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Saturday, November 23, 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.


GECAS delivers new leased Airbus A320 to Star Flyer

November 21, 2013 · 23 Views

GE Capital Aviation Services Limited (GECAS) delivered a new leased Airbus A320 to Japanese low-cost carrier Star Flyer to expand the airline’s fleet. The aircraft comes from GECAS’ existing order book with Airbus.


SmartStem Wireles Tire Pressure System certified for Boeing 737NG aircraft

November 21, 2013 · 19 Views

Crane Aerospace & Electronics, a segment of Crane Co., reported the approval of itsSmartStem Wireless Tire Pressure system for use on Boeing 737NG aircraft. Crane’s patented technology offers a means to check tire pressure quickly, accurately and without gas loss, improving efficiency and safety. Each system consists of high-accuracy SmartStem sensors, which replace the existing standard wheel fill stems, and the Handheld Reader, which electronically reads and stores tire pressure and temperature.


Alpha Star Aviation Services inks new contract with AFI KLM E&M

November 21, 2013 · 17 Views

Alpha Star Aviation Services has signed an agreement with AFI KLM E&M covering component support services of its A320 family aircraft and an A340 aircraft. Under the terms of the contract, AFI KLM E&M will provide Alpha Star Aviation Services with repair services and access to a spares pool.


Lufthansa Technik now performing production inspection of Boeing 787

November 21, 2013 · 16 Views

Lufthansa Technik AG is now able to provide production inspection for Boeing 787 aircraft for airline and VIP customers. Among the aircraft types whose production Lufthansa Technik can supervise at customer request is now the Dreamliner, with its modern, technically demanding composite materials technology. Lufthansa Technik already has commissions to oversee the construction of 50 Boeing 787s. The first aircraft for an unnamed customer passing the quality checks conducted by Lufthansa Technik’s specialists was finished in October, and four more will be delivered before the year ends.


Lufthansa Technik to maintain CFM56 engines for South African Airways

November 21, 2013 · 12 Views

South African Airways (SAA) and Lufthansa Technik AG are continuing their cooperation in the area of engine overhaul. A contract to provide support services for the 23 CFM56-7B engines in SAA’s Boeing 737-800 fleet that has been in place since 2001 has been extended and will now continue until the aircraft are taken out of service. Under the terms of the Total Engine Support TES contract Lufthansa Technik not only overhauls the engines in Hamburg but also guarantees the continuous availability of the highly flexible Airline Support Teams AST, which can provide rapid technical assistance anytime, anywhere in the world if needed. This service will be available not only for the aircraft used directly at SAA but also for those of its subsidiary, Mango. Together with its subsidiary Lufthansa Technical Training, Lufthansa Technik will furthermore launch a close strategic cooperation with SAAT, laying the basis for the potential expansion of the existing cooperation.


UTC Aerospace Systems signs long term contract with Lufthansa Technik

November 21, 2013 · 20 Views

Lufthansa Technik AG and UTC Aerospace Systems, a key supplier in the Boeing 787 Dreamliner program, have signed a long-term contract to provide rotable provisioning and MRO (maintenance, repair & overhaul) services on Boeing 787 nacelle components designed and manufactured by UTC Aerospace Systems’ Aerostructures business. Lufthansa Technik now offers its customers the full spectrum of life cycle support services for Boeing 787 nacelles on both General Electric and Rolls-Royce engines. Such services include sophisticated high-tech repairs and modifications, lease and exchange of nacelle components and on-site repairs around the world to quickly resolve aircraft on ground situations.


Nigeria’s Arik Air chooses Lufthansa Technik for complete support and training

November 21, 2013 · 16 Views

Lufthansa Technik AG and Nigeria’s Arik Air are expanding their partnership in the technical care of the airline’s fleet. The cooperation between the two companies, which has existed since the airline began operations in 2006, has now been expanded as part of a Total Operational Management (TOM) contract and extended by six years. In addition to component support and maintenance for the airline’s current medium-haul fleet of 13 Boeing 737 NGs and four Bombardier CRJ900s, Lufthansa Technik will now take on technical management and carry out all planned C-checks during the next six years at one of its sites. This scope of service applies not just to Arik Air’s existing Boeing fleet, but also to eight Boeing 737 NGs that have been ordered. As part of the TOM contract, a fleet manager from Lufthansa Technik will coordinate the two companies’ technical cooperation from Arik Air’s headquarters in Lagos. Moreover, Lufthansa Technik will support the airline by providing training and qualification measures for the airline’s own mechanics, starting with courses for line maintenance qualification on site in Nigeria. This educational partnership will be extended to other fields over the next few years at the discretion of the partners. Lufthansa Technik will also provide consulting to Arik Air in support of the establishment of a wheel workshop in Lagos.


328 delivers Dornier 328 aircraft to SpringChild Investments’ new Nigerian airline Air Peace

November 21, 2013 · 9 Views

German-based completions and refurbishment company 328 has completed work on a Dornier 328 aircraft for SpringChild Investments, British Virgin Island (BVI),  for the use of its Nigerian based new airline, Air Peace. The privately owned upcoming airline Air Peace, will be operating out of Murtala Mohammed Airport Lagos. The new airline will be offering Charter, Cargo and Scheduled flight services with its fleet of three Dornier 328 jets specifically configured for different purposes, in addition to a number of Boeing 737 aircraft.


Hawaiian Airlines extends relationship with Accelya Kale

November 21, 2013 · 14 Views

Accelya Kale Solutions Limited, part of the Accelya Group – a leading provider of airline financial and business intelligence solutions to the airline industry, released that Hawaiian Airlines, the largest carrier in Hawaii, USA, has chosen Accelya Kale’s passenger revenue accounting solution, REVERA PRA, to re-engineer their passenger revenue accounting process. The solution has been provided on a hosted basis. Hawaiian Airlines has been growing at a fast pace, expanding internationally. Their existing revenue accounting solution is not scalable enough to support this growth. Therefore, they have decided to replace their solution with REVERA PRA.


AerSale to provide maintenance services to NASA’s DC-8-72 flying laboratory

November 21, 2013 · 10 Views

AerSale will be providing “C” check maintenance services for one of NASA’s Airborne Science Program workhorses – the DC-8-72 flying laboratory. The aircraft has been flown to AerSale’s maintenance facility in Roswell, New Mexico, where it is to undergo major inspection and maintenance servicing. AerSale will provide maintenance as part of the aircraft’s new Low Utilization Maintenance Plan, LUMP for short. The LUMP also marries basic maintenance, the Corrosion Prevention and Control Program (CPCP) and the Structural Significant Items (SSI) inspection program into a single maintenance plan for efficiency and safety. Boeing developed the LUMP program for NASA’s DC-8-72 based on a maintenance plan for aircraft that fly fewer than 1,200 hours annually. For NASA’s DC-8-72, this translates into periodic inspections that cost less and are more easily scheduled around science mission activities.


Jet Aviation appoints Hardy Bütschi as vice president and general manager of Jet Aviation Dubai

November 21, 2013 · 13 Views

Jet Aviation announced the appointment of Hardy Bütschi as the new vice president and general manager of the company’s maintenance and FBO operations in Dubai, effective January 2014. In his new role as vice president and general manager of Jet Aviation Dubai, Bütschi is responsible for overseeing the company’s maintenance and FBO operations at Dubai International Airport and Dubai World Central’s Al Maktoum International Airport, as well as at Al Bateen Executive Airport in Abu Dhabi, United Arab Emirates. Previously, Bütschi oversaw the company’s operations in Saudi Arabia as vice president of Jet Aviation Saudi Arabia.


Vector Aerospace UK expands into new sectors

November 21, 2013 · 28 Views

Vector Aerospace UK has completed its first component repair contract for a major commercial fixed wing airline operator. Vector Aerospace’s five year growth strategy has highlighted the commercial aviation market as a prime sector for development – leveraging its experience and knowledge in defence to achieve similar results in the civil market. “Defence remains at the heart of what we do but our growth aspirations have motivated this expansion”, said Mr O’Connor, Component Services Director at Vector Aerospace.


AFI KLM E&M to maintain MAZ engines

November 22, 2013 · 23 Views

MAZ Aviation recently inked a contract with AFI KLM E&M to carry out maintenance checks on a total of four of its CFM56-5C jet engines. MAZ Aviation specializes in aviation advisory services for airlines operating VIP aircraft fleets. AFI KLM E&M has demonstrated its ability to adapt by providing competitive, fast-track solutions tailored to customer requirements. The group’s expertise in maintenance, repair and overhaul of engines in the CFM56-5 series of aircraft engines is a guarantee of outstanding performance to ensure efficient support of MAZ operations.


Alenia Aermacchi completes final assembly of C-27J Spartan for Royal Australian Air Force

November 22, 2013 · 25 Views

Alenia Aermacchi has completed the assembly of the first C-27J battlefield airlifter for the Royal Australian Air Force (RAAF). At the company’s Turin plant, the aircraft’s wing was mated with the fuselage and the engines, landing gear, and other major components were installed. The aircraft is currently undergoing equipment installation and functional tests in preparation for the test flight phase. Roll out and company flights will occur within November, and customer acceptance tests and procedures will follow shortly. Alenia Aermacchi is providing the C-27J to prime contractor L-3 Communications, in support of a U.S. Air Force Foreign Military Sale to Australia. The first aircraft is expected to be delivered to L-3 in the first quarter of 2014, on time and on budget. The aircraft’s fuselage is produced in the company’s Naples plant. The other aircraft’s components come from several national and international program partners. Alenia Aermacchi is currently under contract to deliver 10 C-27J battlefield airlifters by 2015 to the prime contractor.


Didier Nicoud named Engineering Vice President of Aircelle

November 22, 2013 · 30 Views

Effective November 1st, 2013, Didier Nicoud has been named Engineering Vice President for Aircelle (Safran). He is succeeding Eric Massé who has taken another position within Safran. Mr. Nicoud directly reports to the CEO, Martin Sion.


Wesco Aircraft reports record revenue and earnings for full fiscal year 2013

November 22, 2013 · 25 Views

Wesco Aircraft Holdings reported revenue for the fiscal fourth quarter was $234.3m, showing an increase of 10.5% compared to $212.2m in the prior year period. The increase in the North America segment was 9.8% over the prior year. Wesco again demonstrated strong international growth during the quarter with revenues in the Rest of World segment increasing by 22.7% compared to the prior year. In the fourth quarter, ad hoc, JIT and LTA sales as a percentage of net sales represented 39%, 28% and 33% of sales, respectively. Net Income for the fourth quarter of fiscal 2013 was $30.0m, resulting in Diluted EPS of $0.31. This compared to $27.0m in the prior year period. The increase in net income was due to sustained growth in commercial activity in North America, rapid growth in rest of world commercial sales and expansion of MRO sales. Adjusted EBITDA for the fourth quarter 2013 was $53.0m, a 15.5% increase, compared to $45.9m in the fourth quarter of 2012. Adjusted Net Income was $31.7m, resulting in Adjusted Diluted EPS of $0.33, compared to $27.4m in the prior year period.


Airbus wins 160 orders and commitments worth US$44bn at Dubai

November 22, 2013 · 14 Views

Airbus won a total of 160 orders and commitments at the 13th Dubai Airshow worth US$44bn, underlining the strong appeal of its widebody aircraft. The A380 and A350 XWB in particular,  were demonstrated to be spot-on with customer requirements and expectations. The order intake includes 142 firm orders worth US$40.4bn (50 A380, 40 A350-900, 10 A350-1000, 26 A321neo, 10 A320neo and 6 A330-200F) and 18 Memorandum of Understanding worth US$3.6bn. By value, Emirates placed the single largest order for 50 additional A380s, worth US$20bn, commending its efficiency and passenger appeal and confirming the A380 flagship status within their fleet.


Palm Beach Capital acquires majority stake in CTS Engines

November 22, 2013 · 21 Views

Palm Beach Capital, a middle market private equity firm based in West Palm Beach, FL, has acquired 60% of the membership interests of CTS Engines, LLC, from Neff Capital Management, which will retain a 40% ownership. Brian Neff, the Managing Partner of Neff Capital Management, will remain as Chief Executive Officer of the company. Additional terms of the deal were not disclosed. Based in Ft. Lauderdale, FL, CTS is a leading independent jet engine MRO provider in the U.S., and a leading jet engine MRO in the world focused on the rapidly developing mature engine market. Founded in 2002, the company has been at the forefront of defining unique maintenance requirements of the mature jet engine market for years, and has experienced strong growth by capitalizing on this expanding market segment. “With this investment, CTS has the financial foundation to capitalize on the inherent growth within the mature engine MRO market,” said Brian Neff. “For many years, Palm Beach Capital has demonstrated success in partnering with management to grow companies. Going forward into 2014, when we expand our services beyond the CF6 platform and add development engine testing, we will rely on our partner to help us maximize opportunities as they develop.”