Spirit AeroSystems Holdings, Inc. SPR recently signed a Memorandum of Understanding (MOU) with Malaysia Airlines Berhad (“MAB”) at MRO Asia-Pacific in Singapore. Per the agreement, Spirit AeroSystems will develop the maintenance, repair and overhaul (MRO) services for Boeing’s 737 Next Generation Aircraft.Details of the AgreementAs part of the agreement, Spirit AeroSystems and MAB will jointly offer repair services for nacelle and flight control surfaces in a bid to support Boeing’s 737 fleet. The service’s platform, which is expected to begin operations before the end of 2022, will also serve the fleet of other airlines.Benefits of the AgreementThe recent agreement with MAB is a step forward in SPR’s Long-Term Business Plan 2.0 of becoming Asia’s leading travel and aviation services. MAB’s expertise in MRO services would offer the company an opportunity to strengthen its capabilities in the realm of MRO services and accelerate its growth trajectory.SPR’s continuous effort to grow in the aftermarket business segment can also be gauged by its recently made acquisitions in a bid to strategically expand operations in the aftermarket services.To this end, it is imperative to mention that Spirit AeroSystems acquired Bombardier maintenance, repair and overhaul operations in Belfast and Casablanca in 2021, along with assets from Applied Aerodynamics in Dallas. Both acquisitions assisted in significantly boosting SPR’s presence in the aftermarket services. Notably, Spirit’s Aftermarket business revenues surged 19% year over year to $239.9 million in 2021, primarily driven by the inclusion of a full year of MRO activity from the Belfast, Northern Ireland, and Dallas, TX, sites.Going forward, the company aspires to achieve $500 million in aftermarket service revenues by 2025. The latest MOU signed by the company should assist in duly achieving its aftermarket service revenue target.Looking AheadOwing to the expanding size of the global aviation sector coupled with rising demand for air travel, the demand for airlines will continue to fortify. This, in turn, is expected to propel the demand for MRO services in aircraft to ensure proper maintenance and operations of the aircraft.Per the Grand View Research report, the global aircraft MRO market is likely witness a CAGR of 4.6% over the 2022-2030 period. In such growth prospects, SPR is well-poised to expand its footprint in the MRO services market. Other companies that have carved a position in the MRO service market and should benefit from the expanding market size are:AAR CorpAIR: The company is the largest independent MRO provider in North America, serving a global customer base. AIR provides major maintenance inspections, modifications, upgrades, refurbishments and painting for a diverse range of aircraft OEM platforms.The Zacks Consensus Estimate for AAR Corp’s 2022 sales suggests a growth rate of 5.1% from the year-ago reported figure. The Zacks Consensus Estimate for AAR Corp’s 2022 earnings implies a growth rate of 24.4% from the prior-year reported figure.Curtiss WrightCW: The company delivers customized component repair solutions, modification programs and heavy maintenance support for commercial and military aircraft critical components. Curtiss-Wright maintains FAA, EASA, CAAC, DGAC and CAAT repair station certifications and perform the highest quality repairs.The Zacks Consensus Estimate for Curtiss Wright’s 2022 sales suggests a growth rate of 3.9% from the prior-year reported figure. The Zacks Consensus Estimate for CW’s 2022 earnings has been revised upward by 0.5% in the last 60 days.AerSale ASLE: The company is a leading provider of specialized aircraft MRO services from its aircraft heavy maintenance and modification centers. ASLE specializes in aircraft heavy checks, airframe structural modifications, passenger-to-freighter conversions, and firefighter tanker modifications.The Zacks Consensus Estimate for AerSale’s 2022 sales suggests growth of 28.7% from the year-ago reported figure. The Zacks Consensus Estimate for ASLE 2022 earnings has been revised upward by 40.7% in the last 60 days.Price MovementIn the past year, shares of Spirit AeroSystems have lost 46.9% compared with the industry’s 9.9% decline.Image Source: Zacks Investment ResearchZacks RankSpirit AeroSystems currently carries a Zacks Rank #5 (Strong Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Just Released: Zacks Unveils the Top 5 EV Stocks for 2022 For several months now, electric vehicles have been disrupting the $82 billion automotive industry. And that disruption is only getting bigger thanks to sky-high gas prices. Even titans in the financial industry including George Soros, Jeff Bezos, and Ray Dalio have invested in this unstoppable wave. You don't want to be sitting on your hands while EV stocks break out and climb to new highs. In a new free report, Zacks is revealing the top 5 EV stocks for investors. Next year, don't look back on today wishing you had taken advantage of this opportunity.>>Send me my free report revealing the top 5 EV stocksWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AAR Corp. (AIR): Free Stock Analysis Report Spirit Aerosystems Holdings, Inc. (SPR): Free Stock Analysis Report CurtissWright Corporation (CW): Free Stock Analysis Report AerSale Corporation (ASLE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research