NEWS
Losses Increase for Embraer as EU Halts Boeing Deal Review
The Brazilian company reports $77M net loss in earnings call. In an earnings call this week, Embraer (NYSE:ERJ) reported a 3Q19 net loss of $77.2 million, results that were impacted by separation costs of $34.8 million related to the carve out of their commercial aviation business in a deal with Boeing. Embraer reported an adjusted
Read MoreTextron Aviation’s Flagship Longitude Receives FAA Type Certification
The Longitude received the most robust testing of a Cessna Citation to date. Textron Aviation, parent company of Cessna Aircraft, said yesterday that its new super-midsize business jet, the Citation Longitude, has received its type certification from the FAA. Agency type certification paves the way for deliveries of the new airplane to begin. The Longitude’s
Read MoreCarlyle Group completes €1 billion purchase of aerospace manufacturing firm
Global investment firm The Carlyle Group has completed the acquisition of Forgital, for approximately €1 billion. Forgital is an Italian-based manufacturing company producing large forged and machined components for use in the aerospace and industrial sector. Equity for the transaction will come from Carlyle Europe Partners V, a European-focused upper-mid market buyout fund and Carlyle Partners VII, a
Read MoreBoeing signs near $1 billion contract with US Air Force
Boeing has signed a new contract with the US Air Force (USAF) worth $999 million to maintain A-10 Thunderbolt II sustainment work under an Indefinite Delivery/Indefinite Quantity (IDIQ) contract award. The contract will cover the production of a maximum of 112 wing sets and spare kits. The USAF ordered 27 wing sets immediately at contract
Read MoreGulfstream Delivers First G600
The initial U.S. customer delivery marks a milestone for the jet. Gulfstream Aerospace delivered its first G600 business jet to a U.S. customer from its facility in Savannah, Georgia, on August 8, 2019. The initial delivery marks an important milestone for the program, just one month after the FAA granted the aircraft’s type and production
Read MoreTamarack Aerospace Restarts the Clock on Warranties
Active winglet airplanes returned to flying status. On July 10, the FAA approved an alternative method of compliance (AMOC) for all Active Winglet equipped Citation jets, which returned CJ1, CJ2, CJ3 and M2 aircraft to flying status. EASA regulators also recently resolved flight restriction issues in Europe created around the recent Emergency Airworthiness Directive (EAD)
Read MoreBritish Airways facing record £183 million data break fine
British Airways is facing a record fine of £183 million in relation to last year’s breach of its security systems. “We are surprised and disappointed in this initial finding from the ICO. British Airways responded quickly to a criminal act to steal customers’ data,” British Airways chairman and chief executive officer Alex Cruz, said. “We
Read MoreGaruda Indonesia shares tumble as regulator orders fixing of financial numbers
Indonesia’s financial regulator (OJK) and stock exchange has ordered Garuda Indonesia to “repair and restate” its annual accounts – this has in turn sent the airline’s shares tumbling 7.6%, its lowest level since January. The news comes just weeks after its two biggest private shareholders alleged it had misrepresented a $240 million transaction. OJK has
Read MoreLufthansa lowers outlook; IMO 2020; and the lead story from Paris
Lufthansa shares fell by 11.5% this morning at the open after the German flag carrier lowered its profit outlook for 2019 from €2.4-3bn to €2-2.4bn, citing price competition from low-cost rivals. In a statement, Lufthansa said: “Yields in the European short-haul market, in particular in the group’s home markets, Germany and Austria, are affected by
Read MoreMagnetic MRO looking to raise capital with issue of new shares
Magnetic MRO (MMRO) has reached an agreement with investors to raise additional capital by up to €8.95 million ($10.1 million). Chinese company Shenzhen Yongtai Trading and Hong Kong-based Sapphire Investment Holding will acquire shareholdings of up to 13.44% and 1.6% respectively. The total share capital of Magnetic MRO will be increased from €1.09 million to €1.23
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