MTU 'SEES SIGNS OF RECOVERY'
Market recovery and the falling euro-dollar exchange rate helped MTU Aero Engines boost first half operating profit 5% to €144.1 million ($187.3 million) despite a 2% slip in revenue, to €1.35 billion. Commercial engine revenue was steady year-on-year and military engines income rose 8%. Commercial maintenance revenue, largely from the International Aero Engines V2500, was down 8% at €544 million, but a 22% increase from the first to the second quarter indicates market recovery, says chief executive Egon Behle.
AVATION MAY SHIFT TO MAIN LONDON MARKET
PLUS-quoted aircraft trading and leasing company Avation may apply to move its shares to the main market of the London Stock Exchange. Avation owns a portfolio of Airbus A320s and Fokker 100s, currently worth £86 million, with £38.3 million debt. It has a 51% stake in London AIM-quoted Capital Lease Aviation.
CHINESE FUND TO BOOST DOMESTIC MARKET
China Construction Bank and China's state-owned airframer AVIC have started an aviation industry fund to support the domestic market and AVIC restructuring, mergers and acquisitions. The fund aims to raise 20 billion yuan ($3 billion).
JAL PLAN 'COULD CUT 16,000 JOBS'
Reports from Japan indicate a five-year Japan Airlines bankruptcy turnaround plan likely to be submitted in August will aim to cut 16,000 jobs and annual operating costs by ¥440 billion ($5 billion). The airline declined to comment on the figures.
AIR INDIA PARENT IN MUMBAI ENGINE WASH DEAL
Air India's parent, the National Aviation Company of India, has entered into an agreement with Pratt & Whitney to set up an EcoPower wash centre at Mumbai International airport to service PW4000, CFM International CFM56-5/7, International Aero Engines V2500 and GE CF6-80C2 and GE90-115B engines.
IAI GETS F-15 REWIRING CONTRACT
The US Defense Logistics Agency's Defense Supply Center Richmond has awarded Israel Aerospace Industries and Texas-based aircraft electrical specialist InterConnect Wiring a five-year, $50 million contract for the Boeing F-15 EPDS Rewire Programme.
CROMA FEELS SECURE WITHOUT AVIONICS
Dumfries, UK-based surveillance and security group Croma is in discussions for the sale of its RDDS Avionics subsidiary. Croma says it intends to focus on the facilities services sector, and particularly its asset protection subsidiary, Vigilant Security.
LOGISTICS FIRMS FORM DUBAI SPARES ALLIANCE
Distribution services provider Aerospace Products International and spare parts supplier Transworld Aviation FZE are to operate a 3,350m2 (35,000ft²) spare parts and maintenance centre at Transworld's headquarters in Dubai's Jebel Ali Free Zone.
TURKISH SUPPLY FOR F135 COMPONENTS
Pratt & Whitney and Istanbul-based Kale are to form a 49-51 joint venture to manufacture in Turkey components for the F135 engine powering the Lockheed Martin F-35. In future, the partnership will expand to support Pratt & Whitney military engine models F100, F119 and F117.