November 1, 2013
Spirit AeroSystems and Progresstech intent to sell Joint Venture
Spirit AeroSystems International Holdings (a wholly-owned subsidiary of Spirit AeroSystems) and the Progresstech Group of Companies of Moscow, Russian Federation, announced that they intend to conclude their joint venture that began in 2007. Spirit intends to sell its 50% interest in Spirit-Progresstech to a member company of Progresstech. 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. PROGRESSTECH Group of Companies, with headquarters in Moscow, Russian Federation, is a 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.