Spirit AeroSystems (NYSE: SPR) announced a divestiture today from Haeco Spirit AeroSystems (JinJiang) Co. Ltd, a joint venture in China between majority shareholders Spirit AeroSystems Global Customer Support & Services and The Haeco Group.
The joint venture specializes in composite components maintenance, repair and overhaul (MRO). Spirit shares will be acquired by The Haeco Group and the company will be renamed to Haeco Composite Structures (JinJiang) Co. Ltd, with The Haeco Group as a majority shareholder.
While the joint venture has been beneficial to both parties for almost a decade, Spirit's MRO strategies for the future dictate that the company divests from the joint venture and the companies operate independently.
Spirit's repair capabilities for a wide range of commercial aerostructures will not change. Spirit provides a variety of high-quality rotable components and repair solutions, including nacelle and fuselage components, flight control surfaces, composite structures, repair kits and more.