Spirit AeroSystems, Inc. and Fiber Materials, Inc. (collectively Spirit), subsidiaries of Spirit AeroSystems Holdings, Inc. (NYSE: SPR), and Albany Engineered Composites, a subsidiary of Albany International Corp. (NYSE: AIN), have formally entered a technical collaboration agreement to capitalize on the their unique capabilities to deliver a suite of differentiated technical and industrialized solutions to more rapidly support hypersonic program developments.
The combination of Spirit’s ultra-high temperature composites and structures capabilities, along with Albany Engineered Composites’ experience of producing high volumes of 3D woven, near-net shape composites, creates an unmatched expertise and capacity to design, develop, and manufacture a wide range of scalable, highly adaptable, and affordable Thermal Protection Systems solutions for hypersonic missions.
“The biggest challenge facing the Department of Defense and primes in hypersonic programs is the need for scalable and affordable thermal protection systems that can be tailored to each mission and optimized for performance,” said Mark Miklos, Vice President, Hypersonic Solutions at Spirit. “This collaboration enables elegant technical solutions while reducing the risk in accelerating program timelines and scaling to production.”
"By working together and leveraging our proprietary technologies and state-of-the-art manufacturing processes, Spirit and Albany Engineered Composites are expected to achieve superior hypersonic design solutions not possible before this collaboration launched," said Greg Harwell, President of Albany Engineered Composites. "These synergies should assist with eliminating a serious market constraint and will deliver better results.”
The collaboration brings together years of unique and complimentary skillsets, lowering the risks of manufacturing hypersonic capable large acreage and aeroshell configurations. Combining Albany Engineered Composites’ 3D woven near-net-shaped composites technology with Spirit’s densification processes, should exceed hypersonic design requirements, increase production output, reduce waste, and lower cost. This collaboration also improves response time to challenging developmental timelines to meet industry demands.
About Spirit AeroSystems
Spirit AeroSystems is one of the world's largest manufacturers of aerostructures for commercial airplanes, defense platforms, and business/regional jets. With expertise in aluminum and advanced composite manufacturing solutions, the company's core products include fuselages, integrated wings and wing components, pylons, and nacelles. We are leveraging decades of design and manufacturing expertise to be the most innovative and reliable supplier of military aerostructures, and specialty high-temperature materials, enabling warfighters to execute complex, critical missions. Spirit also serves the aftermarket for commercial and business/regional jets. Headquartered in Wichita, Kansas, Spirit has facilities in the U.S., U.K., France, Malaysia and Morocco. More information is available at www.spiritaero.com.
About Albany International Corp.
Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world’s leading producer of fabrics and process felts used in the manufacture of all grades of paper products. Albany Engineered Composites is a rapidly growing designer and manufacturer of advanced materials-based engineered components for jet engine and airframe applications, supporting both commercial and military platforms. Albany International is headquartered in Rochester, New Hampshire, operates 23 plants in 11 countries, employs approximately 4,000 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.
Spirit AeroSystems Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" that may involve many risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "aim," "anticipate," "believe," "could," "continue," "estimate," "expect," "goal," "forecast," "intend," "may," "might," "objective," "outlook," "plan," "predict," "project," "should," "target," "will," "would," and other similar words, or phrases, or the negative thereof, unless the context requires otherwise. These statements reflect management's current views with respect to future events and are subject to risks and uncertainties, both known and unknown. Our actual results may vary materially from those anticipated in forward-looking statements. We caution investors not to place undue reliance on any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in such forward-looking statements and that should be considered in evaluating our outlook include, without limitation, the impact of the COVID-19 pandemic on our business and operations; the timing and conditions surrounding the full worldwide return to service (including receiving the remaining regulatory approvals) of the B737 MAX, future demand for the aircraft, and any residual impacts of the B737 MAX grounding on production rates for the aircraft; our reliance on Boeing for a significant portion of our revenues; our ability to execute our growth strategy, including our ability to complete and integrate acquisitions; our ability to accurately estimate and manage performance, cost, and revenue under our contracts; demand for our products and services and the effect of economic or geopolitical conditions in the industries and markets in which we operate in the U.S. and globally; our ability to manage our liquidity, borrow additional funds or refinance debt; and other factors disclosed in our filings with the Securities and Exchange Commission. These factors are not exhaustive and it is not possible for us to predict all factors that could cause actual results to differ materially from those reflected in our forward-looking statements. These factors speak only as of the date hereof, and new factors may emerge or changes to the foregoing factors may occur that could impact our business. Except to the extent required by law, we undertake no obligation to, and expressly disclaim any obligation to, publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Kate Whitney, (207) 387-3450
Marketing Communications Manager