Spirit AeroSystems To Suspend Factory Operations; Stock Down 9%

(RTTNews) - Aerostructure manufacturer Spirit AeroSystems Holdings, Inc. (SPR) announced on Thursday that it will suspend factory operations prior to contract expiry.

Employees of the company represented by the International Association of Machinists and Aerospace Workers or IAM, rejected a four-year contract and decided to strike.

Starting from the first shift on June 22, employees represented by IAM are not to report for work, but they will receive pay for their regular scheduled hours.

All employees not represented by the IAM should report to work as usual. The company said scheduled overtime is cancelled.

In premarket activity, shares of Spirit are trading at $27.01, down 9% or $2.67 on the New York Stock Exchange.