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Spirit AeroSystems (SPR) & Albany to Co-Design Hypersonic Systems

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Spirit AeroSystems Holdings, Inc.’s (SPR - Free Report) subsidiaries, collectively called Spirit, and Albany Engineered Composites, a subsidiary of Albany International Corp. (AIN - Free Report) , have entered a technical collaboration agreement to deliver a suite of differentiated technical and industrialized solutions to rapidly support hypersonic program developments. Spirit includes Spirit AeroSystems and Fiber Materials subsidiaries.

How Will This Collaboration Benefit Spirit?

The strategic collaboration with Albany Engineered Composites will enable Spirit to design, develop and manufacture a wide range of scalable, highly adaptable and affordable thermal protection system solutions for hypersonic missions. This will be possible due to Spirit’s ultra-high temperature composites and structure capabilities combined with Albany Engineered Composites’ experience of producing high volumes of 3D woven, near-net-shape composites.

Furthermore, the collaboration will benefit Spirit by leveraging its proprietary technologies and state-of-the-art manufacturing processes to develop superior hypersonic thermal protection systems. Moreover, it will increase production output, lower costs, reduce risks associated with accelerating program timelines and production scale-up to effectively meet industry demands.

Future Growth Prospects

In recent times, the global hypersonic technology market is gaining widespread importance led by the increasing demand for hypersonic weapons, growing global defense spending, and rising terrorism and other conflicts. Notably, the global hypersonic technology market is expected to grow and reach $12.92 billion during the 2021-2031 period, at a CAGR of 8.45%, as estimated by a Research and Markets report.

Other major players in the same industry, including Aerojet Rocketdyne Holdings Inc. (AJRD - Free Report) and Raytheon Technologies (RTX - Free Report) , should also potentially benefit from the projected growth of the hypersonic technology market.

Price Performance & Zacks Rank

Shares of Spirit AeroSystems have gained 103.7% in a year compared with the industry’s growth of 41.7%.

Zacks Investment ResearchImage Source: Zacks Investment Research

It currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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