SPIRIT AEROSYSTEMS TO BUY BAE SYSTEMS AEROSTRUCTURES.

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WICHITA, Kan., Jan. 31 /PRNewswire-AsiaNet/ --

Spirit AeroSystems, Inc. today announced that it has signed an agreement with BAE Systems to acquire the Aerostructures business unit of BAE Systems, which has operations in Prestwick, Scotland and in Samlesbury, England. Spirit is paying 80 million pounds Sterling ($142 million at current exchange rates) and assuming certain liabilities of the business.

"Spirit sees this as an opportunity to diversify our revenue base and accelerate our growth as a world leader in aerostructures and systems manufacturing," said Executive Vice President and Chief Operating Officer Ron Brunton in a statement to employees.

The Aerostructures unit, which will be known as Spirit AeroSystems (Europe) Limited, produces structural components, chiefly on wings, similar to that in Spirit's business unit in Tulsa, Oklahoma, but on different airplane programs. More than 80 percent of BAE Systems Aerostructures' revenue is earned on Airbus airplanes, including the A320 family, the A330 and the A340. The remainder is from the Boeing 767 and 777, and from the Raytheon Hawker 800XP.

BAE Systems Aerostructures employs over 800 people in the United Kingdom, and has a history dating back to the early days of large scale airplane production in Scotland in the 1930s. BAE Systems Aerostructures had revenue of approximately $367 million in 2005.

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