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Friday, November 08, 2013

AviTrader Daily Aviation News Alert

This is an overview of all articles linked within the selected daily newsletter.
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Emirates reject Delta’s apology regarding Anderson’s 9/11 comments

February 20, 2015 · 556 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.


Snecma and HAL to create joint venture and build a new production facility in India

February 20, 2015 · 655 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.


Design flaws led to 787 battery fire

December 2, 2014 · 197 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.


Rolls-Royce forced to axe 2,600 jobs after second profit warning this year

November 5, 2014 · 164 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.


Air France-KLM selects GEnx engines for Boeing 787 fleet

March 25, 2014 · 113 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.


ILFC closes $1.5bn senior secured term loan

March 7, 2014 · 80 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.


Airbus Commercial reports another year of financial improvement

February 26, 2014 · 80 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).


Boeing Commercial Airplanes reports full year revenue of $53bn

January 29, 2014 · 76 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.


A350 XWB in Bolivia for high altitude testing

January 9, 2014 · 67 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.


Firefly welcomes first ATR 72-600

July 5, 2013 · 66 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.


GE’s Passport engine begins first full engine test

June 26, 2013 · 42 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.


Rolls-Royce wins order from CIT to power 23 aircraft

May 22, 2013 · 55 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.


Apollo Aviation Group continues acquisitions for SASOF II

November 6, 2013 · 16 Views

Apollo Aviation Group (“Apollo Aviation”), a multi-strategy aviation investment manager, has contracted to purchase 38 aircraft and eleven engines amounting to US$570m since inception for its second aviation fund, Sciens Aviation Special Opportunities Investment Fund II (SASOF II). The purchases approved by SASOF II Investment Committee this year include, but are not limited to, 12 Airbus A320ceo family aircraft and 13 Boeing 737 Next Generation models. Specifically during the third quarter, Apollo Aviation committed to purchase thirteen aircraft for approximately US$200m (included in total of $570m).

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TALSCO to resume operations in December

November 6, 2013 · 23 Views

Taikoo (Xiamen) Landing Gear Services (“TALSCO”) will resume operations in December 2013, after a localised fire at the premises in November last year. TALSCO’s U.S. Federal Aviation Administration approvals have been reinstated for the Company’s capabilities on the full series of Boeing 777s, 767s, 757s, 747s, 737NGs, 737CLs and Airbus A320s. It is expected that audits will be carried out by other relevant aviation authorities in the next few weeks, enabling the Company to reinstate its capabilities under other national authorities in due course. The Company took the opportunity to revamp its facilities and operational processes, including a new plating shop to be completed in the first quarter of 2015. The improvements, supported by updated equipment, additional spares, and skilled workforce, incorporate the latest design elements to meet future market needs, focusing on safety, quality, and production efficiency.


Lease Corporation International delivers AW139 Helicopter to Thailand’s SFS Aviation

November 6, 2013 · 17 Views

Lease Corporation International (LCI), the aviation division of the Libra Group, has delivered a new AugustaWestland AW139 helicopter to SFS Aviation in Asia. SFS Aviation, the first operator of the AW139 in Thailand, has leased the helicopter as part of a medium-term commitment, and it will be used to provide offshore support services to a number of multi-national oil companies in the Gulf of Thailand, such as PTT Exploration and Production (PTTEP) and CPOC.


Air Canada reports October load factor of 81.3%

November 6, 2013 · 27 Views

For the month of October, Air Canada reported a system load factor of 81.3%, versus 82.9% in October 2012, a decrease of 1.6 points on a system-wide capacity increase of 3.2%. System traffic for October increased 1.3%.


Machinists to vote on Boeing 777X proposal

November 6, 2013 · 29 Views

Members of the International Association of Machinists and Aerospace Workers (IAM) District 751, District W-24 will vote on a proposal from the Boeing Company that, if approved, would guarantee the Boeing 777X wings and fuselage will be built by IAM members in the Puget Sound. In exchange for the 777X guarantee, Boeing proposes a new eight-year labor agreement that will expire in September 2024, providing an unprecedented degree of labor stability in the volatile and competitive industry. According to estimates, the 777X could mean as many as 10,000 direct and 10,000 indirect jobs in the immediate vicinity, with the project also serving as a long-term hub for advanced technology in electronics, avionics and composite technology required by the 777X. The proposal by Boeing includes additional modifications to the current labor agreement, including cessation of pension accruals for current employees and the establishment of an alternative company-funded retirement plan. Additionally, within 30 days of ratification, all members would be paid a $10,000 signing bonus.


Aeroflot presents new subsidiary – United Far Eastern Airline “Aurora”

November 6, 2013 · 25 Views

Aeroflot presented a new Aeroflot Group member – the consolidated Far Eastern airline “Aurora”. JSC “Aurora Airlines” was established by the order of the Prime Minister of the Russian Federation on the basis of two Far Eastern air carriers – SAT Airlines and Vladivostok Avia (both in Aeroflot group since 2011). The main objective of a newly created airline is to contribute to Russia’s Far East social and economic development through the system of more efficient and accessible passenger traffic. Aurora’s business plan envisages a dynamic boost of operational activities: from 2013 to 2018 the number of flights should increase from 172 to 534; the number of destinations – from 30 to 128; and the annual traffic will reach 2.4m passengers. Aurora’s fleet will be strengthened by modern aircraft. In addition to the existing medium-haul Boeing B737s, the fleet will receive three Airbus A319 airliners by the end of this year. By the end of 2014, the carrier’s fleet is expected to comprise seven aircraft of this type. The regional fleet will include turboprop airliners with a capacity between 50 and 78 seats. Local air transportation services will be provided on aircraft with up to 20 seats. The total fleet size should reach up to 40 aircraft by 2018.


AeroTurbine reaches new milestone with 100th C-check for Frontier Airlines

November 6, 2013 · 21 Views

AeroTurbine, a wholly owned subsidiary of International Lease Finance Corporation (ILFC), has completed the 100th light/heavy C check for Frontier Airlines’ fleet of Airbus A319 and A320 aircraft, reaching a new milestone for its aircraft maintenance, repair, and overhaul (MRO) services provided to the airline. AeroTurbine and Frontier Airlines began their collaboration in March 2011. AeroTurbine has supported most of the airline’s heavy maintenance requirements in its Maintenance Services facility based in Goodyear, Arizona. On-time performance, operational flexibility and fixed cost solutions continue to be at the core of the strong partnership between the two companies.


Philippine Air Force signs contract for eight AW109 Power helicopters

November 6, 2013 · 33 Views

The Philippine Air Force has signed a contract for eight AW109 Power light twin helicopters. These aircraft will be used to perform a range of duties including homeland security, armed reconnaissance and close support. Deliveries will start in 2014. The contract also includes initial logistics support and training for aircrew and maintenance personnel.


Astronics Corporation reports record quarterly sales of $89.7m

November 6, 2013 · 19 Views

Astronics Corporation released that consolidated sales for the third quarter of 2013 increased by 30.2% to $89.7m compared with the same period last year. Aerospace sales of $87.5m, which represented 97.6% of the consolidated total, increased by $21.7m, including $15.7m associated with the acquisition of Peco. Test Systems sales decreased $0.9m to $2.1m. Consolidated gross profit was $23.8m, up $7.1m from the prior-year period. Consolidated gross margin was 26.5% compared with 24.3% for the third quarter of 2012. Net income in the third quarter of 2013 was $7.2m, up 45.1% compared with $4.9m last year.


The National Police of Peru receives first Eurocopter EC145 helicopter

November 6, 2013 · 17 Views

The Peruvian Interior Ministry has received the first of four twin-engine Eurocopter EC145 helicopters that are set to modernize the fleet of the National Police of Peru. These new aircraft—the first units of this model to reach Peru—will be stationed at the Police Aviation Unit’s main base, from where they will perform public security missions as well as disaster relief throughout the country. The remaining three helicopters will be delivered before the end of the year.


Ryanair October traffic grows 6%

November 6, 2013 · 30 Views

Ryanair reported that October traffic increased 6.0% when compared to October 2012, while the load factor for the month increased 1.0 point to 83.0%.


Berwick Industries purchased MacCarthy Aviation Holdings

November 7, 2013 · 29 Views

Berwick Industries announced the formal purchase of MacCarthy Aviation Holdings. The new company will trade as ‘MAC Interiors’ with all personnel and contact details remaining the same.


Air Transport Services Group announces third-quarter results

November 7, 2013 · 17 Views

Air Transport Services Group, a leading provider of aircraft leasing, and air cargo transportation and related services reported consolidated financial results for the quarter ended September 30, 2013. Revenues decreased 8.4% to $140.9m. Revenues increased 1.4% from the second quarter of 2013. Net earnings from continuing operations decreased 32.5% to $7.8m but were up 12.8% from this year’s second quarter. Adjusted EBITDA decreased 7.7% from a year ago to $40.0m. The sequential increase from the second quarter was $4.1m or 11.3%.


GE Aviation pursues alternative fuel sources for jet engine testing

November 7, 2013 · 21 Views

GE Aviation, which consumes more than 10m gallons of jet fuel annually at its engine testing centers, will broaden its fuel source beginning in 2016. GE Aviation has signed an agreement to purchase cellulosic synthetic biofuel from The D’Arcinoff Group (DG), based in Washington, D.C., to be used for production and development testing of GE jet engines. The 10-year agreement calls for GE’s baseline commitment of 500,000 gallons annually of the low-emissions jet fuel to be used at the company’s main jet engine testing facility in Peebles, Ohio. Options are in place to order up to 10m gallons annually of the synthetic biofuel. Since 2007, GE Aviation has partnered with several government entities and airlines worldwide in demonstrating various alternative fuels in its engines – either through ground tests or full-fledged aircraft flight demonstrations. The demonstrations have involved several GE engine models from the F414 fighter jet for the Boeing F/A-18 to the GE CF6 commercial engine for such large airliners as the Boeing 767.


Third Sukhoi Superjet 100 delivered to Interjet

November 7, 2013 · 12 Views

On November 6, 2013 the third Sukhoi Superjet 100 for the Mexican airline Interjet landed in Toluca (Mexico) to join the other two SSJ100 already in service with the airline. The aircraft was rolled out from SuperJet International’s hangar in Venice (Italy) upon completion of customization and technical acceptance procedure on November 5, 2013. On the same day, the SSJ100, registered XA-JLV, took off from Venice Marco Polo airport for the ferry flight to Toluca (Mexico). The airplane MSN 95028, flown by Interjet crew, during its ferry flight made technical stops in Keflyavik (Iceland) and Bangor (Maine, USA), then flew directly to Toluca (Mexico), thus confirming its outstanding performance on longer range routes.


GECAS appoints Stephane Daillencourt EVP Aviation Financing Operations

November 7, 2013 · 44 Views

GE Capital Aviation Services (GECAS), the commercial aircraft leasing and financing arm of GE, released that Stephane Daillencourt has been promoted to Executive Vice President, Aviation Financing Operations. Based in Singapore and reporting to GECAS President and CEO Norman Liu, Daillencourt will be responsible for overseeing all structured finance and capital markets activity as well as debt syndications and GECAS’ secured lending unit, PK AirFinance.


Willis Lease launches total aftermarket support solution

November 7, 2013 · 15 Views

Willis Lease Finance Corporation (WLFC) reported the launch of Willis Aeronautical Services (“WASI”), a new wholly-owned subsidiary which will provide ‘end-of-life’ solutions for aviation materials and services related to aircraft engines. In conjunction with the formation of WASI, Willis Lease acquired most of the assets and hired the team of professionals from JT-Power (“JT-Power”), a leader in supplying aftermarket material and services to the aviation industry. The new subsidiary will be based in the former JT-Power facility in Boynton Beach, Florida. Willis Lease acquired most of JT-Power’s inventory of aviation material and aircraft engine assets for a total consideration of $5.9m. Included in the purchased assets are approximately $3.0m in inventories. The purchase price was established by analysis of other similar transactions in the market, third party evaluations of inventory acquired, and a third party business valuation from a leading expert in the aviation industry. The transaction is expected to be accretive to earnings.


Altra Holdings signs agreement to acquire Svendborg Brakes

November 7, 2013 · 9 Views

Altra Holdings has signed a definitive agreement to acquire the shares of Svendborg Brakes A/S and S.B. Patent Holding ApS (together “Svendborg”) for a cash consideration of €80.1m, less the cash remaining on the balance sheet at close, which is payable upon completion of the acquisition. Altra intends to finance the transaction through a combination of European cash and additional borrowings under its credit agreement. The finalization of the transaction is subject to customary closing conditions, including receipt of required regulatory approvals, and is expected to take place during the fourth quarter of 2013. The acquisition is anticipated to be accretive to Altra Holdings’ earnings in 2014 in the range of $0.10 to $0.15 per diluted share, excluding any one-time or acquisition-related costs.


Revima APU receives OEM authorization to service APS 500, APS 1000, and APS 2000 APU’s from IATA I and IATA III

November 7, 2013 · 38 Views

Revima APU has been an Authorized APU Repair Facility for Pratt and Whitney Aero Power (formerly Hamilton Sundstrand Power Systems) for 10 years, serving APU customers worldwide. As a natural outcome of the strong and mutually beneficial relationship which has been developed over the years, Pratt and Whitney Aero Power has expanded Revima APU’s authorizations to include support of all new and existing APS 500, APS 1000, and APS 2000 customers within IATA I (North and South America & Canada) and IATA III (Asia Pacific). The expanded authorization allows Revima APU to sell repair services to operators in these regions. Revima APU is also authorized to manage warranty claims on behalf of Pratt and Whitney Aero Power.


Chromalloy expands manufacturing capabilities to become master alloy producer

November 7, 2013 · 36 Views

Chromalloy is expanding its investment casting foundry in Tampa, Florida, to include a master alloy operation. “Chromalloy’s new vacuum induction melting furnace will be fully operational in December 2013 at our state-of-the-art investment foundry,” said Carlo Luzzatto, President. “Over the next 90 days we will meet the manufacturing requirements to commence production of master alloys for ingots used to manufacture gas turbine engine equipment.” Alloy ingots are used in the production supply chain of complex systems and manufactured parts, including the gas turbine engine components cast and repaired by Chromalloy for power system manufacturers. In addition to producing master alloy ingots for internal use, Chromalloy will be in a position to provide the ingots to other manufacturers of turbine components worldwide. With the new highly automated, multiple chamber vacuum induction furnace for master alloy, Chromalloy has the capacity to produce up to three million pounds annually.


Rolls-Royce awarded $50.7m contract to service US Navy T-45 trainer aicraft engines

November 7, 2013 · 18 Views

Rolls-Royce has been awarded a $50.7m MissionCare contract extension by the US Department of Defense to provide continued support for the F405 (Adour) engines that power the US Navy’s T-45 training aircraft. The contract extension will continue the successful MissionCare support which has provided the US Navy’s training fleet with guaranteed availability over the past ten years. Rolls-Royce uses its innovative MissionCare to apply commercial Power By The Hour principles to the unique requirements of the defense industry, resulting in affordable, predictable service costs for customers.


PAS Technologies announces Dave Theis to lead sales

November 7, 2013 · 16 Views

PAS Technologies reported the appointment of David W. Theis to the newly expanded role of Senior Vice President Sales. In this capacity Dave will provide global leadership to the entire company, for all products and services, including Aerospace and Energy.


FLY Leasing reports third quarter 2013 financial results

November 7, 2013 · 22 Views

FLY’s net income for the third quarter of 2013 was $304,000 compared to a loss of $29.4m in the same period of 2012. Operating lease revenue decreased from $84.4m for the third quarter of 2012 to $78.4m for the third quarter of 2013, primarily due to a decrease in end of lease income from $5.8m in 2012 to $0 in 2013. The loss in the third quarter of 2012 included expenses of $32.3m associated with termination of interest rate swaps in connection with refinancing FLY’s original Acquisition Facility. Net income for the nine months ended September 30, 2013 were $39.1m, compared to $16.7m for the nine months ended September 30, 2012. At September 30, 2013, FLY’s total assets were $3.3bn, including flight equipment with a net book value of $2.9bn. Total cash at September 30, 2013 was $362.9m, of which $207.0m was unrestricted. This compares to total cash of $300.6m at December 31, 2012, of which $163.1m was unrestricted.