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.


 
 

 

Northrop, Navy celebrate legacy of EA-6B Prowler

Northrop Grumman photograph by Edgar Mills The U.S. Navy’s last operational EA-6B Prowler, designed and built by Northrop Grumman, lifts off from Naval Air Station Whidbey Island, Wash. in a ceremonial fly-away June 27 from its long time operational base. The Navy is retiring the Prowler after nearly 45 years of service.   The U.S....
 
 

Lockheed signs agreements for two full-flight simulators

Lockheed Martin Commercial Flight Training and Airbus have signed a frame contract enabling Airbus to expedite procurement of flight simulation devices for their customers, Airbus training centers and their affiliates worldwide. The frame contract emphasizes the shared intent to partner on future training programs, and combines Airbus’ and Lockheed Martin Commercial Flight Training’s expert...
 
 

Drone Aviation receives order for U.S. Army aerostat system enhancement

Drone Aviation Holding Corp., a developer of specialized lighter-than-air aerostats and tethered drones, announced June 24 that its wholly owned subsidiary, Drone Aviation Corp., has been awarded an order from U.S. Government prime contractor BAE Systems for parts and services related to enhancing and supporting two WASP aerostat systems owned and operated by the U.S....
 

 

Boeing names Muilenburg as chief executive officer

The Boeing board of directors has elected Dennis A. Muilenburg the company’s 10th chief executive, succeeding W. James (Jim) McNerney, Jr., who held the position for the past 10 years. Muilenburg, who has served as Boeing president and chief operating officer since 2013, becomes president and CEO July 1. McNerney, who joined Boeing’s board of...
 
 
boeing-thailand

Boeing, Thai Airways International celebrate 25th direct 777 delivery

  Boeing and Thai Airways International Public Company Limited celebrated the Thailand flag carrier’s 25th direct 777 delivery, a 777-300ER (Extended Range), from the Boeing delivery center in Everett, Wash.  “...
 
 

General Dynamics receives $219 million for U.S. Army’s WIN-T increment 2 systems

General Dynamics received the first full rate production order from the U.S. Army to build additional Warfighter Information Network – Tactical (WIN-T) Increment 2 systems.  The $219 million order includes the production of more than 300 vehicle-based network communication nodes along with related equipment and materials. WIN-T Increment 2 is the Army’s communications backbone providin...
 




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=""> <s> <strike> <strong>