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Wednesday, June 11, 2014

Engineers' union asks Spirit Aerosystems about fabrication unit sale, (NYSE: SPR)

The union representing engineers at Spirit Aerosystems Holdings, one of Boeing Co's biggest suppliers, said on Wednesday it has asked Spirit about the rumored sale of its fabrication business to GKN Aerospace, prompted by information supplied by its membershipThe union said it has also asked Spirit whether Boeing is purchasing assembly work done by Spirit for Boeing's aircraft programs, and that all non-Boeing assembly work was being bought by Spirit's former CEO and at least one other partner.In a letter to Spirit on Wednesday requesting the information, SPEEA cited U.S. labor law, noting information about a business sale or safety issues involving security provisions "are relevant ... and must be provided to us."Last August, Spirit said it planned to sell its operations in Oklahoma as it tried to cut costs and reverse financial losses caused by cost overruns. The operations in Oklahoma caused much of the cost overruns, analysts have said.

Spirit AeroSystems Holdings, Inc. (Holdings) is an independent non- original equipment manufacturer (OEM) aircraft parts designers and manufacturers of commercial aerostructures. Shares of SPR fell by 1.19% or $-0.4/share to $33.27. In the past year, the shares have traded as low as $20.55 and as high as $35.89. On average, 1344550 shares of SPR exchange hands on a given day and today's volume is recorded at 1086126.