UK Airbus suppliers voice cashflow fears
Sentiment UK-based Airbus suppliers are concerned about cashflow and uncertainty of future production schedules caused by A380 delays, according to the latest industrial overview published by the Society of British Aerospace Companies (SBAC), which details the impact of the delays on UK industry. The SBAC reports "reasonably positive" feedback, but also expresses concerns about the potential relocation of work for the composite-heavy A350 programme, saying work should be placed in countries which already have a "deep knowledge" of such complex programmes.
Stork rejects shareholder proposals
Strategy Dutch industrial group Stork's board has rejected proposals by two of its major shareholders, investment funds Centaurus and Paulson, that it should focus solely on aerospace activities, and divest the food systems and technical services businesses that they claim are leading to undervaluing of Stork shares. Stork chief executive Sjoerd Vollebregt says: "We agree that there is substantial value creation potential within Stork, yet after a thorough analysis we have concluded that this will not be realised by executing their proposal." He cites "operational and execution risks inherent to a drastic change" and concludes that "the proposal itself is based on an incorrect analysis". The proposals had originally been accepted in a non-binding vote at an extraordinary general meeting in October.
A2C plans international expansion
Growth Toulouse-based Air Cost Control (A2C), which supplies spare parts to Airbus, ATR, Dassault and Eurocopter, is planning major international expansion. The company is to open an office in Dubai within the next year and a half, to target customers including Emirates, Etihad and Royal Jordanian, says president Laurent Parelle. The company also intends to reinforce its position in the USA, as well as in China, where it already has an office, with a view to winning work from the A320 assembly line due to be placed there.
Hampson expands in India
Manufacturing UK-based precision manufacturer Hampson Industries is poised for growth in the Indian market, after opening the first of a possible four 4,645m2 (50,000ft2) manufacuturing units in Bangalore. The company has invested around $6 million in the facility and will manufacture automotive components there initially, before adding aerospace production.
Finmeccanica continues growth
Results Growth at Finmeccanica has continued in the third quarter, with a 16% rise in earnings before interest and tax to €472 million. Net profit rose from €180 million to €612 million, partly through floating railway equipment unit Ansaldo STS.
Avio jobs at risk
Overhaul About 300 jobs at Avio's southern Italian engine overhaul plant are at risk after it lost its contract for maintenance and overhaul of the P&W JT8D-217A/C turbofans of Alitalia's Boeing MD-80 fleet to Israel Aircraft Industries subsidiary Bedek. Avio is moving about 40 MRO workers to production facilities, while another 60 will get training to change their roles. The remaining MRO employees face redundancy. Avio was due to meet Italian government officials this week to discuss the situation.
Source: Flight International