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.”




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