Spirit AeroSystems Holdings, Inc. (NYSE:SPR)
Spirit AeroSystems is a large aircraft parts designer and manufacturer of airplane structures. Spun out from Boeing (NYSE:BA) in 2005, Spirit is the largest independent supplier of aerostructures to Boeing and through the acquisition of BAE Aerostructures in 2006, a key supplier to Airbus.
The company operates in three segments: Fuselage systems (48% of 2013 total revenues), propulsion systems (26%), and wing systems (26%). The firm operates in a highly competitive industry, with relatively little pricing power, but an environment that benefits from high switching costs. According to filings, Spirit generates 95% of its revenue from products where it is the sole-source provider, creating a competitive advantage with little...
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