Spirit AeroSystems Announces Continued Negotiations with the International Association of Machinists

jayfer2 0 Comments June 23, 2023

WICHITA, Kan., June 23, 2023 /PRNewswire/ — Spirit AeroSystems, Inc. announced today that it will meet with the International Association of Machinists and Aerospace Workers on Saturday, June 24, to continue negotiations for a new collective bargaining agreement.

In a vote on Wednesday, June 21, Spirit workers in Wichita, represented by the IAM Local Lodge 839, rejected a contract proposal that had been agreed by both sides’ bargaining committees, which included significant wage increases, a $7,500 ratification bonus, and enhancements to paid time off and job security. The IAM local members also voted to authorize a strike.

“We are disappointed by the outcome of the IAM vote on Wednesday. Since then, however, we have continued to engage with IAM representatives and have agreed to meet on Saturday morning with the IAM bargaining committee and other IAM representatives with the assistance of a mediator from the Federal Mediation and Conciliation Service,” said Tom Gentile, President & CEO of Spirit AeroSystems. “As has been our focus throughout these negotiations, we want to provide our IAM-represented employees a fair-and-competitive contract. We are committed to reaching an agreement with Local 839 as quickly as possible for our employees.”

Gentile noted the increasing demand for aircraft production as air travel returns to pre-pandemic levels and stressed that it is important to employees, the company and other stakeholders to continue supporting Spirit customers.

Following Wednesday’s vote, Spirit suspended production in Wichita. As Spirit continues to pursue an agreement, the company expects Wichita production operations to remain suspended until that agreement is reached.

“I am proud of our Spirit employees. They are part of a bright future for this company, and I look forward to building that future together,” Gentile said.

Spirit AeroSystems, Inc. (“Spirit”), is a subsidiary of Spirit AeroSystems Holdings, Inc. [NYSE: SPR] (“Spirit AeroSystems”).

About Spirit AeroSystems Inc.

Spirit AeroSystems is one of the world’s largest manufacturers of aerostructures for commercial airplanes, defense platforms, and business/regional jets. With expertise in aluminum and advanced composite manufacturing solutions, the company’s core products include fuselages, integrated wings and wing components, pylons, and nacelles. We are leveraging decades of design and manufacturing expertise to be the most innovative and reliable supplier of military aerostructures, and specialty high-temperature materials, enabling warfighters to execute complex, critical missions. Spirit also serves the aftermarket for commercial and business/regional jets. Headquartered in Wichita, Kansas, Spirit has facilities in the U.S., U.K., France, Malaysia and Morocco. More information is available at www.spiritaero.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” that may involve many risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “goal,” “forecast,” “intend,” “may,” “might,” “objective,” “outlook,” “plan,” “predict,” “project,” “should,” “target,” “will,” “would,” and other similar words, or phrases, or the negative thereof, unless the context requires otherwise. These statements reflect management’s current views with respect to future events and are subject to risks and uncertainties, both known and unknown. Our actual results may vary materially from those anticipated in forward-looking statements. We caution investors not to place undue reliance on any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in such forward-looking statements and that should be considered in evaluating our outlook include, without limitation, the impact of the COVID-19 pandemic on our business and operations; the timing and conditions surrounding the full worldwide return to service (including receiving the remaining regulatory approvals) of the B737 MAX, future demand for the aircraft, and any residual impacts of the B737 MAX grounding on production rates for the aircraft; our reliance on Boeing for a significant portion of our revenues; our ability to execute our growth strategy, including our ability to complete and integrate acquisitions; our ability to accurately estimate and manage performance, cost, and revenue under our contracts; demand for our products and services and the effect of economic or geopolitical conditions in the industries and markets in which we operate in the U.S. and globally; our ability to manage our liquidity, borrow additional funds or refinance debt; and other factors disclosed in our filings with the Securities and Exchange Commission. These factors are not exhaustive and it is not possible for us to predict all factors that could cause actual results to differ materially from those reflected in our forward-looking statements. These factors speak only as of the date hereof, and new factors may emerge or changes to the foregoing factors may occur that could impact our business. Except to the extent required by law, we undertake no obligation to, and expressly disclaim any obligation to, publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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