VECTOR SLUMPS ON POOR UK PERFORMANCE
MAINTENANCE First-quarter net earnings at Toronto-headquartered helicopter and engine maintenance provider Vector Aerospace slumped 38% to C$6.1 million ($6.3 million) on revenue essentially flat at C$127.3 million. CEO Declan O'Shea described the quarter as "disappointing" and subject to lower activity levels in the UK, but he added: "We expect UK activity levels to improve later in the year and also anticipate continued improvements on activity levels from our North American operations as a result of general economic conditions." Subject to shareholder approval and regulatory clearance the company is to be acquired by Eurocopter for C$625 million.
PRV AEROSPACE ACQUIRES QUALITY FORMING
ACQUISITION Private equity investor Platte River Ventures' Everett Washington hard- and soft-metal machining and sheet metal fabrication unit PRV Aerospace has acquired Torrance, California sheet metal aerospace components maker Quality Forming. QF capabilities include hot, hydro and stretch forming and it is one of the few manufacturers in the USA to offer titanium hot forming.
GOODRICH LANDING GEAR PLANT TO CLOSE
CLOSURE Declining programme volume and lack of new work to use capacity have forced Goodrich to unveil plans to close its Marble Avenue landing gear facility in Cleveland, Ohio by the end of 2012. Roughly 400 employees are based at the site, and Goodrich said it plans to gradually transfer work performed at Marble Avenue to other facilities.
UMECO JOINS NATIONAL COMPOSITES CENTRE
RESEARCH Umeco, the UK-based maker of composite materials, has joined the University of Bristol-led National Composites Centre research effort, having committed to a £300,000 ($492,000) annual Tier 1 membership, with board place, for three years. Other participating companies include Vestas, Airbus, GKN Aerospace, Rolls-Royce and AgustaWestland.
CHINA EASTERN CONSOLIDATES CARGO BUSINESS
AIRLINES China Eastern Airlines has consolidated its Great Wall Airlines, Shanghai Airlines Cargo International and China Cargo Airlines cargo businesses into one unit, with independent branding.
BAE SYSTEMS EXITS SAAB
FIGHTERS BAE Systems has disposed of its remaining shareholding in Saab, for £152 million ($222.2 million). The move comes a year after Sweden's Investor group completed its acquisition of half of BAE Systems' 20.5% stake in Saab. BAE had been a partner in Saab's Gripen fighter but is now focused on Eurofighter and the Lockheed Martin F-35.
MILITARY TO SPEND ON ALTERNATIVE ENERGY
RENEWABLE ENERGY Military spending on renewable energy technologies will continue to rise rapidly over the next two decades, growing from $1.8 billion globally in 2010 to $26.8 billion yearly by 2030. The majority of this spending will be for "mobility" applications including portable soldier power as well as land, air and sea vehicles. "Energy for facilities" operations will represent a significant portion of the market as well, according to a new report from Pike Research, which concludes that military investment holds the potential to bridge the "valley of death" that lies between research and development and full commercialisation of these technologies.
Source: Flight International
