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)
BRUSSELS (Reuters) – The European Union’s competition watchdog on Monday approved French state aid worth 7 billion euros ($7.66 billion) for Air France <AF.PA>, saying the support would provide cash to soften the economic shock of the coronavirus pandemic.
Airlines across Europe have sought state rescues as coronavirus lockdowns have forced them to ground their fleets for more than a month, with no end in sight.
“This 7 billion euro French guarantee and shareholder loan will provide Air France with the liquidity that it urgently needs to withstand the impact of the coronavirus outbreak,” the EU’s top competition official Margrethe Vestager said in a statement.
The European Commission noted the importance of Air France, with more than 300 planes, to the French economy and the role it has played in repatriating stranded citizens and transporting medical supplies.
The Commission said in its statement that the support will take the form of a state guarantee on loans and a subordinated shareholder loan to the company by the French state.
The French and Dutch governments each hold close to 14% of the Air France-KLM group, which was created by the 2004 merger between the two national carriers.
(Reporting by Gabriela Baczynska and Robin Emmott, editing by Ed Osmond and Barbara Lewis)
FILE PHOTO: Air France airplanes on the tarmac at Paris Charles de Gaulle airport in Roissy-en-France
(Reuters) – Boeing Co suppliers Hexcel Corp and Woodward Inc on Monday called off their planned all-stock merger as widespread travel bans to curb the coronavirus pummels demand in the aerospace sector.
The companies, which make and supply aircraft parts, had agreed to a merger in January in a $6.4 billion deal.
“Although we are disappointed with this outcome, we are confident this is the right decision for our customers, our shareholders, and our employees,” the companies said in a joint statement.
The market rout triggered by the coronavirus pandemic and the resulting economic downturn has thrown a wrench into corporate deal making. Last month U.S. printer maker Xerox Holdings Corp walked away from its $35 billion hostile cash-and-stock bid for HP Inc.
Boeing, which halted the production of its grounded 737 MAX aircraft in January, said on Sunday it would extend the suspension of production at its Washington state facilities until further notice.
Boeing is Hexcel’s second-biggest customer, accounting for a quarter of the company’s annual sales. Hexcel also supplies Airbus SE.
Woodward gets about 15% of its annual sales from Boeing, its biggest customer.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta and Devika Syamnath)
MILAN (Reuters) – Luxury carmaker Ferrari <RACE> said on Friday it would extend the shutdown of its two Italian plants and reopen on April 14, provided it had supplies, and update 2020 forecasts in May when it releases its first-quarter earnings.
Ferrari this month closed factories in Maranello and Modena, in the northern Italian region of Emilia-Romagna, for two weeks until March 27 in a response to the coronavirus outbreak and a shortage of parts.
Investment firm Exor <EXXRF>, which controls Ferrari, on Wednesday said that current plant closures at Ferrari as well as at other controlled companies Fiat Chrysler <FCAU> and CNH Industrial <CNHI>, though temporary, might continue.
Ferrari – which cited “the huge uncertainty and lack of predictability that the COVID-19 has created” – said it would continue to cover all days of absence for those employees who could not work remotely.
The company added it would give further financial guidance during a conference call on its first-quarter earnings, scheduled for May 4.
In February, Ferrari said it planned its adjusted core profit to increase to between 1.38-1.43 billion euros this year, compared to a previous guidance of over 1.3 billion euros.
Ferrari said on Friday it remained confident that it would “continue to create value for all stakeholders beyond the near-term uncertainties”.
(Reporting by Giulio Piovaccari; Editing by Nick Macfie)
Airbus A400M transports masks to Spain in support of COVID-19 crisis relief efforts
An Airbus A400M airlifter has performed an air-bridge between Toulouse and Madrid in order to deliver critically-needed mask supplies to the Spanish health system.
The aircraft, known as MSN56 and operated by an Airbus crew, took off on 23rd March 2020 from Airbus’ headquarters in Toulouse at 18.07 local time (CET) landing at the Getafe Air Base (Madrid) at 19.05 to off-load and deliver the masks to the Spanish Ministry of Defence.
The cargo is part of the approximately 2 million masks transported over the weekend by a test Airbus A330-800 aircraft from Tianjin, China, to Europe.
This air-bridge will enable the delivery of a significant supply of masks to the Spanish public health network in support of current COVID-19 crisis efforts. This comes on top of donations by Airbus in recent days to provide thousands of masks to hospitals and public services around Europe. The Company will continue to support with additional flights planned to take place in the coming days in coordination with national authorities.
Norwegian is pleased to announce that two Nordic banks have obtained credit committee approval to provide a guarantee for the required 10 percent for the first tranche of 300 million Norwegian kroner (NOK). Norwegian will secure the necessary headroom to pursue further guarantees from the Norwegian Government.
Government measures On Thursday 19 March, the Norwegian Government proposed a guarantee of NOK 6 billion for the Norwegian airline industry, of which up to NOK 3 billion is directed to Norwegian. The guarantee will be up to 90 percent from the Norwegian Government provided that financial institutions contribute with the remaining 10 percent. The guarantee scheme will consist of three tranches with a maximum two years maturity.
Since Thursday evening Norwegian has worked with banks and financial institutions and is pleased to announce that two Nordic banks have obtained credit committee approval to contribute with the 10 percent required in guarantee for Tranche I and to provide the NOK 300 million in financing backed by the guarantee from the Norwegian Government. The Company is working with the banks and the Norwegian Export Credit Guarantee Agency (“GIEK”), who will administrate the guarantee scheme, on the documentation in order to obtain the NOK 300 million in liquidity as soon as possible.
The Company is now working with GIEK and the Ministry of Trade, Industry and Fisheries to clarify the criteria and terms related to the remaining tranches under the scheme and to obtain further guarantees from financial institutions in order to back such remaining tranches. Norwegian will update the market with its further plan of action and implications for its stakeholders as soon as the criteria and terms have been finalized. The Government guarantee scheme is crucial for the Company as the current state of the capital markets in combination with the challenging times for the airline industry limit the options available. The first NOK 300 million will create necessary headroom to pursue the remaining tranches of the guarantee scheme.
Operational update Currently, most of the fleet is grounded and Norwegian has reduced its operations to a minimum. The airline will now primarily operate domestically in Norway and Sweden and between the Nordic capitals, in order to deliver on its corporate responsibility of maintaining critical infrastructure so that people and necessary goods and medical supplies can be transported during this unprecedented crisis. The limited schedule will remain in place until further notice. In addition, Norwegian has conducted repatriation flights together with the authorities in order to get citizens of Norway, Denmark and Sweden back home.
In order to reduce cost, Norwegian has temporarily laid off approximately 90 percent of its workforce and will continue to implement additional cost measures going forward.
Since the COVID-19 outbreak began, Emirates and dnata have been adapting operations in line with regulatory directives as well as travel demand.
The airline has aimed to maintain passenger flights for as long as feasible to help travellers return home amidst an increasing number of travel bans, restrictions, and country lockdowns across the world. It continues to maintain vital international air cargo links for economies and communities, deploying its fleet of 777 freighters for the transport of essential goods including medical supplies across the world.
With many of its airline customers dramatically reducing flights or ceasing services altogether, dnata has also significantly reduced its operations, including temporarily shutting some offices across its international network.
HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Group said: “The world has literally gone into quarantine due to the COVID-19 outbreak. This is an unprecedented crisis situation in terms of breadth and scale: geographically, as well as from a health, social, and economic standpoint. Until January 2020, the Emirates Group was doing well against our current financial year targets. But COVID-19 has brought all that to a sudden and painful halt over the past 6 weeks.
“As a global network airline, we find ourselves in a situation where we cannot viably operate passenger services until countries re-open their borders, and travel confidence returns. By Wednesday 25 March, although we will still operate cargo flights which remain busy, Emirates will have temporarily suspended most of its passenger operations. We continue to watch the situation closely, and as soon as things allow, we will reinstate our services.”
Having received requests from governments and customers to support the repatriation of travellers, Emirates will continue to operate passenger and cargo flights to the following countries and territories until further notice, as long as borders remain open, and there is demand: the UK, Switzerland, Hong Kong, Thailand, Malaysia, Philippines, Japan, Singapore, South Korea, Australia, South Africa, USA, and Canada. The situation remains dynamic, and travellers can check flight status on emirates.com.
Sheikh Ahmed added: “Emirates Group has a strong balance sheet, and substantial cash liquidity, and we can, and will, with appropriate and timely action, survive through a prolonged period of reduced flight schedules, so that we are adequately prepared for the return to normality.”
Cost reduction measures
The Emirates Group has undertaken a series of measures to contain costs, as the outlook for travel demand remains weak across markets in the short to medium term. This includes:
Postponing or cancelling discretionary expenditure
A freeze on all non-essential recruitment and consultancy work
Working with suppliers to find cost savings and efficiency
Encouraging employees to take paid or unpaid leave in light of reduced flying capacity
A temporary reduction of basic salary for the majority of Emirates Group employees for three months, ranging from 25% to 50%. Employees will continue to be paid their other allowances during this time. Junior level employees will be exempt from basic salary reduction
Presidents of Emirates and dnata – Sir Tim Clark and Gary Chapman – will take a 100% basic salary cut for three months
The Emirates Group has strong liquidity, with a healthy cash position but it is prudent that it take steps to reduce costs at this time. Emirates remains committed to serving its markets and looks forward to resuming a normal flight schedule as soon as that is permitted by the relevant authorities.
Safeguarding customers, employees, and communities
Emirates Group closely monitors the situation and keeps in regular contact with all relevant authorities, so that it can implement the latest guidance to keep travellers and its employees safe and healthy.
The company has strongly discouraged its employees from non-essential travel, implemented work from home policies for all employees where operationally feasible, enhanced cleaning and disinfection protocols at its facilities, introduced temperature screening at its key office entry points, and launched internal educational campaigns on hand hygiene and health practices to reduce risk of COVID-19.
Over the past weeks, the airline has also implemented enhanced cleaning and disinfecting measures on all of its aircraft departing Dubai as a precaution, and worked closely with airports to implement screening measures as required by the local authorities.
Frontline employees such as crew and airport teams have also been provided with support to stay safe while on duty, including providing hand sanitizers and masks where required.
The Emirates Group fully supports all initiatives to safeguard the health of communities in every market where it operates, including the UAE’s national COVID-19 response.
SpaceX’s Dragon capsule arrived at the International Space Station on March 9, 2020 and was docked at 3:25 a.m. PDT while flying over 262 statute miles over the Pacific Northwest. The spacecraft was then installed on the Harmony module for the duration of its four-week stay at the orbiting laboratory.
Filled with approximately 4,500 pounds of supplies and payloads, Dragon launched aboard a Falcon 9 rocket on March 6, 2020 from Cape Canaveral Air Force Station in Florida. The Dragon spacecraft that supported the CRS-20 mission previously supported the CRS-10 mission in February 2017 and the CRS-16 mission in December 2018. Dragon is the only spacecraft currently flying that’s capable of returning significant amounts of cargo to Earth.
