(SMALL) SIZE MATTERS FOR ELTA
"Constantly growing demand" for unmanned systems radar has led Israel Aerospace Industries' Elta division to focus on developing smaller versions of products such as its EL/M2025, derived from a system installed on Lockheed Martin P-3s. Marketing manager Igo Licht says: "We are working on a full range of radar and other sensors for COMINT and ELINT."
HEROUX-DEVTEK CAUTIOUS ON 'FRAGILE' RECOVERY
Aerospace segment operating profits at Canadian landing gear and aerostructures components maker Héroux-Devtek dropped 27% to C$4.9 million ($4.7 million) in its first quarter to 30 June. Sales were up 1% to C$76 million with the contribution from Eagle Tool & Machine, bought in April, but otherwise dipped 1.9%. Says chief executive Gilles Labbé: "The recovery remains fragile and orders can still be deferred or cancelled."
AIRCRAFT BACK $2.5 BILLION ILFC REFINANCING
International Lease Finance is to issue $2.5 billion in senior secured notes guaranteed by aircraft and other assets to repay loans from parent group AIG. ILFC enjoyed low-cost funds when AIG's credit rating was AAA, but now says: "Our cost of borrowing is increasing [reflecting] our current long-term debt ratings."
ST AEROSPACE TAKES FULL SHARE OF SCHOOL
ST Aerospace has taken full ownership of ST Aerospace Training Academy with the S$4 million ($2.96 million) acquisition of a 30% stake held by Aviation Training Academy (Singapore).
JAL CHECKS OUT OF HOTELS
Japan Airlines is to sell most of its shares in its JAL Hotels and some passenger and ground handling subsidiaries as part of its restructuring plan. The airline, which filed for bankruptcy protection in January and received a government bailout, plans to cut its workforce, drop unprofitable routes and sell off non-core assets.
E.DIGITAL SUSPENDS PORTABLE IFE DEVELOPMENT
Portable in-flight entertainment specialist e.Digital is suspending development of the next generation of its eVU player after posting a fiscal first quarter net loss of $350,000 because business conditions for new hardware "are still not showing improvement".
GOODRICH EXPANDS SENSORS OPERATION
Goodrich is expanding its Burnsville, Minnesota sensors and integrated systems factory by a quarter with a 5,300m2 (57,000ft2) addition set for completion in 2012.
HAL FORGES REVERSE ENGINEERING ALLIANCE
Infotech HAL, a Bangalore joint venture between Hindustan Aeronautics and Infotech Enterprises, has allied with UK-based Nasmyth to develop fully integrated design and reverse engineering facilities for production, subsystems and assemblies.
CURRENCY MOVES HIT COBHAM
At Cobham, first-half revenue edged up 1% to £963 million ($1.5 billion) and gross profit held steady at £300 million, but operating profit was down by a quarter to £119 million and pre-tax profit slumped 30% to £97 million as the defence electronics and aviation services group was hit by a £61 million swing in currency losses.
Source: Flight International