SR Technics acquisition clears final hurdle
Takeover : The acquisition of Europe's largest independent maintenance, repair and overhaul company, SR Technics, by a consortium from the United Arab Emirates, has cleared its final hurdle, approval by the European Commission. A new board has been formed comprising representatives of the new shareholders, Dubai Aerospace Enterprise (DAE) and investment houses Mubadala and Istithmar. Former chairman Frank Turner will leave the board, which will be chaired by SR Technics chief executive Hans Lerch. The takeover - announced earlier this year - took many by surprise, but was an indication of the seriousness of newly formed DAE's ambition to create a family of global businesses in aircraft maintenance, aviation training, aircraft leasing and manufacturing, by harnessing the capital available in the region to make major acquisitions. Mubadala has already become a major shareholder in Italian business aircraft manufacturer Piaggio.
Snecma and Indian Airlines in engine MoU
Agreement : Snecma Services and Indian Airlines have signed a memorandum of understanding to establish an engine maintenance, repair and overhaul business in India to handle CFM International engines, including those on Indian Airlines' Airbus fleet.
Engine wins boost Woodward figures
Results : US-based aerospace supplier Woodward Governor has reported strong year-on-year growth in sales and earnings for fiscal year 2006, largely as a result of success in its aircraft engine division, which accounted for 20.4% of sales. Chief executive Thomas Gendron says the company achieved a key aim of maintaining profitability in its aircraft engine sector, despite higher levels of research and development investment following recent wins on the General Electric GEnx and Pratt & Whitney Canada PW600 engines.
P&W signs overhaul deal with China Eastern
Maintenance : Pratt & Whitney is to set up an engine overhaul facility in Shanghai with China Eastern Airlines. The deal, signed last week, includes a 15-year contract for the company to carry out maintenance on the airline's fleet of CFM56 engines. Construction is set to begin in the first half of next year, with the first engine maintenance taking place in 2008. Once fully operational, the facility will overhaul 200-300 engines every year, and employ 800 people.
Bombardier Aerospace boosts Q3 revenues
Deliveries : Bombardier Aerospace delivered fewer aircraft, but generated more in revenue and orders in the third quarter of the fiscal year, ended 31 October, compared with last year. The the Canadian manufacturer delivered 42 business jets and 31 regional aircraft, generating $1.8 billion revenue, up $50 million from the same period last year. Earnings before financing income, financing expenses and income taxes (EBIT) totalled $43 million, up $10 million. Bombardier as a whole (which includes the company's transport arm) reported a profit of $74 million, compared with a $9 million loss for the same quarter last year. Deliveries declined slightly from 74 to 73 this year. The reasons included a three-week strike in October by workers at the Learjet plant in Wichita, an action that resulted in six fewer Learjet deliveries in the quarter compared with last year, says Pierre Beaudoin, Bombardier Aerospace president and chief operating officer.
Source: Flight International