystems Case

Shareholders failed to show that Spirit AeroSystems and four of its executives lied about three manufacturing contracts that resulted in $434.6 million in losses, a federal appeals court panel ruled. Upholding a lower court decision, the 10th U.S. Circuit Court of Appeals ruled that the investors behind a class-action lawsuit failed to show the company or its executives made any material misrepresentations or omissions. The lawsuit followed an October 2012 announcement that the Wichita-based company recorded $434.6 million forward losses on the three contracts at issue in the appeal. U.S. District Judge Eric Melgren threw out the lawsuit last year before it got to trial. In addition to the Spirit, the executives named as defendants in the lawsuit are Jeffrey Turner, Spirit's former chief executive officer; Philip Anderson, the company's chief financial officer; Alexander Kummant, senior vice president of Oklahoma operations; and Terry George, vice president overseeing the Boeing 787 project. The class-action lawsuit was brought by stockholder Wayne Anderson as the lead plaintiff, along with the International Association of Machinists and Aerospace Workers, among others. Spirit AeroSystems agreed to supply parts for three types of aircraft manufactured by Gulfstream Aerospace Corp. and The Boeing Co., specifically the Gulfstream G280 and G60, and the Boeing 787. Each project had production delays and cost overruns, which Spirit periodically publicly reported. Spirit acknowledged the risks in these reports, but expressed confidence in its ability to meet production deadlines and ultimately break even on the projects. But on Oct. 25, 2012, Spirit announced it expected to lose hundreds of millions of dollars, and its stock price dropped 30%.

Spirit Aerosystems, Inc. Enters into $1.15 Billion Senior Unsecured Amended and Restated Credit Agreement

On June 6, 2016, Spirit AeroSystems Holdings, Inc. entered into a $1.15 billion senior unsecured Amended and Restated Credit Agreement among Spirit AeroSystems, Inc., as borrower the company, as parent guarantor, the lenders party thereto, Bank of America, N.A., as administrative agent, and the other agents named therein consisting of a $650 million revolving credit facility and a $500 million term loan A facility. The Credit Agreement refinances and replaces the Credit Agreement dated as of April 18, 2012, among Spirit, as borrower, the Company, as parent guarantor, the subsidiary guarantors identified therein, the lenders party thereto, Bank of America, N.A., as administrative agent, and the other agents named therein. Each of the Revolver and the Term Loan matures June 4, 2021 and bears interest, at Spirit's option, at either LIBOR plus 1.5% or a defined base rate plus 0.5%, subject to adjustment to between LIBOR plus 1.125% and LIBOR plus 2.0% (or between base rate plus 0.125% and base rate plus 1.0%, as applicable) based on changes to Spirit's senior unsecured debt rating provided by Standard & Poor's Financial Services LLC and/or Moody's Investors Service, Inc. The principal obligations under the Term Loan are to be repaid in equal quarterly installments of $6,250,000, with the balance due at maturity of the Term Loan. The Credit Agreement also contains an accordion feature that provides Spirit with the option to increase the Revolver commitments and/or institute one or more additional term loans by an amount not to exceed $500 million in the aggregate, subject to the satisfaction of certain conditions and the participation of the lenders.

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