Spirit AeroSystems and HAECO Announce Maintenance Joint Venture

WICHITA, Kan., April 25 /PRNewswire-FirstCall/ -- Spirit AeroSystems (NYSE: SPR) announced its participation in a joint venture partnership between several major aviation companies to develop and implement a state-of-the-art composite and metal bond component repair station in the Asia-Pacific region.

Spirit will partner with Hong Kong Aircraft Engineering Company Limited (HAECO), and its subsidiary, TAECO, along with Oklahoma-based First Wave MRO, Inc. to establish a regional service center located near TAECO's facility in Xiamen, China. Called Taikoo Spirit AeroSystems Composite Co., the service center will provide convenient, world-class repair services for airlines and aircraft operators across the Asia-Pacific region. Construction of the new facility is underway with completion and startup anticipated in mid-2009.

Also joining the new venture will be Cathay Pacific Airways and China Airlines, two of the region's leading air carriers. The two companies will bring their fleet component repair and overhaul business and logistical support to the joint venture.

"This is an exciting opportunity for Spirit," stated Carolyn Harms, Spirit's Vice President and General Manager of Aftermarket Customer Support. "This partnership is another step towards the execution of Spirit's aftermarket growth strategy and our focus on long-term value creation."

Spirit AeroSystems manufactures the nacelle and thrust reversers for many of the aircraft models operating in the Asia-Pacific region. Spirit also operates a repair center in Wichita, Kan., and has announced the upcoming expansion of its repair operations in Prestwick, Scotland. In addition to original production manufacturing expertise, Spirit brings significant spare parts and rotable inventory, technical and field support expertise, factory repair capabilities and supply chain support.

About Spirit AeroSystems Inc.

Based in Wichita, Kan., Spirit AeroSystems is the world's largest independent supplier of large component parts and assemblies for commercial aircraft. The company does work in military and general aviation, as well as aftermarket customer support. In addition to its Kansas facility, Spirit has operations in Tulsa and McAlester, Okla., Prestwick, Scotland, and Samlesbury, England.

On the web: http://www.spiritaero.com

SOURCE Spirit AeroSystems