ITT SPLITS ITSELF INTO THREE
ITT is to divide itself into three New York Stock Exchange-traded companies. Chief executive Steve Loranger says that, compared with the existing company, "each new company will be more nimble". After the change, ITT will be focused on highly engineered industrial products and will include the current corporation's Industrial Process, Motion Technologies, Interconnect Solutions and Control Technologies businesses. It will have a pro-forma 2011 revenue estimated at $2.1 billion. As an independent business, the existing Defense & Information Solutions unit will be rebranded, with an estimated pro-forma 2011 revenue of $5.8 billion. The third company, a water technology business, will have an estimated pro-forma 2011 revenue of $3.6 billion.
ISRAEL FACES PRESSURE OVER IMI-RAFAEL DEAL
Following worker opposition to privatisation, the Israeli government has opted to merge its Israel Military Industries business, which is struggling to fund its pension obligations, into state-owned Rafael. However, state-held rival Israel Aerospace Industries, which would like to own IMI's Givon rockets unit, is pressing for a change of tack. "The synergy between us and IMI is greater," it says.
PREMIUM AEROTEC OPENS SHOP IN ROMANIA
EADS's German aerostructure subsidiary Premium Aerotec has begun Airbus metal component manufacturing at its new plant in Romania, which has taken over work previously performed by eurozone subcontractors. The 300-worker plant will be expanded to 500 staff later this year.
P&W BUYS IP BEHIND ENGINE WASH
Pratt & Whitney is buy the aviation assets, including intellectual property, of Gas Turbine Efficiency, which developed the EcoPower engine wash technology launched by P&W in 2004.
CHINA COMPOSITES VENTURE APPROVED
UK-headquartered composite materials supplier Umeco has won Chinese approval to form a Shanghai joint venture owned 51% by Umeco and 49% by its Chinese distributor. A manufacturing facility is expected to be operational by the end of 2011.
MEGGITT BUYS ELECTRIC SYSTEMS PRESENCE
Meggitt hopes to increase its share of the Boeing 787, Airbus A350 and Airbus Military A400M programmes with the $685 million cash acquisition of motors, actuators and controllers maker Pacific Scientific Aerospace. The deal is expected to conclude in April.
TATA, IAI FORGE INDIA TECHNOLOGY VENTURE
Nova Integrated Systems, a 74-26 joint venture between Tata Advanced Systems and Israel Aerospace Industries, is building facilities to develop technology for radars, missiles and unmanned air vehicles at the Adibatla special economic zone near Hyderabad. IAI will have the option to increase its stake to 50%.
UK REGION LOOKS FOR AEROSPACE LIFT
The UK's North West Aerospace Alliance trade group has signed a £200,000 ($320,000) deal with The Advance Consultancy to help companies in the region bid collaboratively for large contracts. The contract forms part of the NWAA's £7 million Aerospace Supply Chain Excellence 2 programme, and is funded by the UK government and the European Regional Development Fund.
Source: Flight International