EX-99.1
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tm2034547d1_ex99-1.htm
EXHIBIT 99.1
Exhibit 99.1
Spirit AeroSystems Completes
Acquisition of Select Assets of Bombardier Aerostructures and Aftermarket Services Businesses
WICHITA, Kan.,
Oct.
30, 2020
-- Spirit AeroSystems Holdings, Inc. (NYSE: SPR) ("Spirit
AeroSystems") announced today it has completed, through its wholly-owned subsidiaries Spirit AeroSystems, Inc. ("Spirit")
and Spirit AeroSystems Global Holdings Limited ("Spirit UK"), its acquisition of select assets of Bombardier aerostructures
and aftermarket services businesses in Belfast, Northern Ireland (known as Short Brothers); Casablanca, Morocco; and Dallas, United
States.
"We are excited to finalize
this strategic and transformational acquisition", said Spirit AeroSystems President and CEO Tom Gentile. "The
acquired sites bring expertise in engineering, innovation and advanced composites, and also aligns with our strategic
priorities. With the addition of these sites, Spirit acquires the entire work package for the A220 wing manufacturing
processes and technology, which are critical for the future of next-generation aircraft, and doubles our global
world-class aftermarket services business".
The acquired Bombardier operations employ approximately 3,300
people at three sites comprising approximately 3.4 million square feet. The backlog of work includes long-term contracts on the
Airbus A220 and Bombardier business jets, along with world-class aftermarket services at two of the acquired sites.
At closing, Spirit/Spirit UK paid $275 million to Bombardier,
and acquired certain liabilities as previously disclosed including the Short Brothers plc pension scheme and financial payment
obligations under a repayable investment agreement between Short Brothers and the United Kingdom's Department for Business,
Energy and Industrial Strategy. On the first anniversary of closing, Spirit will make
a special
contribution of £100 million (approximately $130 million) to the Shorts pension scheme.
The total enterprise valuation
of the acquisition is $865 million.
Contact information:
Media: Molly Edwards, (316) 523-2479, molly.edwards@spiritaero.com
Investor Relations: (316) 523-7040
Aaron Hunt, aaron.w.hunt@spiritaero.com
Ryan Avey, ryan.d.avey@spiritaero.com
On the web:
www.spiritaero.com
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About Spirit AeroSystems
Spirit
AeroSystems designs and builds aerostructures for both commercial and defense customers, focusing on affordable, innovative composite
and aluminum manufacturing solutions to support customers around the globe. With headquarters in Wichita, Kansas, Spirit operates
sites in the U.S., U.K., Malaysia and Morocco. The company's core products include fuselages, pylons, nacelles and wing components
for the world's premier aircraft. More information is available at
www.spiritaero.com
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EX - 99 . 1 3 tm2034547d1 _ ex99 - 1 . htm EXHIBIT 99 . 1 Exhibit 99 . 1 Spirit AeroSystems Completes Acquisition of Select Assets of Bombardier Aerostructures and Aftermarket Services Businesses WICHITA , Kan . , Oct . 30 , 2020 -- Spirit AeroSystems Holdings , Inc . ( NYSE : SPR ) ( " Spirit AeroSystems " ) announced today it has completed , through its wholly - owned subsidiaries Spirit AeroSystems , Inc . ( " Spirit " ) and Spirit AeroSystems Global Holdings Limited ( " Spirit UK " ) , its acquisition of select assets of Bombardier aero structures and aftermarket services businesses in Belfast , Northern Ireland ( known as Short Brothers ) ; Casablanca , Morocco ; and Dallas , United States . " We are excited to finalize this strategic and transformational acquisition " , said Spirit AeroSystems President and CEO Tom Gentile . " The acquired sites bring expertise in engineering , innovation and advanced composites , and also aligns with our strategic priorities . With the addition of these sites , Spirit acquires the entire work package for the A220 wing manufacturing processes and technology , which are critical for the future of next - generation aircraft , and doubles our global world - class aftermarket services business " . The acquired Bombardier operations employ approximately 3,300 people at three sites comprising approximately 3.4 million square feet . The backlog of work includes long - term contracts on the Airbus A220 and Bombardier business jets , along with world - class aftermarket services at two of the acquired sites . At closing , Spirit / Spirit UK paid $ 275 million to Bombardier , and acquired certain liabilities as previously disclosed including the Short Brothers plc pension scheme and financial payment obligations under a repayable investment agreement between Short Brothers and the United Kingdom 's Department for Business , Energy and Industrial Strategy . On the first anniversary of closing , Spirit will make a special contribution of £ 100 million ( approximately $ 130 million ) to the Shorts pension scheme . The total enterprise valuation of the acquisition is $ 865 million . Contact information : Media : Molly Edwards , ( 316 ) 523 - 2479 , molly.edwards@spiritaero.com Investor Relations : ( 316 ) 523 - 7040 Aaron Hunt , aaron.w.hunt@spiritaero.com Ryan Avey , ryan.d.avey@spiritaero.com On the web : www.spiritaero.com 1 About Spirit AeroSystems Spirit AeroSystems designs and builds aero structures for both commercial and defense customers , focusing on affordable , innovative composite and aluminum manufacturing solutions to support customers around the globe . With headquarters in Wichita , Kansas , Spirit operates sites in the U . S . , U . K . , Malaysia and Morocco . The company 's core products include fuselages , pylons , nacelles and wing components for the world 's premier aircraft . More information is available at www.spiritaero.com # # # 2