Friday, October 25, 2013
AviTrader Daily Aviation News Alert
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February 20, 2015 · 542 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 · 640 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.
October 23, 2013 · 4 Views
Two of the industry’s leading international business jet and executive helicopter sales brokerages respectively – Avpro, in the USA and Heli Asset in Europe, announced the creation of a new division within Avpro to focus on helicopter sales and acquisition services. This creates the world’s leading independent helicopter sales and acquisition service, supported by Avpro’s financial strength and brand recognition, further bolstered by the addition of Heli Asset’s four sales directors with OEM expertise in Agusta, Bell, Eurocopter and Sikorsky models. Announcing the acquisition in Las Vegas, Avpro Managing Director Don Bass said: “The helicopter market resembles the fixed wing market many years ago. It is highly fragmented and in need of consistently high standards. We are therefore extremely pleased to partner with a successful helicopter brokerage firm that shares our philosophy for professionalism and prides itself on its attention to detail.”
October 23, 2013 · 15 Views
BizJet International, Lufthansa Technik’s US subsidiary based in Tulsa, Oklahoma, has inducted its first Rolls-Royce Tay Mk611-8C engines into facility for maintenance. “We are well underway in achieving a significant services role with the induction of our first two Rolls-Royce Tay 611-8C Midlife inspections and completing the first half of correlating our test cell for the -8C” says Criss Berry, Vice President Engine Services for BizJet. BizJet will deliver the completed engines to the customer next month.
October 23, 2013 · 11 Views
Comlux Aviation Services has successfully delivered an ACJ319, the Head of State of Malaysia aircraft operated by Jet premier One. Since the arrival of the aircraft in June 2013, the dedicated engineers, technicians and craftsmen of Comlux have performed the maintenance tasks required for C4 and the 6-year checks and have reworked major parts of the VIP cabin to comply with an Airworthiness Directive by EASA. A new external painting has also been performed, featuring now the new emblem of the Malaysian Government.
October 23, 2013 · 27 Views
Dassault Aviation has selected Liebherr-Aerospace as supplier of the air management system for the new Long-Range Large Cabin Falcon 5X business jet. The Falcon 5X is Dassault Aviation’s next generation twin-engine business aircraft program. Liebherr’s scope of supply covers the design, development, manufacturing and service of the air conditioning system together with the cabin pressure control system and cabin distribution equipment.
Furthermore, the Bombardier Challenger 350 aircraft will feature two flight critical systems from Liebherr-Aerospace: the flap actuation system and the air management system. The flap actuation system is designed, developed, manufactured and serviced by Liebherr-Aerospace Lindenberg GmbH Lindenberg (Germany), Liebherr’s center of excellence for flight control, actuation and landing gear systems.
October 23, 2013 · 19 Views
Building on its success as an original equipment manufacturer (OEM), NORDAM has won a second transparencies contract with French aviation leader Dassault. In addition to manufacturing the cabin window assemblies for Dassault’s Falcon 900/2000, NORDAM’s Tulsa, Okla.-based Transparency Group will provide cabin windows for its large cabin, long-range business jet. Siegfried noted that the company is in the first-article stage of development and is on track to meet Dassault delivery expectations.
October 23, 2013 · 15 Views
In the first nine months of 2013, MTU Aero Engines recorded a 13% rise in revenues to €2,778.1m (1-9/2012: € 2,468.0m). The company generated an operating profit of €270.5m (1-9/2012: €278.0m) with an operating margin of 9.7% (1-9/2012: 11.3%). Net income amounted to €166.3m after €173.1m in the equivalent period last year. “With the results achieved over the last nine months, MTU is on track to reach its 2013 targets,” said Egon Behle, CEO of MTU Aero Engines AG. “The figures reflect the forecast that we gave in July and which we confirm today.” MTU expects revenues of around €3.7bn for the whole year, after €3,378.6m in 2012.
October 23, 2013 · 23 Views
British Airways has gained European Aviation Safety Agency (EASA) Part 147, Part M and Part 145 approvals for both the Boeing 787 and the Airbus A380. Part M approval signifies that British Airways Engineering has the required management structure, organisation and procedures in place to safely maintain the two new aircraft types, while Part 145 means that the airline has the facilities, resources and people to carry out the work required. British Airways Engineering has been preparing for the Boeing 787 and Airbus A380 aircraft types for six years, and received the EASA approvals before the aircraft began their entry into service programmes in July. Preparations have included modifying existing facilities at Heathrow, making sure that the airline has an inventory of spares and preparing engineers for new technology and new ways of working. The airline also created a dedicated ‘Entry into Service’ team, with support from the Civil Aviation Authority.
October 23, 2013 · 13 Views
GE Capital Aviation Services (GECAS) reported the delivery of the first of eight new leased Airbus A321-200 aircraft to EVA Air. All eight aircraft come from GECAS’ existing order book with Airbus. GECAS will deliver the remaining leased A321s to EVA through 2014 as part of the airline’s fleet expansion plans.
October 23, 2013 · 19 Views
US Airways Group reported its third quarter 2013 financial results. For the third quarter 2013, pretax profit excluding net special items was a record $367m, a $174m, or 90%, year-over-year improvement. On a GAAP basis, the Company reported a third quarter pretax profit of $336m, up from $246m in 2012. The GAAP net profit for the third quarter 2013 was $216m versus a GAAP net profit of $245m for the same period in 2012. The Company’s 2013 third quarter results include a provision for income tax of $120m, comprised principally of non-cash federal income tax expense, while the 2012 provision for income tax was only $1m.
October 23, 2013 · 20 Views
B/E Aerospace reported third quarter 2013 revenues of $888.1m, an increase of $121.4m, or 15.8%, as compared with the prior year period. Third quarter 2013 operating earnings were $160.1m, an increase of 19.2%, and operating margin of 18.0% increased 50 basis points as compared to the prior year period. Acquisition, integration and transaction (AIT) costs in the third quarter were approximately $6.9m, including expenses associated with the Blue Dot Energy Services (Blue Dot) acquisition. Operating earnings, adjusted to exclude AIT costs, were $167.0m, an increase of 20.2%, and adjusted operating margin of 18.8% increased 70 basis points compared to the prior year similarly adjusted to exclude AIT costs.
October 23, 2013 · 20 Views
Boeing reported third-quarter core earnings per share (non-GAAP) increased 16% to $1.80, driven by strong performance across the company’s businesses. Third-quarter core operating earnings (non-GAAP) increased 20% to $2.1bn from the same period of the prior year. Third-quarter revenue was $22.1bn, GAAP earnings from operations was $1.8bn and earnings per share was $1.51. Core earnings per share guidance increased to between $6.50 and $6.65 and GAAP earnings per share guidance increased to between $5.40 and $5.55, reflecting the strong performance. The company also increased its 2013 operating cash flow outlook to greater than $7bn, which includes $1.5bn of discretionary pension contributions, and reaffirmed its 2013 revenue guidance.
Boeing Commercial Airplanes third-quarter revenue increased to $14.0bn and operating margin improved to 11.6% on higher delivery volume and continued strong operating performance. During the quarter, the 787-9 completed first flight. With the successful launch of the 787-10 and continued strong demand for the 787 family of airplanes, the company intends to increase the 787 production rate from 10 to 12 per month in 2016, with plans to increase to 14 per month before the end of the decade. Commercial Airplanes booked 200 net orders during the quarter. Backlog remains strong with nearly 4,800 airplanes valued at a record $345 billion.
October 23, 2013 · 15 Views
Elite Aviation, the premier global private jet company, has closed a $50m growth capital commitment to be used strategically across multiple fronts to substantially expand the company’s global footprint. In addition to a very significant fleet expansion, Elite Aviation will go “on the hunt” for geographically strategic acquisitions as well as companies complementary to its core business throughout North America and Europe. The company is also evaluating investments in complementary niches including, but not limited to, cargo operations, Part 121 commercial aircraft charter operations, maintenance operations, high-end concierge services, aircraft sales operations and other opportunistic investments.
October 23, 2013 · 26 Views
Power management company Eaton has been awarded a contract by Embraer S.A. to supply hydraulic components for the newly launched E-Jets E2 commercial aircraft family. Embraer’s second generation of E-Jets comprises three new airplanes: the E190-E2, the E195-E2 and the E175-E2. Eaton will provide highly reliable pumps and power transfer units for all three aircraft. The contract amount is estimated at $400m for the life of the program.
October 24, 2013 · 1957 Views
Flying Colours Corp., the global aviation services company, has been appointed as an authorised dealer and installation centre for a range of Honeywell Aerospace business aviation products at its Peterborough, Ontario, facility. The deal, which was ratified in August, follows a long-standing relationship with Flying Colours St Louis, USA base which has been a Honeywell authorized dealer for many years. Under the auspices of the appointment, Flying Colours Corp. will be able to offer Honeywell’s broad product range, including its Ovation Select Cabin Management System (CMS), to its business aviation clients both in Canada and across the globe. Honeywell’s technical team recently visited Flying Colours at Peterborough to showcase the benefits of Ovation Select on a Gulfstream 550 aircraft and to demonstrate the installation process.
October 24, 2013 · 17 Views
GE Honda Aero Engines has completed all U.S. Federal Aviation Administration (FAA) certification testing on its HF120 engine, with all certification reports submitted. GE Honda anticipates receiving type certification by year end. The HF120 engine program involved 13 certification ground-test engines in addition to flight-test engines that accumulated more than 12,000 cycles and more than 8,400 hours. This included 3,000 simulated flight cycles accumulated on a single engine as part of a rigorous endurance validation program. Further endurance tests will continue on the HF120 engine utilizing Honda’s Tokyo, Japan test cell, keeping the engine well ahead of the fleet.
October 24, 2013 · 249 Views
The Passport engine for the Bombardier Global 7000 and Global 8000 aircraft incorporates ceramic matrix composite (CMC) material and a unique blade surface that will improve performance, reduce fuel burn and enhance durability. “GE Aviation invests close to $1bn annually on research and development of advanced technologies and materials, and the Passport engine is benefitting from these efforts,” said Brad Mottier, vice president and general manager of the Business & General Aviation and Integrated Systems organization at GE Aviation. “The Passport engine will be the first non-military engine to use Oxide-Oxide (Ox-Ox) CMCs and the first GE business aviation engine to feature super finish. These features will provide significant advantages to our customers.”
October 24, 2013 · 15 Views
Business Aviation Asia (BAA), an aircraft management company specializing on the Greater China market with bases in mainland China and Hong Kong, has become the launching customer for Lufthansa Technik’s new global technical support package for VIP and executive jet operators. As a leading provider of technical services for commercial, VIP and executive jets, Lufthansa Technik has developed a new product bundle specifically designed for VIP and executive jet operators. At the core of this package Lufthansa Technik offers access to its pool of highly qualified engineers and mechanics, worldwide material support through the company’s global logistics network and immediate support in case of “Aircraft-On-Ground” (AOG) incidents and other emergencies.
October 24, 2013 · 15 Views
Eurocopter has provided the initial EC130 T2 to a customer in Kazakhstan, introducing this enhanced version of its single-engine EC130 helicopter to the Commonwealth of Independent States (CIS) and further expanding the company’s presence in a region where demand for rotorcraft is rapidly growing. The milestone EC130 T2 is configured for passenger transport, and was delivered this month from Eurocopter’s headquarters in Marignane, France.
October 24, 2013 · 10 Views
BOC Aviation has delivered the last of the eight 777-300ERs ordered from Boeing for long-term lease to Thai Airways (THAI). The aircraft, powered by GE90 engines, delivered over the period to October 2013. The lease transaction, announced in November 2010, marked the first time BOC Aviation had worked with the Thai national carrier.
October 24, 2013 · 15 Views
Hong Kong Aircraft Engineering Company (HAECO) has entered into a conditional stock purchase agreement for the acquisition of TIMCO Aviation Services for a cash consideration of US$388.8m, subject to closing adjustments. TIMCO is a U.S. based provider of aircraft maintenance, repair and other services. The Seller is a company controlled by investment vehicles managed by Owl Creek Asset Management, L.P., an investment manager based in the U.S. Subject to satisfaction of the conditions in the stock purchase agreement, the acquisition is expected to be completed in the first quarter of 2014.
October 24, 2013 · 13 Views
MacCarthy Aviation Holdings announced that the business and assets has been purchased by Berwick Industries, part of the Berwick Group with the new company trading under the name of ‘MAC Interiors’ with immediate effect. The sale, completed at the beginning of October, is a major step forward for the business which has a good order book from a global customer base. The new company will continue to provide airlines with aircraft interior refurbishment and reconfiguration services.
October 24, 2013 · 17 Views
Component Control released that Skyservice, a canadian leader in business aviation services, has tripled its footprint of Quantum ControlTM across all of its FBO and maintenance services for business aviation. With facilities in Montreal, Toronto, and Calgary, Skyservice is dedicated to the core business pillars of Aircraft Charter Services, Fixed Base Operations, Maintenance, HondaJet Sales and Aircraft Management, providing a full-service, world-class experience for its customers. As part of a 5-year growth strategy, a key goal in the selection of Quantum in 2009 was to increase maintenance process efficiency and effectiveness improvement targets.
October 24, 2013 · 30 Views
Lucy Newman has been appointed in to the new position of Asset Manager responsible for the purchase and management of all Avtrade inventory. Committed to the development of enthusiastic and talented individuals Lucy is testament to the career opportunities provided to those at Avtrade with the skills, ability and motivation to succeed. Lucy joined Avtrade’s MRO department in 2008 as an MRO Administrator, progressing to an Executive and gaining promotion to Vendor Co-ordinator 18 months ago responsible for the management of component repair vendors and their performance.
October 24, 2013 · 15 Views
United Airlines (UAL) reported third-quarter 2013 net income of $590m, an increase of 13.5% year-over-year, excluding $211m of special charges. Including special charges, UAL reported third-quarter 2013 net income of $379 million. UAL generated $10.2bn of revenue in the third quarter of 2013 and ended the third quarter with $6.7bn in unrestricted liquidity.