Business

November 4, 2013

Spirit AeroSystems, Progresstech announce intent to sell joint venture

Spirit AeroSystems International Holdings, Inc., a wholly-owned subsidiary of Spirit AeroSystems, Inc., and the Progresstech Group of Companies of Moscow, Russian Federation, announced Oct. 31 that they intend to conclude their joint venture that began in 2007.

Spirit intends to sell its 50 percent interest in Spirit-Progresstech, LLC to a member company of Progresstech.

Spirit’s decision to sell its share in the joint venture is part of the previously-announced strategic review intended to better align resources across the company to meet customer demands. The intent to sell allows Progresstech opportunities to expand its work statement in North America while continuing current engineering support to Spirit.

“Both of our companies have benefited from the joint venture that began in 2007,” said David Walker, Spirit senior vice president/chief technology officer & business development. “We value the talent and services provided to us by Spirit-Progresstech, and we are pleased this announcement supports our companies’ priorities now and into the future.”

“Acquiring Spirit’s half of the joint venture is a move aligned with our assets consolidation initiative that will strengthen Progresstech’s global footprint and positioning as a leading engineering service provider within the aerospace industry,” said Vladimir Kulchitsky, Progresstech president. “As a result of our successful relationship with Spirit, Progresstech is now taking steps to advance its international expansion strategy.”




All of this week's top headlines to your email every Friday.


 
 

 
NG-people2

Northrop Grumman names VP, mission assurance for Electronic Systems sector

Northrop Grumman has appointed Sonal B. Deshpande vice president of mission assurance for the company’s Linthicum-based Electronic Systems sector. In this position, Deshpande is responsible for mission assurance across th...
 
 
sikorsky-raider

Sikorsky S-97 Raider helicopter achieves successful first flight

Sikorsky Aircraft Corp., a United Technologies Corp. subsidiary, announced May 22 the successful first flight of the S-97 Raider™ helicopter, a rigid coaxial rotor prototype designed to demonstrate a game-changing combination...
 
 
NG-people

Northrop Grumman appoints VP, program manager ISR division

Northrop Grumman announced it has appointed Steve Lunny, vice president and program manager for the intelligence, surveillance and reconnaissance division within the company’s Information Systems sector. Lunny will report...
 

 

HELLADS laser completes development

General Atomics Aeronautical Systems, Inc. announced May 21 that the High-Energy Liquid Laser completed the U.S. government acceptance test procedure and is now being shipped to the White Sands Missile Range, N.M. At WSMR, the laser will undergo an extensive series of live fire tests against a number of military targets.  GAASI is a leading...
 
 
boeing-transaero

Boeing delivers Transaero’s first Next-Generation 737-800

Boeing May 22 delivered Transaero’s first Next-Generation 737-800. The airplane, sporting a new livery, arrived at Moscow’s Domodedovo Airport. Boeing May 22 delivered Transaero’s first Next-Generation 737-800. The airpla...
 
 
Boeing photograph

Boeing-upgraded French AWACS take flight

Boeing photograph A French AWACS aircraft patrols the skies as part of a routine mission. The French AWACS fleet is in the midst of the Mid-Life Upgrade that modernizes the capabilities on board. Initial operating capability of...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>