July 2 (Reuters) – Automakers including Fiat Chrysler Automobiles NV and Hyundai Motor Co on Tuesday reported a rise in U.S. sales for June, lifted by strong demand for sport utility vehicles and trucks.
Automakers have focused on selling the more profitable larger SUVs and trucks and had offered heavy discounts of up to 30% or more on their most popular models in June amid a slowdown in the broader market.
U.S. auto sales are slowing after a long bull-run that has satiated replacement demand.
Fiat Chrysler said its sales rose 1.9% to 206,083 vehicles in June, driven by a 45% surge in sales of its Ram trucks.
Hyundai said its sales rose 1.5% to 64,202 vehicles in the month, boosted by a 36% increase in sales of its Santa Fe sport utility vehicles.
GM and Ford are yet to report their sales numbers.
Mitsubishi Motors North America Inc said its June sales rose 10.5% to 12,317 vehicles due to an increase in sales of its seven-seater Outlander and Eclipse Cross SUV’s.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Shinjini Ganguli and James Emmanuel)
SEATTLE, July 1, 2019 /PRNewswire/ — Alaska Air Group Inc., the parent company of Alaska Airlines Inc. and Horizon Air Industries, Inc., will announce its second quarter 2019 financial results on Thursday, July 25, 2019. A conference call is scheduled at 4:30 p.m. Eastern time/1:30 p.m. Pacific time. Interested parties may listen to the call via webcast at www.alaskaair.com/investors.
Alaska Airlines and its regional partners fly 46 million guests a year to more than 115 destinations with an average of 1,200 daily flights across the United States and to Mexico, Canada and Costa Rica. With Alaska and Alaska Global Partners, guests can earn and redeem miles on flights to more than 900 destinations worldwide. Alaska Airlines ranked “Highest in Customer Satisfaction Among Traditional Carriers in North America” in the J.D. Power North America Airline Satisfaction Study for 12 consecutive years from 2008 to 2019. Learn about Alaska’s award-winning service at newsroom.alaskaair.com and blog.alaskaair.com. Alaska Airlines and Horizon Air are subsidiaries of Alaska Air Group (NYSE: ALK).
July 1 (Reuters) – Canada’s Brookfield Asset Management Inc and Singaporean sovereign wealth fund GIC on Monday agreed to buy U.S. freight railroad owner Genesee & Wyoming Inc for about $6.4 billion in cash.
Brookfield and GIC’s offer of $112 per share represents a premium of 12 percent to Genesee’s closing price on Friday. Genesee shares were up about 8 percent in trading before the bell.
Including debt, the deal is valued at about 8.4 billion, the companies said in a statement.
Genesee & Wyoming’s revenue have increased at a compound annual growth rate of 16.8% since it floated in the stock market in 1996, rising to $2.3 billion in 2018 from $77.8 million, according to Genesee & Wyoming’s latest annual report.
The company owns a portfolio of 120 short-line railroads, predominantly in North America, with operations in Europe and Australia.
Reuters had reported on the deal on Sunday, citing sources.
The deal, which is expected to close by year end or early 2020, would be the latest big leveraged buyout by Brookfield, which agreed last year to buy Johnson Controls International Plc’s power solutions business for about $13 billion.
Citigroup Global Markets Inc served as the financial adviser to Brookfield and GIC, while BofA Merrill Lynch and Morgan Stanley & Co LLC advised Genesee.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D’Silva)
Bamboo Airways is a new Vietnamese airline that commenced operations at the beginning of 2019. The airline currently has a fleet of about 10 Airbus A320 family aircraft, and has a further 76 planes on order, including 46 A321neo’s and 30 787-9’s.
WICHITA, KS (June 27, 2019) – Textron Aviation Inc., a Textron Inc. (NYSE:TXT) company, celebrated its leadership of the light jet segment with the delivery of the 300th Cessna Citation CJ4, the industry’s top performing aircraft in this segment. The milestone aircraft was delivered today to McNeilus Steel, based in Dodge Center, Minnesota.
“The Citation CJ4 continues to be a standout in the light jet segment due to its combination of high performance, low operating costs and class-leading cabin amenities,” said Rob Scholl, Textron Aviation senior vice president, Sales and Marketing. “Our light jet product range, led by the Citation CJ4, continues to pace this segment globally in terms of deliveries, primarily because customers appreciate what they get in terms of productivity and value.”
Founded in 1948, McNeilus Steel is a family owned metals distribution business and employs more than 450 people across locations in Dodge Center, Minnesota, Fargo, North Dakota, and Fond du Lac, Wisconsin. McNeilus is upgrading to full ownership of a CJ4, having been a fractional owner of a Cessna Citation CJ1+ since 2016.
“Our reputation is built on customer service and our Citation CJ4 will help us strengthen that reputation through even more personal interaction with our customers,” said Levi McNeilus, director of Purchasing at McNeilus.
Introduced in 2010, the Citation CJ4 is the largest of the Cessna light jet family of aircraft that includes the Citation CJ3+ and the Citation M2. The CJ4 allows customers to go further with the leading range-to-payload ratio and a best-in-class IFR range of 1,926 nautical miles (3,567 km) with a maximum cruise speed of 451 knots (true airspeed).
The CJ4 is certified for single pilot operation, has seating for nine passengers and includes a notable 1,040-pound baggage capability. Other features include single point refueling, an externally serviceable lavatory and excellent range, delivering what crew and cabin passengers appreciate.
Leading the light jet segment
Cessna Citations continue to lead this segment, with over 5,000 light jets delivered throughout the world, offering customers the broadest range of products on the market. From the popular entry level Cessna Citation M2, to the upgraded efficiency and comfort of the CJ3+ and the leading CJ4, Textron Aviation’s Citation family of light business jets has evolved to offer a range of capabilities, systems and options unmatched in its class.
MHI now positioned to transform and lead the underserved regional jet business, with bolstered customer support services
Key step in MHI’s strategy of expanding its aircraft business globally, with a mid-term focus on North America
Completes Bombardier’s aerospace transformation and refocus on business aviation
Mitsubishi Heavy Industries, Ltd (MHI) (TOKYO:7011) and Bombardier Inc (TSX: BBD.B) announced today they have entered into a definitive agreement, whereby MHI will acquire Bombardier’s regional jet program for a cash consideration of $550 million USD, payable to Bombardier upon closing, and the assumption by MHI of liabilities amounting to approximately $200 million USD. Under the agreement, Bombardier’s net beneficial interest in the Regional Aircraft Securitization Program (RASPRO), which is valued at approximately $180 million USD, will be transferred to MHI.
Pursuant to the agreement, MHI will acquire the maintenance, support, refurbishment, marketing, and sales activities for the CRJ Series aircraft, including the related services and support network located in Montréal, Québec, and Toronto, Ontario, and its service centres located in Bridgeport, West Virginia, and Tucson, Arizona, as well as the type certificates.
This acquisition is complementary to MHI’s existing commercial aircraft business, in particular the development, production, sales and support of the Mitsubishi SpaceJet commercial aircraft family. The maintenance and engineering capabilities of the CRJ program will further enhance critical customer support functions, a strategic business area for MHI in the pursuit of future growth.
Seiji Izumisawa, President & CEO of Mitsubishi Heavy Industries Ltd., commented: “As we outlined during the recent Paris Air Show, we are working hard to ensure that we provide new profit potential for airlines and set a new standard for passenger experience. This transaction represents one of the most important steps in our strategic journey to build a strong, global aviation capability. It augments these efforts by securing a world-class and complementary set of aviation-related functions including maintenance, repair and overhaul (MRO), engineering and customer support.”
Izumisawa concluded, “The CRJ program has been supported by tremendously talented individuals. In combination with our existing infrastructure and resources in Japan, Canada and elsewhere, we are confident that this represents one effective strategy that will contribute to the future success of the Mitsubishi SpaceJet family. MHI has a decades-long history in Canada, and I hope this transaction will result in the expansion of our presence in the country, and will represent a significant step in our growth strategy.”
“We are very pleased to announce this agreement, which represents the completion of Bombardier’s aerospace transformation,” said Alain Bellemare, President and Chief Executive Officer, Bombardier Inc. “We are confident that MHI’s acquisition of the program is the best solution for airline customers, employees and shareholders. We are committed to ensuring a smooth and orderly transition.”
Bellemare continued: “With our aerospace transformation now behind us, we have a clear path forward and a powerful vision for the future. Our focus is on two strong growth pillars: Bombardier Transportation, our global rail business, and Bombardier Aviation, a world-class business jet franchise with market-defining products and an unmatched customer experience.”
The CRJ production facility in Mirabel, Québec will remain with Bombardier. Bombardier will continue to supply components and spare parts and will assemble the current CRJ backlog on behalf of MHI. CRJ production is expected to conclude in the second half of 2020, following the delivery of the current backlog of aircraft.
Bombardier will also retain certain liabilities representing a
portion of the credit and residual value guarantees totaling
approximately $400 million USD. This amount is fixed and not subject to
future changes in aircraft value, and payable by Bombardier over the
next four years.
The transaction is currently expected to close during the first half of 2020 and remains subject to regulatory approvals and customary closing conditions.
The agreement contemplates a reverse break fee payable by MHI under certain circumstances.
About MHI
Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, is one of the world’s leading industrial firms with 80,000 group employees and annual consolidated revenues of around US$38 billion. For more than 130 years, the company has channeled big thinking into innovative and integrated solutions that move the world forward. MHI owns a unique business portfolio covering land, sea, sky and even space. MHI delivers innovative and integrated solutions across a wide range of industries from commercial aviation and transportation to power plants and gas turbines, and from machinery and infrastructure to integrated defense and space systems.
With over 68,000 employees, Bombardier is a global leader in the transportation industry, creating innovative and game-changing planes and trains. Our products and services provide world-class transportation experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.
Headquartered in Montreal, Canada, Bombardier has production and engineering sites in 28 countries as well as a broad portfolio of products and services for the business aviation, commercial aviation and rail transportation markets. Bombardier shares are traded on the Toronto Stock Exchange (BBD). In the fiscal year ended December 31, 2018, Bombardier posted revenues of $16.2 billion US. The company is recognized on the 2019 Global 100 Most Sustainable Corporations in the World Index. News and information are available at bombardier.com or follow us on Twitter @Bombardier.
Bombardier and CRJ are trademarks of Bombardier Inc. or its subsidiaries
Paris, France, June 18, 2019 – Embraer announced today, at the 53rd International Paris Air Show, that it has signed a contract with Japan’s Fuji Dream Airlines (FDA) for a firm order of two E175 jets. The order has a value of USD 97.2 million, based on 2019 list prices, and was already included in Embraer’s 2019 first-quarter backlog as “undisclosed.”
“We are extremely pleased to continuously grow our fleet and our relationship with Embraer,” said Yohei Suzuki, Chairman and CEO of Fuji Dream Airlines. “FDA currently operates 14 aircraft – three E170s and eleven E175s. These new aircraft will give us the ability to grow our capacity, allowing us to add more routes and frequencies, while also offering our passengers the best cabin in its category.”
FDA’s new E175s will be configured in a single-class layout with 84 seats, with deliveries starting in 2019. Embraer delivered the first E-Jet, an E170, to Fuji Dream Airlines in 2009.
“After nearly 10 years of operations, Fuji Dream Airlines has established itself as an exemplary model for sustainable growth with the support of the E175’s unrivaled attributes underpinning the success of their continued network expansion with new point-to-point services,” said Cesar Pereira, Asia Pacific Vice President, Embraer Commercial Aviation. “As a testament to Embraer’s merits, there will be a total of 48 E-Jets flying in Japan by the end of 2019. Of which, FDA’s all-Embraer fleet of 14 aircraft represents the largest of its kind in Asia and has a world leading 99.83% dispatch reliability – yet another example of how Embraer’s products and customer support have been setting new standards in the industry.”
The E175 is the best seller of the E-Jets family with more than 770 orders from airlines and lessors around the world. Since January 2013, Embraer has sold more than 565 E175s to airlines in North America alone, earning more than 80% of all orders in the 70-76-seat jet segment.
FDA and Embraer have also signed an extension of the Pool Program to cover its fleet of E170s and E175s, including these new orders. The program includes the advance exchange and repair management for more than 300 essential line replacement units of the aircraft.
Embraer is the world’s leading manufacturer of commercial aircraft up to 150 seats with more than 100 customers from all over the world. For the E-Jets program alone, Embraer has logged more than 1,800 orders and 1,500 aircraft have been delivered. Today, E-Jets are flying in the fleet of 75 customers in 50 countries. The versatile 70 to 150-seat family is flying with low-cost airlines as well as with regional and mainline carriers.
Paris, France, June 17, 2019 – Embraer announced today, at the 53rd International Paris Air Show, that it has signed a contract with United Airlines for up to 39 E175’s. The order comprises 20 firm aircraft and 19 options in a 70-seat configuration. The order has a value of USD 1.9 billion, based on Embraer’s current list prices, with all options being exercised. The firm order will be included on Embraer’s 2019 second-quarter backlog. Deliveries are expected to begin in the second quarter of 2020. These aircraft will replace older 70-seat aircraft currently operated by United’s regional partners.
“With this contract, we have the opportunity to continue serving United’s fleet with our class-leading E175 platform,” said Charlie Hillis, Vice President, Sales & Marketing, North America, Embraer Commercial Aviation. “Embraer’s dedication to finding solutions that meet our customer’s needs is the primary reason we continue to outperform in this market segment.”
“The E175, operated by our regional partners, has proven to be an important part of our fleet as we continue to grow our mainline airline and provide an enhanced customer experience,” said Gerry Laderman, Chief Financial Officer of United Airlines. “As we focus on providing our customers the utmost comfort and convenience, we will rely on aircraft like the E175 to help us achieve our goal of delivering the best experience in the sky.”
Including this new contract, Embraer has sold more than 585 E175s to airlines in North America since January 2013, earning more than 80% of all orders in this 70-76-seat jet segment.
Embraer is the world’s leading manufacturer of commercial aircraft up to 150 seats with more than 100 customers from all over the world. For the E-Jets program alone, Embraer has logged more than 1,800 orders and 1,500 aircraft have been delivered. Today, E-Jets are flying in the fleet of 75 customers in 50 countries. The versatile 70 to 150-seat family is flying with low-cost airlines as well as with regional and mainline carriers.
Follow us on Twitter: @Embraer
About Embraer
A global aerospace company headquartered in Brazil, Embraer celebrates its 50th anniversary with businesses in Commercial and Executive aviation, Defense & Security and Agricultural Aviation. The company designs, develops, manufactures and markets aircraft and systems, providing Services & Support to customers after-sales.
Duluth, Minn. and Knoxville, Tenn. (4 June 2019) – Cirrus Aircraft announced today that Zean Nielsen has been selected to succeed Co-founder Dale Klapmeier as its next Chief Executive Officer (CEO). Nielsen has held senior leadership roles at a range of global world-class organizations, including Tesla Motors, James Hardie and Bang & Olufsen.
“Cirrus Aircraft has a remarkably bright future ahead,” noted Dale Klapmeier, Co-founder and National Aviation Hall of Fame member. “We are fortunate to have someone of Zean’s caliber and experience to lead us into the next era of growth. I am looking forward to moving into a Senior Advisory role and continuing to work with our exceptional team on reinventing the future of personal transportation.”
“I am honored and humbled to join this team of experienced general aviation leaders and a world-class workforce as we continue to bring game-changing products and services to market,” said Zean Nielsen, CEO of Cirrus Aircraft. “Our mission is to deliver an aviation experience that is the pinnacle of innovation, quality and safety to our customers – and that is exactly what we will continue to do for many years to come.”
Zean most recently served as the Executive Vice President of North American Sales at James Hardie, a leading industrial building materials company. Prior to his role at James Hardie, Nielsen ran all aspects of Tesla Motors worldwide sales operations efforts as the Vice President of Global Sales Operations. Zean began his career at Bang & Olufsen, the luxury electronics maker, where over a 17 year career he ascended to more senior roles before he ultimately became the President of Bang & Olufsen North and South America, prior to joining Tesla Motors.
Nielsen assumed the CEO role at Cirrus Aircraft on 3 June 2019.
About Cirrus Aircraft
Cirrus Aircraft is the recognized global leader in personal aviation and the maker of the best-selling SR Series piston aircraft and the Vision JetTM, the world’s first single-engine Personal JetTM, as well as the recipient of the Robert J. Collier Trophy. Founded in 1984, the company has redefined performance, comfort and safety in aviation with innovations like the Cirrus Airframe Parachute System® (CAPS®) – the first FAA-certified whole-airframe parachute safety system included as standard equipment on an aircraft. To date, worldwide flight time on Cirrus aircraft has passed 10.5 million hours and 172 people have returned home safely to their families as a result of the inclusion of CAPS as a standard feature on all Cirrus aircraft. The company has four locations in the United States, located in Duluth, Minnesota, Grand Forks, North Dakota, Knoxville, Tennessee and McKinney, Texas.
Emirates Airline Selects Cirrus Aircraft SR22 for Flight Training Academy Fleet
Ottawa, Ontario, May 29th, 2019: Today during the CANSEC Defence & Security show, Viking Air Limited of Victoria, British Columbia has announced its plans to hold a world demonstration tour for its Guardian 400 aircraft, the special missions variant of the Viking Series 400 Twin Otter. The world tour will include detailed briefings and demonstration flights in Europe, Africa, Middle East, India, South East Asia, Oceania, and North America.
For the past six months, a production Series 400 Twin Otter has been undergoing modifications to transform into Viking’s Guardian 400 demonstrator aircraft for the proposed world tour. It will feature a right-hand SCAR pod with Hensoldt Argos EO/IR imaging turret, multi-spectral HDTV camera, mega-pixel HD Thermal imager, laser range finder, multi-mode auto tracker, and Remote Image Bus (RIB) video feed for display on the cockpit MFD or crew workstation. The demonstrator will also feature a left-hand SCAR pod with Leonardo Osprey Radar System and Sentient Vidar Camera system.
In addition to its mission sensor package, the Guardian 400 prototype will be equipped with an Airborne Technologies’ tactical workstation with high-definition touchscreen monitors, data/voice/video recorder, Mission Management Unit (MMU), mission radio communications, intuitive hand controller for MCU & SLR camera targeting, CarteNav AIMS mission system software, Kestrel MTI targeting software, and IKHANA ergonomic mission seat for optimized crew comfort. The prototype will also be equipped with Viking conformal bubble windows, left and right wing-mounted hard points by IKHANA, Thunder Bay Aviation stretcher racks, and an aft lavatory for crew comfort.
With a target launch date of September 2019, the Guardian 400 world tour has briefing and demonstration flights proposed throughout Europe, North Africa, Central Africa, Southeastern Africa, the Middle East, Southern Asia, Asia Pacific, North America and will culminate in Ottawa, Canada to coincide with the 2020 CANSEC Defence & Security show.
“As we’ve anticipated development of a Guardian 400 technical demonstrator for many years, to now be able to show off its unique performance capabilities and incredible versatility to interested military and government organizations in their home countries is exciting to say the least,” said Robert Mauracher, Viking executive vice president, Sales & Marketing. “While the tour details are still under development, we encourage interested parties to contact us if they wish to participate in a flight demonstration.”
About the Guardian 400 Twin Otter:
Viking developed the Guardian 400 in response to foreign military and government agency demand for a medium-range maritime patrol, SAR and critical infrastructure platform based on the new Twin Otter Series 400 aircraft. Designed as an economical force multiplier for 21st century surveillance and security requirements, the Guardian 400’s low acquisition and operating costs combined with its modern, flexible architecture allows it to be customized to suit operators’ financial and mission requirements.
The Guardian 400’s robust design, minimal maintenance requirements, and exceptional short-field performance capabilities make it ideally suited for specialized government operations in extreme environments. Certified under the restricted category, the Guardian 400’s increased take-off weight and extended range internal Patrol Tank allow for operational sorties over 10 hours in duration.
Trusted by the governments of Peru, Panama, the United States, United Arab Emirates, and Vietnam, over thirty Twin Otter Guardian 400 aircraft have now entered service in various roles, including maritime surveillance, search & rescue, parachute operations, pipeline monitoring, drug enforcement, medevac, and critical infrastructure support.
