Spirit AeroSystems Announces Salaried and Management Workforce Reductions

Aug 29, 2013, 17:00 ET from Spirit AeroSystems, Inc.

WICHITA, Kan., Aug. 29, 2013 /PRNewswire/ -- Spirit AeroSystems, Inc. (NYSE: SPR) today announced additional workforce reductions in Wichita, Kan., to begin next month. The actions are the result of an ongoing workforce assessment designed to balance the workforce, reduce overhead costs, increase efficiency and drive improved performance. Reductions will be accomplished through a voluntary retirement program, a voluntary layoff program, and following the voluntary exercise, a layoff of management and salaried employees.

(Logo: http://photos.prnewswire.com/prnh/20130515/CG13652LOGO) Today's announcement represents continued strategic moves by the company to become more competitive in a cost-sensitive environment. Final numbers of employees impacted have not yet been determined. Details will be shared directly with eligible and included employees in the coming weeks. The company will offer a lump sum severance payment and career transition services to employees who are laid off, and a lump sum severance payment and healthcare bridging option to employees who are eligible for the voluntary retirement program.

Spirit remains a strong company with a robust backlog of approximately $38 billion.

On the web: www.spiritaero.com On Twitter: @SpiritAero

About Spirit AeroSystems, Inc. Spirit AeroSystems, 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. In the U.S., Spirit's products include fuselages, pylons, nacelles and wing components. Additionally, Spirit provides aftermarket customer support services, including spare parts, maintenance/repair/overhaul, and fleet support services in North America, Europe and Asia. Spirit Europe produces wing components for a host of customers, including Airbus.

Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements concerning future business operations. Forward-looking statements reflect our current expectations or forecasts of future events. We caution investors not to place undue reliance on any forward-looking statements. Actual results or circumstances may vary materially from those indicated or implied in this press release as a result of certain risks and uncertainties, including our ability to attain the anticipated cost reductions and efficiencies from the announced workforce reduction, as well as other risks and uncertainties, including but not limited to those detailed in Spirit AeroSystems Holdings, Inc. Securities and Exchange Commission filings.

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