Spirit AeroSystems Holdings, Inc. (NYSE:SPR)

Spirit AeroSystems Holdings, Inc. is an independent non-aircraft original equipment manufacturer parts designer and manufacturer of commercial aerostructures, as well as an independent supplier to both Boeing and Airbus.

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Spirit AeroSystems Holdings, Inc. or Spirit Holding was formed in February 2005 as a holding company for Spirit its subsidiary Spirit AeroSystems, Inc. The Company is an independent non-aircraft original equipment manufacturer or OEM parts designer and manufacturer of commercial aerostructures, as well as an independent supplier to both Boeing and Airbus. Spirit Holding operates in three main segments: Fuselage Systems, Propulsion Systems and Wing Systems. Essentially all revenues in the three main segments are with Boeing, with the exception of Wing Systems, which includes revenues from Airbus and other customers. The Company's main profitability measure to review a segment's operating performance is segment operating income before unallocated corporate selling, general and administrative expenses and unallocated research and development. The Fuselage Systems segment includes development, production and marketing of forward, mid and rear fuselage sections and systems, mainly to aircraft OEMs, as well as related spares and MRO services. The Propulsion Systems segment includes development, production and marketing of struts/pylons, nacelles and related engine structural components mainly to aircraft or engine OEMs, as well as related spares and MRO services. The Wing Systems segment includes development, production and marketing of wings and wing components as well as other miscellaneous structural parts mainly to aircraft OEMs, as well as related spares and MRO services. These activities take place at the Company's facilities in Tulsa and McAlester, Oklahoma and Prestwick, Scotland. Spirit Holding mainly design, engineer and manufacture commercial aircraft structures such as fuselages, nacelles, struts/pylons, wings and wing assemblies and flight control surfaces. The Company's structural components, in particular the forward fuselage and nacelles, are among the most complex and highly engineered structural components and represent a percentage of the costs of each aircraft. Spirit Holding is currently the sole-source supplier of 96% of the products it sells to Boeing and Airbus, as measured by dollar value of products sold. The Company typically sells a package of aerostructure components, referred to as a ship set, to its customers. Spirit Holding has established a sales and marketing infrastructure to support its efforts to reach new customers expand its business with existing customers and win new business in three sectors of the aerostructures industry: large commercial airplanes, business and regional jets and military/helicopter. The Company's sales and marketing teams are organized by focus areas: a marketing team that performs research and analysis on market trends, sector strategies, customers and competitors and a sales team led by sales directors assigned to establish and maintain relationships with each key customer. Spirit Holding's main customers are aircraft OEMs. Boeing and Airbus are its two customers. The Company's main competitors among OEMs might include Airbus, Boeing, Dassault Aviation, Embraer Brazilian Aviation Co., Gulfstream Aerospace Co., Lockheed Martin Corp., Northrop Grumman Corporation, Hawker Beechcraft Company and Textron Inc. Spirit Holding's operations and facilities are subject to various environmental laws and regulations governing, among other matters, the emission, discharge, handling and disposal of hazardous materials, the investigation and remediation of contaminated sites and permits required in connection with its operations.