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Spirit AeroSystems, Progresstech to sell Russia JV

Kansas USA-based aerostructures manufacturer Spirit AeroSystems International Holdings,Inc and the Progresstech Group of Companies of Moscow said that they intend to conclude their joint venture that began in 2007.

Spirit intends to sell its 50% interest in Spirit-Progresstech, LLC to a member company of Progresstech.

The US aerostructures firm said its 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.

Progresstech said the sale allows it opportunities to expand its work statement in North America while continuing current engineering support to Spirit.

Spirit AeroSystems Holdings, Inc (NYSE: SPR) is a non-OEM designer and manufacturer of aerostructures for commercial aircraft. Progresstech provides 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.

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