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September 02, 2015 11:11 PM ET

Aerospace and Defense

Company Overview of Spirit AeroSystems, Inc.

Company Overview

Spirit AeroSystems, Inc. designs and manufactures non-OEM aerostructures for commercial, military, and business/regional jets. It offers composite and metallic aircraft fuselages, propulsion systems, pylons, nacelles, and wing structures and components. The company also provides floor beams, seat tracks, tail cones, outboard flaps, strakelets, krueger flaps, edge slats, and fan duct thrust reversers, as well as gallery, entry, access, and lower cargo doors. In addition, it offers aftermarket customer support services, including spare parts, maintenance/repair/overhaul, fleet support, assemblies, and other services in North America, Europe, and Asia. The company offers its products through a ...

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: 55
Chief Financial Officer and Senior Vice President
Age: 55
Chief Operations Officer and Executive Vice President
Age: 59
Chief Technology Officer and Senior Vice President of Engineering
Age: 55
Chief Adminstrative Officer and Senior Vice President
Age: 44
Compensation as of Fiscal Year 2015.

Spirit AeroSystems, Inc. Key Developments

Spirit AeroSystems, Inc. Announces Management Changes

Spirit AeroSystems, Inc. has appointed Ron Rabe as senior vice president of operations, and John Pilla as senior vice president of engineering and chief technology officer. Duane Hawkins has been named senior vice president and general manager, Boeing, Business and Regional Jet Programs. He will also continue to oversee Spirit Defense. Hawkins joined Spirit in 2013 as senior vice president of Operations following more than 30 years in the aerospace industry, including executive positions at Raytheon Missile Systems, Defense Research Inc., and General Dynamics. Rabe is an experienced global operations leader, having served at positions of increasing responsibility at Eaton Corporation. Most recently, he was the company's vice president of global manufacturing and supply chain, vehicle group. Pilla has served in several top leadership and engineering positions at Spirit, most recently overseeing all Spirit work on Airbus Programs. In his new role, Pilla will have responsibility for engineering and R&D across all programs. Michelle J. Lohmeier will join the company as senior vice president and general manager, Airbus Programs Lohmeier has extensive aerospace experience at Raytheon Company, most recently as vice president of the Land Warfare Systems product line at Raytheon Missile Systems. Hawkins, Lohmeier, Pilla, and Rabe will report to President and CEO Larry Lawson.

Onex Reportedly Interested In Spirit AeroSystems' Unit

Onex Corporation (TSX:OCX) is interested in buying the fabrication unit at Spirit AeroSystems, Inc., reported Bizjournal citing multiple sources with knowledge of the situation. According to an e-mail sent on June 11, 2015, to Machinists Union members by President of Machinists District 70, Frank Molina, Onex is considering buying the unit and has also expressed interest in building a new local facility for it that would create additional jobs over the next few years. According to the information, Frank Molina said the union is prepared to meet with Onex and discuss its plans. Molina did not return calls for comment, but multiple sources confirmed receiving his letter. Onex said it does not comment on speculation. Spirit spokesperson Jarrod Bartlett offered this statement from the company,“It is critical to efficiently build capacity to support demand for our products. We are exploring our make-buy strategy and what differentiates us in the marketplace, and we are testing the market. We have nothing to announce at this time.”

Spirit AeroSystems, Inc. Enters into Amendment No. 5 to its Senior Secured Credit Agreement

On March 18, 2015, Spirit AeroSystems Holdings, Inc. entered into amendment no. 5 to its senior secured credit agreement, dated as of April 18, 2012, among Spirit AeroSystems, Inc., as borrower, the company, as parent guarantor, the subsidiary guarantors party thereto, the lenders party thereto, Bank of America, N.A., as administrative agent and collateral agent, and the other agents named therein. The amendment provides for a new $535 million senior secured term loan A (the new term loan) with a maturity date of March 18, 2020, which replaces the term loan B with an amount outstanding of approximately $534.9 million (the term loan B) that was scheduled to mature on September 15, 2020. The new term loan bears interest, at Spirit's option, at either LIBOR plus 1.75% or a defined base rate plus 0.75%, subject to adjustment to amounts between and including LIBOR plus 1.75% and LIBOR plus 2.50% (or amounts between and including base rate plus 0.75% and base rate plus 1.50%, as applicable) based on changes to Spirit's debt-to-EBITDA ratio. The principal obligations under the new term loan are to be repaid in equal quarterly installments of $6,687,500, with the balance due at maturity of the new term loan. The credit agreement maintains substantially the same prepayment requirements and covenant structure, and provides the company with some additional flexibility with respect to certain activities. Spirit used the proceeds of the new term loan to pay off the term loan B and to pay a portion of the fees and expenses payable in connection with the amendment.

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