DEARBORN, Mich., Aug. 19, 2021 – Today in celebration of the Woodward Dream Cruise, Ford Motor Company (NYSE: F) is taking a page out of its Mustang history book with the introduction of the new Mustang Ice White Edition Appearance Package for both Mustang coupe and Mustang Mach-E. This marks the first time in 28 years Ford is offering a white-on-white Mustang and the first time ever for the coupe.
“Mustang has always had the power to attract attention on the road, but the new Mustang Ice White Edition could – just like the original ’93 Triple White Fox body feature Mustang – become one of the hot collectibles of future generations,” said Jim Owens, Mustang brand marketing manager. “We are proud to continue a longstanding Mustang tradition of continuously offering fresh, new styling options for customers to empower them to make their Mustang an extension of who they are.”
The package is the first to be offered to both Mustang Mach-E and Mustang coupe customers.
Ice White Edition Mustang Mach-E
The 2021 Car and Driver EV of the Year, North American SUV of the Year and one of the hottest all-electric SUVs on the market will exclusively offer the new Mustang Ice White Edition Appearance Package on Mustang Mach-E Premium models.
Star White Metallic Tri-Coat paint includes unique Star White mirror caps and wheel lip moldings to ice-out the exterior. Front and center on the grille is an Oxford White pony badge, which also appears between the tri-bar taillamps. The package adds unique 19-inch machined-face aluminum wheels with Oxford White-painted pockets.
Light Space Gray sets the cabin stage, appearing on the seats, center console and door-panel armrests. A Bright Silver hex-patterned instrument panel plus an Oxford White pony badge on the steering wheel add chill to the interior environment.
Orders for the 2022 Mustang Mach-E Ice White Edition open in the fall. The vehicle will be in showrooms early next year.
Ice White Edition Mustang Coupe
Reminiscent of the 1993 Triple White Fox body feature Mustang, the 2022 Mustang coupe Ice White Edition gives customers the option to add even more head-turning style to the world’s best-selling sports car1. Ford made just 1,500 Triple White Fox body feature Mustangs – all convertibles.
Available on Mustang EcoBoost® and GT Premium fastback models, the Mustang Ice White Edition comes lacquered exclusively in Oxford White and features unique iced-out taillamps, plus heritage-inspired 19×9-inch wheels in matching Oxford White with machine-surfaced pockets. Just like on the Ice White Edition Mustang Mach-E, the Ice White Mustang coupe comes with Oxford White pony badges and fender badging.
The black and white interior features Oxford White leather seat inserts front and rear, plus Oxford White leather door panels. An aluminum appliqué on the dash and white accent stitching on the center console, door panels, shifter boot, headrests and more add to the cool cabin environment.
Ice White Edition Appearance Package-equipped Mustang EcoBoost and Mustang GT Premium coupes arrive at dealers in early 2022.
U.S. Special Operations Command awarded Boeing [NYSE: BA] a $578 million Foreign Military Sales contract approved by the U.S. Department of State to deliver 14 extended-range Chinook helicopters to the UK Royal Air Force (RAF).
The extended range Chinook gives the RAF fleet more versatility to execute the domestic and international heavy-lift missions that only the Chinook can facilitate.
Boeing and the RAF recently celebrated the 40th anniversary of the first Chinook delivery to the UK. Boeing will also celebrate the 60th anniversary of the Chinook’s first flight later this year.
The United Kingdom will be the first international operator of a Block II Chinook. Deliveries are scheduled to start in 2026.
Boeing has more than 4,600 employees in Pennsylvania supporting the Chinook, the V-22 Osprey, the MH-139A Grey Wolf and a number of services and engineering efforts. Including suppliers and vendors, Boeing’s activities support an estimated 16,000 jobs in Pennsylvania.
The Chinook fleet for the UK Ministry of Defence (MOD) supports more than 450 highly skilled jobs across the UK. Boeing colleagues provide maintenance and services support at Gosport, MOD Boscombe Down, and are embedded alongside the military at RAF Odiham.
As a leading global aerospace company, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. As a top U.S. exporter, the company leverages the talents of a global supplier base to advance economic opportunity, sustainability and community impact. Boeing’s diverse team is committed to innovating for the future and living the company’s core values of safety, quality and integrity.
Getafe19 April 2021 – The Airbus A400M new generation airlifter has successfully conducted a major helicopter air-to-air refueling certification campaign, completing the majority of its development and certification objectives. Airbus Defence and Space aims to achieve full helicopter air-to-air refuelling certification later this year with the conclusion of all mandatory night operation trials.
The flight tests, performed in coordination with the French Armament General Directorate (DGA), involved operations with two French Air Force H225M helicopters.
The campaign took place in day and night conditions over the west coast of France at between 1,000 ft and 10,000 ft and flight speeds as low as 105 knots. During those flights, a total of 81 wet contacts and transfers of 6.5 tonnes of fuel were achieved, which included simultaneous refuelling of two helicopters for the first time. The tests confirmed the positive results of the dry and wet contact operations conducted in 2019 and 2020.
Helicopter air-to-air refuelling is a unique military capability and key for Special Forces operations, involving aircraft with different flight profiles and sharing a very limited common flight envelope, requiring close formation flying patterns at low altitudes and night time conditions.
With this capability the A400M becomes one of the few tanker aircraft in the world capable of such operations. The multi-purpose H225M is one of the few helicopters in the world capable of in-flight refuelling, extending the standard 700 NM range by up to 10 hours flight time.
A400M as tanker
The A400M is certified as standard to be quickly configured as a tanker. Carrying up to 50.8 tonnes of fuel in its wings and centre wing box, without compromising any cargo hold area, two additional cargo hold tanks can also be installed, providing an additional 5.7 tonnes of fuel each. The separate cargo-hold tanks allows for the use of different types of fuel, enabling the A400M to cater for the needs of different types of receiver aircraft.
As a tanker, the A400M has already demonstrated its ability to refuel fighter receivers such as Eurofighter, Rafale, Tornado or F/A-18 at their preferred speeds and altitudes, and is also able to refuel other large aircraft such as another A400M for buddy refuelling, C295 or C-130.
A crowd that included Air Force leadership, congressional representatives and senators, executives and plant personnel from the Lockheed Martin Aeronautics Corporation attended a ceremony dedicating the delivery of the final F-22 Raptor in Marietta, Ga., May 2. (U.S. Air Force photo/Don Peek)
From Reuters News – Reporting by Mike Stone in Washington, D.C., Editing by Greg Roumeliotis
Dec 20 (Reuters) – Lockheed Martin Corp (NYSE: LMT) said on Sunday that it has agreed acquire U.S. rocket engine manufacturer Aerojet Rocketdyne Holdings Inc (NYSE: AJRD) for $4.4 billion, including debt and net cash.
The deal is Lockheed’s biggest acquisition since Jim Taiclet took over as chief executive in June. He is seeking to beef up the company’s propulsion capabilities amid competition from new entrants such as SpaceX and Blue Origin, for space contracts with the U.S. government.
“Acquiring Aerojet Rocketdyne will preserve and strengthen an essential component of the domestic defense industrial base and reduce costs for our customers and the American taxpayer,” Taiclet said in a statement.
Lockheed said it will pay $56 per share for Aerojet Rocketdyne, a 33 percent premium to Friday’s closing price. The purchase price will be reduced to $51 per share after the payment of a pre-closing special dividend, Lockheed added.
The Bethesda, Maryland-based company already uses Aerojet Rocketdyne’s propulsion systems in its aeronautics, missiles and fire control offerings.
Lockheed said the transaction, which is set to be scrutinized by regulators given the company’s leading position in the defense sector, is expected to close in the second half of 2021.
A crowd that included Air Force leadership, congressional representatives and senators, executives and plant personnel from the Lockheed Martin Aeronautics Corporation attended a ceremony dedicating the delivery of the final F-22 Raptor in Marietta, Ga., May 2. (U.S. Air Force photo/Don Peek)
Emirates will operate a special one-off A380 service to Bahrain on 15 December, one day ahead of the country’s 49th National Day celebrations. The deployment is in response to high passenger demand during the National Day holidays in the Kingdom.
On 15 December, the Emirates A380 service will operate as EK 839 and EK 840, departing Dubai at 1605 and arriving in Bahrain at 1625hrs. The flight will then depart Bahrain at 1745hrs arriving in Dubai at 2000hrs.
Emirates customers arriving from Bahrain have the option to take a complimentary COVID-19 PCR test on arrival in Dubai, or do their COVID-19 PCR test 96 hours prior to departure, making it even more convenient for those planning their holidays.
Passengers coming from Bahrain, along with three other GCC countries do not need to take a COVID-19 PCR test prior to departure.
Emirates celebrated its 20th anniversary to Bahrain this year, and since its first flight to the Kingdom has carried more than 6 million passengers between Bahrain and Dubai. The airline currently operates double daily flights to the Kingdom, connecting travellers to 99 global destinations, with safe and convenient onwards travel via Dubai to the Americas, Europe, Africa and Asia Pacific.
Emirates has deployed the A380 on one-off missions to the Kingdom six times, including during busy Eid travel periods, on Bahrain’s National Day in 2017, and has also displayed the double-decker twice during the Bahrain airshow.
The airline recently reinstated its signature A380 experiences, including the Onboard Lounge and Shower Spa, introducing additional health and safety measures. In early November, Emirates also restored its signature dining service across all classes while observing strict hygiene protocols. Customers can now enjoy multi-course meals and choose from a complimentary selection of beverages. Emirates’ award-winning inflight entertainment, ice, continues to add new content every month, and currently boasts over 4,500 channels.
For more information to book a journey on this special one-off A380, travellers can visit www.emirates.com/bh , travel agents or contact the local Emirates Sales Office.
– Financial results continue to be significantly impacted by COVID-19 and the 737 MAX grounding
– Proactively managing liquidity and transforming for the future
– Revenue of $14.1 billion, GAAP loss per share of ($0.79) and core (non-GAAP)* loss per share of ($1.39)
– Operating cash flow of ($4.8) billion; cash and marketable securities of $27.1 billion
– Total backlog of $393 billion, including more than 4,300 commercial airplanes
Table 1. Summary Financial Results
Third Quarter
Nine Months
(Dollars in Millions, except per share data)
2020
2019
Change
2020
2019
Change
Revenues
$14,139
$19,980
(29)%
$42,854
$58,648
(27)%
GAAP
(Loss)/Earnings From Operations
($401)
$1,259
NM
($4,718)
$229
NM
Operating Margin
(2.8)%
6.3%
NM
(11.0)%
0.4%
NM
Net (Loss)/Earnings
($466)
$1,167
NM
($3,502)
$374
NM
(Loss)/Earnings Per Share
($0.79)
$2.05
NM
($6.10)
$0.66
NM
Operating Cash Flow
($4,819)
($2,424)
NM
($14,401)
($226)
NM
Non-GAAP*
Core Operating (Loss)/Earnings
($754)
$895
NM
($5,773)
($864)
NM
Core Operating Margin
(5.3)%
4.5%
NM
(13.5)%
(1.5)%
NM
Core (Loss)/Earnings Per Share
($1.39)
$1.45
NM
($7.88)
($1.13)
NM
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.”
The Boeing Company [NYSE: BA] reported third-quarter revenue of $14.1 billion, GAAP loss per share of ($0.79) and core loss per share (non-GAAP)* of ($1.39), reflecting lower commercial deliveries and services volume primarily due to COVID-19 (Table 1). Boeing recorded operating cash flow of ($4.8) billion.
“The global pandemic continued to add pressure to our business this quarter, and we’re aligning to this new reality by closely managing our liquidity and transforming our enterprise to be sharper, more resilient and more sustainable for the long term,” said Boeing President and Chief Executive Officer Dave Calhoun. “Our diverse portfolio, including our government services, defense and space programs, continues to provide some stability for us as we adapt and rebuild for the other side of the pandemic. We remain focused on the health and safety of our employees and their communities. I’m proud of the dedication and commitment our teams have demonstrated as they continued to deliver for our customers in this challenging environment. Despite the near-term headwinds, we remain confident in our long term future and are focused on sustaining critical investments in our business and the meaningful actions we are taking to strengthen our safety culture, improve transparency and rebuild trust.”
Following the lead of global regulators, Boeing made steady progress toward the safe return to service of the 737 MAX, including rigorous certification and validation flights conducted by the U.S. Federal Aviation Administration, Transport Canada and the European Union Aviation Safety Agency. The Joint Operational Evaluation Board, featuring civil aviation authorities from the United States, Canada, Brazil, and the European Union, also conducted its evaluations of updated crew training. The 737 MAX has now completed around 1,400 test and check flights and more than 3,000 flight hours as it progresses through the robust and comprehensive certification process.
To adapt to the market impacts of COVID-19 and position the company for the future, Boeing continued its business transformation across five key areas including its infrastructure footprint, overhead and organizational structure, portfolio and investment mix, supply chain health and operational excellence. As the company resizes its operations to align with market realities, Boeing expects to continue lowering overall staffing levels through natural attrition as well as voluntary and involuntary workforce reductions, and recorded additional severance costs in the third quarter.
Table 2. Cash Flow
Third Quarter
Nine Months
(Millions)
2020
2019
2020
2019
Operating Cash Flow
($4,819)
($2,424)
($14,401)
($226)
Less Additions to Property, Plant & Equipment
($262)
($465)
($1,038)
($1,387)
Free Cash Flow*
($5,081)
($2,889)
($15,439)
($1,613)
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.”
Operating cash flow was ($4.8) billion in the quarter, reflecting lower commercial deliveries and services volume primarily due to COVID-19, as well as timing of receipts and expenditures (Table 2).
Table 3. Cash, Marketable Securities and Debt Balances
Quarter-End
(Billions)
Q3 20
Q2 20
Cash
$10.6
$20.0
Marketable Securities1
$16.5
$12.4
Total
$27.1
$32.4
Debt Balances:
The Boeing Company, net of intercompany loans to BCC
$59.1
$59.5
Boeing Capital, including intercompany loans
$1.9
$1.9
Total Consolidated Debt
$61.0
$61.4
1Marketable securities consists primarily of time deposits due within one year classified as “short-term investments.”
Cash and investments in marketable securities decreased to $27.1 billion, compared to $32.4 billion at the beginning of the quarter, primarily driven by operating cash outflows (Table 3). Debt was $61.0 billion, down from $61.4 billion at the beginning of the quarter due to the repayment of maturing debt.
Total company backlog at quarter-end was $393 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes
Third Quarter
Nine Months
(Dollars in Millions)
2020
2019
Change
2020
2019
Change
Commercial Airplanes Deliveries
28
62
(55)%
98
301
(67)%
Revenues
$3,596
$8,249
(56)%
$11,434
$24,793
(54)%
Loss from Operations
($1,369)
($40)
NM
($6,199)
($3,813)
NM
Operating Margin
(38.1)%
(0.5)%
NM
(54.2)%
(15.4)%
NM
Commercial Airplanes third-quarter revenue decreased to $3.6 billion, reflecting lower delivery volume primarily due to COVID-19 impacts as well as 787 quality issues and associated rework. Third-quarter operating margin decreased to (38.1) percent, primarily driven by lower delivery volume, as well as $590 million of abnormal production costs related to the 737 program.
Commercial Airplanes added the final 777X flight test airplane to the test program and the GE9X engine received FAA certification. In October, the company decided it will consolidate 787 production in South Carolina in mid-2021, which did not have a significant financial impact on the program in the third quarter. Commercial Airplanes delivered 28 airplanes during the quarter, and backlog included over 4,300 airplanes valued at $313 billion.
Defense, Space & Security
Table 5. Defense, Space & Security
Third Quarter
Nine Months
(Dollars in Millions)
2020
2019
Change
2020
2019
Change
Revenues
$6,848
$7,002
(2)%
$19,478
$20,168
(3)%
Earnings from Operations
$628
$754
(17)%
$1,037
$2,581
(60)%
Operating Margin
9.2%
10.8%
(1.6) Pts
5.3%
12.8%
(7.5) Pts
Defense, Space & Security third-quarter revenue decreased to $6.8 billion, primarily due to derivative aircraft award timing, partially offset by higher fighter volume (Table 5). Third-quarter operating margin decreased to 9.2 percent reflecting less favorable performance, including a $67 million KC-46A Tanker charge.
During the quarter, Defense, Space & Security received an award for eight F-15EX advanced fighter aircraft for the U.S. Air Force and a contract extension for the International Space Station for NASA, as well as contracts for nine additional MH-47G Block II Chinook helicopters for the U.S. Army Special Operations and four additional 702X satellites. Also in the quarter, the U.S. Air Force and Boeing team was awarded the Collier Trophy for aerospace excellence for the X-37B autonomous spaceplane. Significant milestones included inducting the 20th U.S. Navy F/A-18 into the Service Life Modification program as well as delivering the firstBell Boeing V-22 Osprey to Japan and the first MH-47G Block II Chinook to the U.S. Army Special Operations.
Backlog at Defense, Space & Security was $62 billion, of which 30 percent represents orders from customers outside the U.S.
Global Services
Table 6. Global Services
Third Quarter
Nine Months
(Dollars in Millions)
2020
2019
Change
2020
2019
Change
Revenues
$3,694
$4,658
(21)%
$11,810
$13,820
(15)%
Earnings from Operations
$271
$673
(60)%
$307
$2,013
(85%)
Operating Margin
7.3%
14.4%
(7.1) Pts
2.6%
14.6%
(12.0) Pts
Global Services third-quarter revenue decreased to $3.7 billion, driven by lower commercial services volume due to COVID-19, partially offset by higher government services volume (Table 6). Third-quarter operating margin decreased to 7.3 percent primarily due to lower commercial services volume and additional severance costs.
During the quarter, Global Services signed an agreement with GECAS for 11 737-800 Boeing Converted Freighters, secured a six-year P-8A support contract for the Royal Australian Air Force, and was awarded F-15EX training and services support contracts by the U.S. Air Force. Global Services also delivered the first P-8A Operational Flight Trainer for the United Kingdom Royal Air Force.
Additional Financial Information
Table 7. Additional Financial Information
Third Quarter
Nine Months
(Dollars in Millions)
2020
2019
2020
2019
Revenues
Boeing Capital
$71
$66
$205
$207
Unallocated items, eliminations and other
($70)
$5
($73)
($340)
Earnings from Operations
Boeing Capital
$30
$29
$47
$86
FAS/CAS service cost adjustment
$353
$364
$1,055
$1,093
Other unallocated items and eliminations
($314)
($521)
($965)
($1,731)
Other income, net
$119
$121
$325
$334
Interest and debt expense
($643)
($203)
($1,458)
($480)
Effective tax rate
49.6%
0.8%
40.1%
(350.6)%
At quarter-end, Boeing Capital’s net portfolio balance was $2.0 billion. The change in revenue and earnings from other unallocated items and eliminations was primarily due to the timing of cost allocations. Earnings from other unallocated items and eliminations was also impacted by lower enterprise research and development expense. Interest and debt expense increased due to higher debt balances. The third quarter effective tax rate reflects tax benefits related to the five year net operating loss carryback provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act as well as the impact of pre-tax losses.
Non-GAAP Measures Disclosures
We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company’s ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided:
Core Operating Earnings, Core Operating Margin and Core Earnings Per Share
Core operating earnings is defined as GAAP earnings from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the FAS pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margin is defined as core operating earnings expressed as a percentage of revenue. Core earnings per share is defined as GAAP diluted earnings per share excluding the net earnings per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs, comprising service and prior service costs computed in accordance with GAAP are allocated to Commercial Airplanes and BGS businesses supporting commercial customers. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings, core operating margin and core earnings per share for purposes of evaluating and forecasting underlying business performance. Management believes these core earnings measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation between the GAAP and non-GAAP measures is provided on pages 12-13.
Free Cash Flow
Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. Table 2 provides a reconciliation of free cash flow to GAAP operating cash flow.
Caution Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and similar expressions generally identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) the COVID-19 pandemic and related government actions, including with respect to our operations, our liquidity, the health of our customers and suppliers, and future demand for our products and services; (2) the 737 MAX, including the timing and conditions of 737 MAX regulatory approvals, lower than planned production rates and/or delivery rates, and increased considerations to customers and suppliers, (3) general conditions in the economy and our industry, including those due to regulatory changes; (4) our reliance on our commercial airline customers; (5) the overall health of our aircraft production system, planned commercial aircraft production rate changes, our commercial development and derivative aircraft programs, and our aircraft being subject to stringent performance and reliability standards; (6) changing budget and appropriation levels and acquisition priorities of the U.S. government; (7) our dependence on U.S. government contracts; (8) our reliance on fixed-price contracts; (9) our reliance on cost-type contracts; (10) uncertainties concerning contracts that include in-orbit incentive payments; (11) our dependence on our subcontractors and suppliers, as well as the availability of raw materials; (12) changes in accounting estimates; (13) changes in the competitive landscape in our markets; (14) our non-U.S. operations, including sales to non-U.S. customers; (15) threats to the security of our or our customers’ information; (16) potential adverse developments in new or pending litigation and/or government investigations; (17) customer and aircraft concentration in our customer financing portfolio; (18) changes in our ability to obtain debt financing on commercially reasonable terms and at competitive rates; (19) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures; (20) the adequacy of our insurance coverage to cover significant risk exposures; (21) potential business disruptions, including those related to physical security threats, information technology or cyber-attacks, epidemics, sanctions or natural disasters; (22) work stoppages or other labor disruptions; (23) substantial pension and other postretirement benefit obligations; and (24) potential environmental liabilities.
Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
– New Documentary Celebrates Workforce Response to Covid-19
https://youtu.be/lYHgV2u1T2Y
DEARBORN, Michigan, Sept. 4, 2020 – Following completion of its 50,000th ventilator to help clinicians treat COVID-19 patients, Ford is pivoting to target production of 100 million masks through 2021 for communities across the U.S. with limited access to personal protective equipment. The company, currently manufacturing 2.5 million medical-grade masks a week for its employees and at-risk communities, is growing the number of mask-making machines by mid- to late-October to increase production and deliver on its goal.
Ford is working with Ford Motor Company Fund, the company’s philanthropic arm, to identify donation recipients across the U.S. through a network of nonprofit and state and local partners. The company is focusing on military veterans, schools, food banks and African American communities, among others.
This announcement comes ahead of a new short documentary by award-winning director Peter Berg (“Friday Night Lights,” “Patriots Day,” “Lone Survivor”) titled “On the Line.” Premiering on YouTube at 2 p.m. EDT today, the documentary focuses on Ford’s Project Apollo, the internal codename for the company’s all-out effort to design and manufacture personal protective equipment, including powered air-purifying respirators, face shields, medical gowns for healthcare workers and first responders, plus ventilators for COVID-19 patients.
Berg’s deep dive into the story features members of Ford’s Project Apollo team – from the engineers who led the project to the UAW team members who volunteered to work at the height of the pandemic.
Last week, Ford Motor Company Fund shipped 10 million face masks to the National Urban League, American Red Cross, Disabled American Veterans and other local organizations to protect against COVID-19.
Ford, in partnership with the UAW, has produced more than 72 million pieces of personal protective equipment to meet the enormous demand. Altogether, this amounts to:
– More than 45 million face masks and 20 million face shields
– 50,000 patient ventilators
– More than 32,000 powered air-purifying respirators in collaboration with 3M
Boeing [NYSE: BA] is delivering new technologies and performance improvements to U.S. Special Operations Command (SOCOM) with the Block II Chinook helicopter. Boeing’s Philadelphia team recently delivered the first MH-47G Block II Chinook to SOCOM on time.
“This delivery marks a major step for the Chinook program,” said Andy Builta, vice president and H-47 program manager. “The new Chinook will give U.S. Special Operations Forces significantly more capability for extremely challenging missions and will enable them to conduct those missions on the future battlefield.”
The company is on contract for 23 more MH-47G Block II Chinooks, having signed a contract with SOCOM in July.
Boeing has more than 4,600 employees in Pennsylvania supporting Chinook, the V-22 Osprey, MH-139A Grey Wolf and a number of services and engineering efforts. Including suppliers and vendors, Boeing’s activities support an estimated 16,000 jobs in Pennsylvania.
U.S. Air Force Airman 1st Class Jonah Clark, a crew chief with the 801st Special Operations Aircraft Maintenance Squadron, marshals a new model of the CV-22B Osprey Tilitrotor Aircraft at Hurlburt Field, Florida. The new model CV-22 was delivered to the 801st SOAMXS and will continue the 8th Special Operations Squadron’s mission. (U.S. Air Force photo by Senior Airman Joseph P. LeVeille)
The Bell Boeing [NYSE:BA] V-22 team recently delivered its 400th aircraft, a CV-22 for U.S. Air Force Special Operations Command.
The first production V-22 was delivered on May 24, 1999, and today deliveries occur under the Multi-year Procurement III contract valued at $5 billion. That contract runs through 2024 and includes variants for the Marines, Air Force, and Navy, as well as the first international customer, Japan.
“I want to thank everyone who has made the V-22 successful for their hard work and dedication to the women and men who operate the Osprey,” said Shane Openshaw, vice president of Tiltrotor Programs and deputy director of the Bell Boeing team. “We’re focused on building and supporting these incredible aircraft so our customers can complete their air, land and sea missions worldwide.”
The V-22 takes off, hovers, and lands like a helicopter yet flies long distances like a turboprop aircraft. The CV-22 variant performs special operations missions, including infiltration, extraction, and resupply, that conventional aircraft can’t. The Marine Corps variant, the MV-22B, provides the safe and reliable transportation of personnel, supplies, and equipment for combat assault, assault support, and fleet logistics. The Navy variant, the CMV-22B, is the replacement for the C-2A Greyhound for the carrier onboard delivery mission.
“It’s been over 20 years since the first production V-22 was delivered and we are proud to reach another milestone in our 400th delivery. V-22s continue to be in high demand, protecting our country and our allies around the world through combat operations, international training partnerships and humanitarian missions,” said Marine Corps Col. Matthew Kelly, program manager for the V-22 Joint Program Office (PMA-275). “This platform’s impact can’t be overstated.”
The V-22 has been deployed in a variety of combat, special operations, and humanitarian roles since becoming operational in 2007. Having accumulated more than 500,000 flight hours, the V-22 is safe, survivable, and combat proven. Bell Boeing’s post-delivery support includes maintenance, modifications, supply chain expertise, data analysis and more than 160 field operations employees embedded at customer locations.
U.S. Air Force Airman 1st Class Jonah Clark, a crew chief with the 801st Special Operations Aircraft Maintenance Squadron, marshals a new model of the CV-22B Osprey Tilitrotor Aircraft at Hurlburt Field, Florida. The new model CV-22 was delivered to the 801st SOAMXS and will continue the 8th Special Operations Squadron’s mission. (U.S. Air Force photo by Senior Airman Joseph P. LeVeille)
TOKYO (Reuters) – Japan’s Mitsubishi Heavy Industries said on Thursday it will book a 496.4 billion yen ($4.5 billion) special loss after its aircraft unit delayed the delivery of its SpaceJet regional jet for at least another year until after March 2021.
The sixth delay announced by Mitsubishi Aircraft is a fresh blow to Japan’s commercial jet ambitions and could stretch Mitsubishi Heavy Industries’ finances.
The company cited the special loss as one reason for wiping out a forecast for operating profit of 220 billion yen in the business year ending March 31.
The new postponement also means an aircraft that Mitsubishi Heavy had planned to bring to market in 2013, will have to compete against a new generation of regional jets built by Brazil’s Embraer SA <ERJ>.
Japan’s biggest airline by revenue, ANA Holdings Inc., is now to take the first delivery of the jet sometime after March 2021.
Mitsubishi Heavy, which builds products ranging from nuclear reactors and ships to rockets and industrial machinery, has traditionally relied on stronger units to support weaker businesses.
“We use cashflow and borrowing to finance our projects and going forward the SpaceJet development will require further funds,” a spokesman for Mitsubishi Heavy said. The company, he added, had no plan at the moment to raise capital for aircraft development.
Government funding would not be an option for Japan’s biggest heavy machinery maker even though the SpaceJet is backed by the government because doing so would contravene World Trade Organization (WTO) rules banning taxpayer subsidies.
A spokeswoman for Mitsubishi Aircraft declined to say how much development of the SpaceJet has cost so far.
The company on Thursday said it had appointed Takaoki Niwa, the head of its U.S. operations, as its new president, replacing Hisakazu Mizutani, who will become chairman.
(Reporting by Tim Kelly; Editing by Kim Coghill and Christopher Cushing)
