Employees plan Reims Aerospace takeover
restructuring Subcontractor Reims Aerospace is set to be taken over by its 240 employees as part of a scheme to help it out of financial difficulties. President Gérard Russo says he hopes the €3 million ($3.8 million) plan for employees to take control of the business by forming a Société Cooperative de Production (Scop) will be completed by the end of November. The company, which posted turnover of €18.6 million ($23.5 million) in 2005, is currently in administration. The association of management and staff is set to present a proposal for the takeover to local authorities on 24 July. If this is approved the process will begin a week later. Discussions with French banks to agree loans to fund part of the estimated €3 million cost of the plan are now underway. Employees will cover some of the cost by buying shares at 1 each from its current owner, Luxembourg-based private investment group Leithanien Investment.
India plans to boost aerospace production
manufacturing Indian aerospace components and systems suppliers are forming the Aerospace Manufacturers’ Association (ASMA) in an effort to increase the proportion of indigenously produced equipment. The move follows the Indian government’s policy shift towards allowing defence production by the private sector.
TAT Industries becomes Sabena Technics
branding TAT is rebranding all its civil and military maintenance activities – formerly known as TAT Industries – under the name Sabena Technics, as part of a drive to increase its international footprint. The company has spent the last year integrating the defunct Belgian flag-carrier’s former subsidiary Sabena Technics, which it says gives it a strategic advantage through its location “at the heart of Europe” as well as through greater access to Airbus A320 and Boeing 737 maintenance work.
Saab and Denel form new company
joint venture Sweden’s Saab and South Africa’s Denel are forming a new aerostructures company. The South Africa-based company will compete internationally for aircraft design, manufacturing and assembly work for civil and defence aircraft and will be 20% owned by Saab and 80% by Denel, although Saab intends to increase its holding over time. The joint venture will initially employ about 600 Denel Aviation staff. Saab is investing R66 million ($9.9 million) in the venture while Denel will make a “proportional capital investment”. The new company will produce aerostructures for the Saab Gripen, Airbus Military A400M and Airbus commercial aircraft.
SALE seeks funds for expansion
LEasing Singapore Aircraft Leasing Enterprise (SALE) is considering a private equity sale or an initial public offering (IPO) this year and in a separate move is working with the Singapore authorities and banking sector to try to establish the country as a centre for aircraft securitisation. The Singapore-based lessor’s shareholders have appointed Citigroup Corporate and Investment Banking “to explore strategic options to maximise the returns on their investment and to fund the future expansion of the company”, says SALE. Singapore Airlines and German bank WestLB each own 35.5% of SALE, while the Singapore government’s investment arms Temasek Holdings and Government Investment Corporation Special Investments each have 14.5%.
ViaSat buys UAV data link specialist
ACQUISITION Satellite and wireless communications specialist ViaSat has bought Enerdyne Technologies in a $17 million deal. The company specialises in datalink equipment and digital video systems for defence and intelligence markets, in particular for unmanned air vehicle (UAV) applications. The acquisition will expand ViaSat’s presence in the US video surveillance and data link markets for defence applications.
Source: Flight International