Spirit AeroSystems and Progresstech Enter Into Joint Venture

WICHITA, Kan., Nov. 15 /Xinhua-PRNewswire/ -- Spirit AeroSystems Holdings, Inc. (NYSE: SPR) and Progresstech LTD of Moscow, Russia, today announced they have signed an agreement to enter a joint venture. The new company will be known as Spirit-Progresstech LLC. Initial work to be performed is engineering consulting services. The Spirit-Progresstech LLC Branch Office will be located in Moscow.

"Our partnership is mutually beneficial to both companies, in growing our business and supporting our customers around the world," said Spirit President and CEO Jeff Turner. "For Spirit, it will bring access to engineering talent and developing technologies."

"We are excited about the prospects that this venture opens up for our company," said Progresstech Chairman of the Board Vladimir Kulchitsky. "Spirit AeroSystems has worked with Progresstech for several years and this joint venture is a continuation of that teamwork and success. We will be able to expand global presence and realize new opportunities."

Spirit AeroSystems is the world's largest independent supplier of structures for commercial aircraft. Spirit designs and builds commercial aircraft components and assemblies, and designs and builds aircraft production tooling. In addition, the company does work in military and general aviation.

Progresstech Group of Companies was founded on Jan. 3, 1991, and has grown from a small firm specializing in engineering services, research studies, and airfield construction into an up-to-date multi-profile company. JV partner Progresstech LTD, a member of Progresstech Group of Companies, is one of the largest engineering services suppliers in Eastern Europe.

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Source: Spirit AeroSystems Holdings, Inc.
Keywords: Airlines/Aviation