Spirit AeroSystems & Progresstech conclude JV

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."

About Spirit AeroSystems, Inc.

Spirit AeroSystems, Inc., with headquarters in Wichita, Kan., USA, is one of the world's largest non-OEM designers and manufacturers of aerostructures for commercial aircraft. In addition to its Wichita and Chanute facilities in Kansas, Spirit has locations in Tulsa and McAlester, Okla.; Kinston, N.C.; Nashville, Tenn.; Prestwick, Scotland; Preston, England; Subang, Malaysia; and Saint-Nazaire, France.

About Progresstech Group of Companies

PROGRESSTECH Group of Companies, with headquarters in Moscow, Russian Federation, is the leading Eastern European company providing intellectual services to aerospace and aviation transport industries, including engineering services for aerospace, airports and infrastructures design, research studies, certification & consulting in the airport technology area, business consulting. Progresstech engineering team consists of highly experienced professionals from various cities of Russia, Commonwealth of Independent States (CIS), European countries, and USA.

Spirit AeroSystems