Thursday, June 06, 2013
AviTrader Daily Aviation News Alert
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February 20, 2015 · 541 Views
The bitter dispute between US- and Gulf-based airlines has reached a new level after Emirates flatly rejected an open apology made concerning what was seen as incredibly tactless and insensitive remarks made by Delta’s Chief Executive, Richard Anderson. The unfortunate incident relates back to comments made by a group of American airlines that a number of the larger Gulf carriers had benefited from state subsidies amounting to a figure in excess of US$40bn. As a consequence the American airlines either wanted to renegotiate or scrap the current Open Skies agreement.
Offended by such claims, the Gulf carriers retaliated by questioning whether or not US airlines had received government subsidies totaling US$5bn in the wake of 9/11. Unfortunately Delta’s Anderson, responding to this claim on CNN, said: “It’s a great irony to have the United Arab Emirates from the Arabian Peninsula talk about that, given the fact that our industry was really shocked by the terrorism of 9/11, which came from terrorists from the Arabian Peninsula.” While the UAE and Qatar, two of the States’ allies who have offered either military or logistical support for international operations were particularly upset by these comments, Delta simply made it clear that Anderson had been responding to claims regarding post 9/11 subsidies. “He didn’t mean to suggest the Gulf carriers or their governments are linked to the 9/11 terrorists. We apologize if anyone was offended.”
Unfortunately the largest of the three main Gulf carriers did not see this as acceptable. “We believe that the statements made this week by Mr. Anderson were deliberately crafted and delivered for specific effect,” it confirmed in a statement. However US airlines continue to complain that they have lost significant numbers of bookings since 2008 as a result of Gulf competition and cited documents they indicate demonstrate aid which has allowed their competitors to offer cheap fares. In retaliation, Gulf officials say that most US carriers do not fly the same routes and are losing business only because they offer an inferior service.
This is not a dissimilar situation to the one between Gulf airlines and European carriers, including Lufthansa, and coincidentally has come at the same time as US airlines are trying to have US Exlm Bank closed down. They believe Gulf carriers are benefitting to a greater degree from the export credit agency. The tit-for-tat dialog continues with Western airlines showing concern for the safety of thousands of service industry jobs, a complaint to which Gulf carriers have responded by making it very clear they support at least as many jobs in the aerospace sector with their huge orders for aircraft.
February 20, 2015 · 639 Views
Snecma (Safran), a leading manufacturer of aircraft engines, and Hindustan Aeronautics (HAL), a leading aerospace manufacturer, signed a Memorandum of Understanding (MoU) on January 28th, 2015 in Bangalore to explore establishing a joint venture in India for the production of aero-engine parts. The proposed joint venture will initially focus on the manufacture of high-tech parts for the Dassault Rafale’s Snecma M88 engine, then subsequently contribute to other major aerospace projects of HAL & Snecma, in India and worldwide. Spanning over 30,000 m², the proposed joint venture’s new plant is expected to benefit from substantial investment by the two partners, providing it with state-of-the-art machinery and equipment. This agreement marks a major step forward in the long-standing collaboration between Snecma and HAL. The proposed joint venture will further broaden the scope of the excellent relations established over the past 60 years between Safran affiliates and the Indian aerospace industry. For example, Snecma manufactures the M53 engines powering the Mirage 2000H “Vajra” fighters operated by the Indian Air Force.
December 2, 2014 · 195 Views
On the 7th January 2013 a fire was reported on board a Boeing 787 Dreamliner while parked at Boston’s airport in the USA. The fire was put down to a problem with one of the plane’s lithium-ion batteries. A week later an All Nippon Airways 787 Dreamliner had to make an emergency landing after smoke was discovered inside the plane which was subsequently traced back to another lithium-ion battery. As a consequence of this incident, all 787 Dreamliners were grounded until April of that year until further acceptable testing and improvements were carried out to the battery system on board the plane. The battery itself was manufactured by GS Yuasa and comprised eight individual cells making up a combined weight of 63lbs.
Nearly two years later and the results of the investigation into the first incident have concluded that the lithium-ion battery installed in the plane should not have received certification by the FAA. The National Transport Safety Board (NTSB) were also critical of Boeing who they believed had erroneously ruled out the chances of thermal runaway in its assessment of the battery’s safety. Boeing’s battery tests to obtain original certification included crushing battery cells, driving nails through them and deliberately introducing short circuits to cause failure. Boeing found “nothing adverse happened” while these tests were carried out, and so deemed the battery’s box and internal protection to be of an acceptable standard. Boeing stated that it had followed the certification process set out by the FAA. It would seem that while the cause of the fire has been clearly identified, responsibility for its occurrence has not been accepted in full by anyone.
November 5, 2014 · 162 Views
Back in February this year, Rolls-Royce, the FTSE-100 engine maker, lost over £3bn of its value after shocking the market with its first profits warning in a decade. To announce a second one this October has created considerable concern and Rolls-Royce has decided that over the next 18 months they need to reduce costs by up to £80m a year by axing 2,600 jobs, the majority of which will be in the aerospace sector in Britain and the United States. The focus is on Rolls-Royce’s key Trent engines as they move from the development to the production phase, which consequently requires fewer engineers.
Back in February John Rishton, Rolls-Royce group’s Chief Executive, had admitted that the future was “bumpier than I had expected”, while blaming the current problems on deteriorating economic conditions and a tit-for-tat trade war between the EU and Russia over the Ukrainian crisis which had affected its nuclear and energy business as well as its power-systems unit. This week Rishton has had to admit that “We are taking determined management action and accelerating our progress on cost. The measures announced today will not be the last; however they will contribute towards Rolls-Royce becoming a stronger and more profitable company.”
Another consequence of the situation is the unexpected departure of Finance Director, Mark Morris, leaving the company after 27 year without any explanation. He will be replaced by David Smith, who is being promoted from Finance Director of the Rolls-Royce Aerospace division. This second profit warning saw share value fall 11% to 832p, wiping a further £2bn off the company’s value. However, news of the redundancies was well received by investors and the share price rallied by 2%, currently standing at 832p. This is clear confirmation of comments made by Espirito Santo’s analyst, Ed Stacey, who indicated that investors would be expecting a clear message from the new Finance Director and tight control on all finances.
March 25, 2014 · 111 Views
Air France-KLM selected the GEnx-1B engine to power its 25 Boeing 787 Dreamliners and 12 leased 787 aircraft. The total engine order is valued at more than $1.7bn. Air France-KLM and GE Aviation have also signed an agreement that will allow Air France-KLM to offer maintenance, repair and overhaul (MRO) services for the GEnx-1B engine. Under this agreement, Air France-KLM will be licensed to perform maintenance and overhaul work on the GEnx-1B engine and GE will provide technical support and assistance on overhaul workscoping and component repair licenses, comprehensive material support and training.
March 7, 2014 · 78 Views
International Lease Finance Corporation (ILFC) has closed a new senior secured term loan of $1.5 billion. The loan will bear interest at LIBOR plus 275 basis points with a 0.75% LIBOR floor, is priced at 99.5% of par value, and will mature in 2021. The collateral used to support the transaction has an initial weighted average age of 9.1 years. It will be secured primarily by a first priority-perfected lien on the equity of certain of ILFC’s subsidiaries, which directly or indirectly own a pool of aircraft and related leases. ILFC plans to use the proceeds for general corporate purposes, including purchasing aircraft and supporting the company’s liquidity cushion.
February 26, 2014 · 78 Views
In 2013, Airbus achieved a new industry record of 1,619 gross commercial orders (FY 2012: 914 gross orders) with net orders of 1,503 aircraft (FY 2012: 833 net orders), excluding ATR. Gross orders comprised 1,253 A320 Family aircraft, 77 A330s, 239 A350 XWBs and 50 A380s. Fourth-quarter orders included Emirates Airline’s agreement for 50 A380s and Etihad Airways’ order for 50 A350 XWBs, 36 A320neos and one A330-200F. Airbus Military (now part of Airbus Defence and Space) received 17 net orders (FY 2012: 32 net orders). Airbus’ net order intake increased sharply to €202.3bn (FY 2012: €88.9bn). At the end of 2013, Airbus’ consolidated order book was valued at €647.4bn (year-end 2012: €525.5bn). The Airbus Commercial backlog was worth €627.1bn (year-end 2012: €505.3bn), comprising 5,559 Airbus aircraft (year-end 2012: 4,682 units) and representing over eight years of production. Airbus Military’s order book was worth €20.8bn (year-end 2012: €21.1bn). Airbus series aircraft deliveries increased to 626 aircraft (FY 2012: 588 aircraft, including three A330s without revenue recognition). Airbus Military delivered 31 aircraft (FY 2012: 29 aircraft). Airbus’ consolidated revenues increased seven percent to €42,012m (FY 2012: €39,273m), reflecting higher commercial and military aircraft deliveries. The Division’s consolidated EBIT rose to €1,710m (FY 2012: €1,252m). Airbus Commercial’s revenues rose to €39,889m (FY 2012: €37,624m). The Airbus Commercial reported EBIT was €1,595m (FY 2012: €1,147m) with the EBIT before one-off at €2,216m (FY 2012: €1,669m). Airbus Commercial’s EBIT before one-off benefitted from the improved operational performance, including favourable volume, some better pricing and an improvement in A380 losses. It also included higher A350 XWB programme support costs. Revenues at Airbus Military rose to €2,893m (FY 2012: €2,131m), driven by the A400M ramp-up and higher volumes from both light and medium transport planes and tankers. The EBIT at Airbus Military was €166m (FY 2012: €93m).
January 29, 2014 · 74 Views
Boeing Commercial Airplanes fourth-quarter revenue increased to $14.7bn and full-year revenue increased to a record $53bn on higher delivery volume. Fourth-quarter operating margin improved to 10.3% and full-year operating margin grew to 10.9% on the higher volume, favorable delivery mix and continued strong operating performance. During the quarter, the company launched the 777X with 259 orders and commitments. During the year, the 787 program completed first flight of the 787-9, successfully launched the 787-10 and began operating at a 10 per month production rate in final assembly. The 737 program delivered at a record production rate of 38 per month and has won nearly 1,800 firm orders for the 737 MAX since launch. In 2013, a record 648 commercial aircraft were delivered. In January 2014, the company reached an eight-year contract extension through 2024 with the International Association of Machinists & Aerospace Workers District 751 (IAM). Commercial Airplanes booked 465 net orders during the quarter and 1,355 during the year. Backlog remains strong with 5,080 airplanes valued at a record $374 billion.
January 9, 2014 · 65 Views
The A350 XWB development aircraft, MSN3, is in Bolivia where it will perform a series of tests at the high altitude airfields of Cochabamba and La Paz. Cochabamba is around 8,300 feet above sea level, and La Paz is one of the world’s highest airports at 13,300 feet. Operations at such high altitude airfields are particularly demanding on aircraft engines, Auxiliary Power Unit (APU) and systems. The aim of these trials is to demonstrate and validate the full functionality of engines, systems, materials as well as to assess the overall aircraft behaviour under these extreme conditions. A number of take-offs with all engines operating and with simulated engine failures are being performed at each of the airfields to collect data on engine operating characteristics and validate the aircraft take-off performance. The autopilot behaviour will also be evaluated during automatic landings and go-arounds. Since the A350 XWB’s first flight with MSN1 on June 14th 2013, over 800 flight test hours have been performed in close to 200 test flights by both MSN1 and MSN3. In total the A350 XWB flight test campaign will accumulate around 2,500 flight hours with the fleet of five aircraft. The rigorous flight testing will lead to the certification of the A350-900 by the European EASA and US FAA airworthiness authorities, prior to entry into service in Q4 2014.
July 5, 2013 · 64 Views
Firefly, Malaysia Airlines’ subsidiary carrier has taken ownership of its first brand-new ATR 72-600. The aircraft is the first of 20 latest generation firm ATRs, plus 16 options, ordered by Malaysia Airlines in December 2012. Firefly currently operates 12 ATR 72-500s, and with the arrival of the new ATR 72-600s will almost triple its exclusively ATR 72 aircraft fleet, taking the total to over 30 aircraft.
June 26, 2013 · 40 Views
Certification testing is underway on the first Passport development engine at GE Aviation’s Peebles Testing Operation in Ohio. The engine began ground testing on June 24th and ran for more than three hours, reaching more than 18,000 lbs. of standard day sea-level takeoff thrust. Eight Passport engines and one core will be involved in the engine certification program. Flight testing on GE’s flying testbed is scheduled for 2014. Engine certification is expected in 2015. The Passport engine certification program follows three years of validation testing. GE Aviation has conducted validation tests on the fan blisk design, including two fan blade-out rig tests, ingestion tests and a fan aero rig test to demonstrate fan efficiency. Testing is complete on the third eCore demonstrator, and GE has accumulated more than 300 hours of testing on eCore demonstrators to date.
May 22, 2013 · 53 Views
Rolls-Royce has won an order from US leasing company CIT Aerospace for Trent XWB engines, to power ten Airbus A350 XWB aircraft and Trent 700 engines to power 13 Airbus A330 aircraft. The Trent XWB engines will power ten CIT A350 aircraft that were announced in January 2013 which were in addition to five A350 XWB aircraft already on order. The Trent XWB, specifically designed for the Airbus A350, is the fastest selling Trent engine ever, with more than 1,200 already sold. The engine variant that will power the A350-800 and -900 was awarded European Aviation Safety Agency (EASA) type certification in February. The engine will power the first flight of the Airbus A350 XWB this year and the aircraft’s first in-service flight in 2014.
June 4, 2013 · 10 Views
Aeromar, one of the major regional airlines in Mexico, took delivery of its first of 2 ATR 72-600 to be acquired on long-term lease from Air Lease Corporation (ALC). The delivery sees Aeromar become the first operator of the ATR -600 series aircraft in the region. In addition, the new airplanes will be the premier turboprops up to 70 seats in Mexico. Aeromar is ATR’s longstanding customer with 14 ATR airplanes in its fleet (ten ATR 42-500s and four 42-320s). The newly acquired 68-seat turboprops will replace the smaller ATR 42-320 allowing the airline to further boost service to destinations it already flies to: from the capital Mexico City to airports in smaller cities like Poza Rica, San Luis Potosi or Ciudad Victoria.
June 4, 2013 · 9 Views
Airstream International Group has arranged, in collaboration with a large US based Lessor, the purchase and onward lease of 2 DHC-8-100s to Airlines of Papua New Guinea. MSN366, previously operated by United Airlines Bangladesh, is currently undergoing maintenance in Kuala Lumpur. MSN380 ex Skytrans Airlines of Australia is now in active service.
June 4, 2013 · 20 Views
Monarch Aircraft Engineering (MAEL) announced the expansion of its line maintenance stations within the UK. With immediate effect, MAEL has opened two permanent all year round stations at East Midlands and Leeds Bradford Airports providing technical handling maintenance, up to and including line A Checks, for Monarch Airlines and third party customers.
June 4, 2013 · 19 Views
PEMCO World Air Services (PEMCO), announced the completion of a major aircraft conversion project with Shenzhen-based SF Express, a company renowned throughout the People’s Republic of China as a major driver of the Chinese economy. The project, of which four aircraft have already been redelivered, is wrapping up this month as SF Airlines takes delivery and begins operating its fifth PEMCO 737-300/400 freighter.
June 4, 2013 · 7 Views
WheelTug reported the execution of a Slot Purchase Agreement with Air Berlin. With 110 new reservations the order book of WheelTug aircraft drive systems grows to 549 delivery slots reserved by ten airlines from Europe, America, the Middle East and the Far East. The WheelTug electric drive system uses high-performance electric motors, installed in the nose gear wheels of an aircraft, to provide full mobility while on the ground, without the use of the aircraft’s jet engines or tugs for both pushback and taxi operations.
June 4, 2013 · 9 Views
HEICO Corporation announced that its Flight Support Group completed its planned acquisition of Reinhold Industries from certain affiliates of The Jordan Company, L.P. HEICO stated that it expects the purchase to be accretive to its earnings per share in the first twelve months following the closing. HEICO further reiterated that Reinhold’s management is remaining with the company in their prior positions and the company does not expect any employee turnover as a result of the acquisition. Santa Fe Springs, CA-based Reinhold, which will continue to operate under the Reinhold name in its current locations, is a leading manufacturer of advanced niche components and complex composite assemblies for commercial aviation, defense and space applications. A majority of Reinhold’s revenue is derived from the design, manufacture and sale of commercial aircraft components, such as its unique composite seatbacks and related components used in a large number of airliner seats. Reinhold also generates a substantial portion of its sales from defense activities, principally those related to currently-fielded missile defense systems, such as the Patriot-2, Standard Missile and GMD programs.
June 4, 2013 · 25 Views
FedEx Corp. released that it had permanently retired or will accelerate the retirement of 86 aircraft and 308 related engines as it continues to modernize its aircraft fleet and improve the global network of FedEx Express. The permanent retirement of aircraft and related engines includes: two A310-200 aircraft and four related engines, three A310-300 aircraft and two related engines and five MD10-10 aircraft and 15 related engines. The impact of retiring these aircraft, engines and parts resulted in an impairment charge of $100m recorded in May 2013. In addition, FedEx will accelerate by several years the retirement of 47 MD10-10 aircraft and 172 related engines, 13 MD10-30 aircraft and 55 related engines and 16 A310-200 aircraft and 60 related engines. As of July 1, 2013, FedEx Express will complete the final retirement of the B727-200 fleet.
June 4, 2013 · 19 Views
The Pratt & Whitney PurePower PW1100G-JM engine successfully completed its first flight May 15th, launching the engine family’s flight test program. The PW1100G-JM engine for the Airbus A320neo aircraft flew on Pratt & Whitney’s Boeing 747SP flying test bed at the company’s Mirabel Aerospace Centre, in Mirabel, Quebec, Canada. The successful ground test program led to more than 365 hours of ground performance and operability testing which cleared the way for this first flight. Three additional PW1100G-JM engines are conducting rigorous ground testing at Pratt & Whitney. To date, the PurePower engine program has completed more than 4,800 hours and 13,700 cycles of full engine testing. Engine certification for the PW1100G-JM engine is planned for third quarter of 2014 with entry into service planned for the fourth quarter of 2015.
UTC Aerospace Systems awarded Boeing C17 Globemaster III landing gear system overhaul services contract
June 4, 2013 · 21 Views
UTC Aerospace Systems has again been selected by Boeing to provide landing gear system maintenance services in support of the United States Air Force fleet of the Boeing C-17 Globemaster III aircraft. Included as part of the agreement, the company will partner with Hill Air Force Base (HAFB) in Ogden, Utah supporting C-17 workload. UTC Aerospace Systems is the original equipment manufacturer (OEM) of the Globemaster III landing gear system. It is also one of the largest landing gear overhaul maintenance suppliers in the industry.
June 4, 2013 · 25 Views
For the month of May Delta reported a 1.4% increase in system traffic, while system capacity was slightly up by 0.7% compared to the same period in 2012. The load factor for May was up 0.7 points to 84.8% compared to the previous year.
United Airlines and AltAir Fuels to bring commercial-scale, cost-competitive biofuels to aviation industry
June 4, 2013 · 26 Views
United Airlines executed a definitive purchase agreement with AltAir Fuels for cost-competitive, sustainable, advanced biofuels at commercial scale, representing a historic milestone for aviation. With United’s strategic partnership, AltAir Fuels will retrofit part of an existing petroleum refinery to become a 30 million gallon, advanced biofuel refinery near Los Angeles, Calif. AltAir will produce low-carbon, renewable jet fuel and other renewable products. United has collaborated with AltAir Fuels since 2009 and has agreed to buy 15 million gallons of lower-carbon, renewable jet fuel over a three-year period, with the option to purchase more. The airline is purchasing the advanced biofuel at a price competitive with traditional, petroleum-based jet fuel, and AltAir expects to begin delivering five million gallons of renewable jet fuel per year to United starting in 2014. United will use the biofuel on flights operating out of its Los Angeles hub (LAX). “This is a great day for United and the aviation biofuels industry. This agreement underscores United’s efforts to be a leader in alternative fuels as well as our efforts to lead commercial aviation as an environmentally responsible company,” said United’s Managing Director for Global Environmental Affairs and Sustainability Jimmy Samartzis. “We’re excited about what this strategic partnership with AltAir means for United, the industry, the environment, and for our customers.”
June 5, 2013 · 60 Views
Aeronautical Engineers has been selected by Astral Aviation of Nairobi, Kenya to provide one firm and two optional MD83SF 12 Pallet Configuration conversions. The aircraft will all be high gross weight MD83’s with auxiliary fuel tanks which will allow for a 2600 nm range. The modifications will commence in August of 2013 at AEI’s Authorized Conversion Center, Commercial Jet.
June 5, 2013 · 76160 Views
Pegasus Airlines, a leading low-cost airline in Turkey and Lufthansa Technik have signed a base maintenance contract for three C-Checks for Pegasus Airlines Boeing 737NG aircraft at the Lufthansa Technik base maintenance location in Sofia, Bulgaria.
June 5, 2013 · 74 Views
WestJet announced May 2013 traffic results with a load factor of 78.5%, down 0.7 points compared to May 2012. Traffic increased 8.2% year over year and capacity was 9.1% higher over the same period. The airline flew 1.5 million guests in May, a year-over-year increase of 7.9%.
June 5, 2013 · 69 Views
GE Capital Aviation Services (GECAS) reported the delivery of a new leased Boeing 737-800 to Skymark Airlines to expand the Japanese low-cost carrier’s fleet. The aircraft comes from GECAS’ existing order book with Boeing. With bases at Tokyo International Airport and Kobe Airport, Skymark currently operates a fleet of 30 Boeing 737-800s to 15 destinations in Japan.
June 5, 2013 · 25 Views
Air Lease Corporation announced a long term lease agreement with Golden Myanmar Airlines (GMA) for two new ATR 72-600 aircraft, which are scheduled for delivery in January and March of 2014.
Rockwell Collins and Beijing Bluesky Aviation Technology seeking to establish commercial simulation joint venture in China
June 5, 2013 · 19 Views
Rockwell Collins and Beijing Bluesky Aviation Technology, an AVIC subsidiary, have signed a Memorandum of Agreement towards establishing a joint venture that will design, manufacture and market commercial aviation flight simulators. The venture will initially focus on airlines and aircraft manufacturers in China, with future plans to address the global commercial simulation and training market segment. The agreement, signed June 3rd, will establish a center of excellence for commercial flight simulation in China. The joint venture will combine the strength of Rockwell Collins CORE Simulation Architecture technology and leading visual systems with Bluesky’s expertise on Chinese commercial aircraft flight simulation training products and services.
June 5, 2013 · 19 Views
US Airways Group mainline traffic for the month was up 5.9% versus May 2012 while mainline capacity was up 3.9% versus May 2012. Mainline passenger load factor was a record 85.8% for the month of May, up 1.7 points versus May 2012.
June 5, 2013 · 23 Views
Alaska reported a 6.7% increase in traffic on a 7.3% increase in capacity compared to May 2012. This resulted in a 0.4 point decrease in load factor to 86.5%.
June 5, 2013 · 27 Views
Hawaiian Airlines reported system-wide traffic statistics for the month of May. Traffic for the month increased 20.5%, while capacity increased 25.3% when compared to the same period in 2012. The load factor for May was down 3.2 points to 80.1%.
June 5, 2013 · 16 Views
TransDigm Group Incorporated reported the successful completion of the cash tender offer by TransDigm’s indirect wholly owned subsidiary, Buccaneer Acquisition Sub Inc. (“Purchaser”), for all of the outstanding shares of Aerosonic common stock for $7.75 per Share in cash, without interest and less any applicable withholding taxes. The Offer expired at 12:00 midnight, New York City time, on June 4, 2013. As of the expiration of the Offer, 3,553,830 Shares were validly tendered and not withdrawn (including 17,711 Shares tendered pursuant to guaranteed delivery procedures), representing approximately 88.4% of the outstanding Shares. In accordance with the terms of the Offer, Purchaser accepted for payment all Shares that were validly tendered and not withdrawn prior to the expiration of the Offer, and payment for such Shares will be made promptly in accordance with the terms of the Offer.
Aerosonic designs and manufactures proprietary, highly engineered aviation components for use on commercial and military aircraft. Major product offerings include both mechanical and digital altimeters, airspeed indicators, rate of climb indicators, microprocessor controlled air data test sets, angle of attack stall warning systems, integrated air data sensors and other aircraft sensors, monitoring systems and flight instrumentation.
June 5, 2013 · 28 Views
China Southern Airlines took delivery of its first GEnx-powered Boeing 787 Dreamliner. This is the first of eight Boeing 787 aircraft to be delivered to China Southern this year. China Southern ordered a total 10 Boeing 787 Dreamliners and selected GEnx-1B engines to power these aircraft. China Southern also signed an OnPoint solution agreement with GE Aviation for its GEnx fleet. As part of this agreement, GE Aviation will provide the maintenance, repair and overhaul for the GEnx engine fleet.
June 5, 2013 · 29 Views
Bombardier Aerospace released that its purchase agreement with Moscow-based leasing company Ilyushin Finance Co. (IFC) has been approved by IFC’s shareholders and is now firm. The firm purchase agreement covers the acquisition of 32 CS300 aircraft and options for an additional 10 CS300 aircraft, following a letter of intent signed by IFC in 2011 and a conditional purchase agreement announced by Bombardier on February 20, 2013. Based on the list price for the CS300 aircraft, the firm order is valued at approximately $2.56bn. Should IFC also exercise its 10 options, the contract would have a total value of approximately $3.42bn US. Bombardier also disclosed Gulf Air as airline customer for 10 CSeries aircraft and options for another six.