Tag: companies (Page 4 of 5)

Avolon CEO Says Green Airlines Should Pay Less to Lease Planes

January 20, 2020 / WIL BALDWIN

DUBLIN, Jan 20 (Reuters) – Airlines with the best environmental scores should pay less for leasing aircraft than more polluting competitors, the head of one of the world’s top leasing companies said on Monday.

The radical proposal from Dublin-based Avolon comes as aviation firms face mounting scrutiny over climate policies not only from environmental groups but also investment funds that monitor Environmental, Social and Governance (ESG) performance.

Avolon, one of the top three aircraft lessors, claims to have one of the industry’s youngest and most efficient fleets.

“But that narrative is not good enough for the next 1, 2, 3 or 4 years,” Chief Executive Domhnal Slattery warned.

“More and more of our major bond investors are keen to understand what our ‘E’ strategy is within ‘ESG’. We in turn are keen to understand when underwriting our airline credits what their ‘E’ strategy is,” he told Reuters.

Slattery predicted that lessors, which depend heavily on access to funds to run their capital-intensive businesses, would in future exert more pressure on airlines.

“You could see over time that airlines that have a better environmental score could get lower lease rates,” he said.

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https://finance.yahoo.com/news/avolon-ceo-says-greener-airlines-195857989.html

New Seattle NHL Franchise Picks Alaska Airlines as a Founding Partner

January 16, 2020 / WIL BALDWIN

3D model of the New Arena at Seattle Center from NHL.com

The new Seattle NHL Franchise has picked Alaska Airlines as one of the professional hockey team’s founding Partners, as well as the official airline of the team, the companies announced today.

Under the sponsorship agreement between the SeaTac-based airline and the National Hockey League expansion team, the new Seattle Center arena’s main door and lobby area will be named the Alaska Airlines Atrium, featuring a giant Alaska sign and colors.

The arena atrium is part of the $950 million venue’s south side, and will serve as the main entrance for the facility.

EmbraerX and Elroy Air Sign Agreement to Collaborate on Unmanned Air Cargo

January 8, 2020 / WIL BALDWIN

EmbraerX, Embraer’s disruptive business subsidiary, announces its expansion into the commercial air cargo market, via a collaboration agreement with Elroy Air, at CES 2020. This collaboration will allow the companies to accelerate the unmanned air cargo market worldwide, leveraging Embraer’s 50 years of industry experience with Elroy Air’s bold new developments in autonomous aircraft systems.

“In order to stay the course of creating solutions that benefit humanity at large, we believe the cargo market is prime for an autonomous aircraft,” said Antonio Campello, President & CEO, EmbraerX. “Booming eCommerce is forcing the cargo market to grow and seek new solutions, creating a distinct need for more flexibility. Our holistic approach to accelerating this market will include working with Elroy Air and its Chaparral system, capable of delivering cargo (250-500 lbs) over distances up to 300 miles, as well as our work in associated services and air traffic management solutions.”

“Elroy Air aims to open a new chapter for the logistics market with point-to-point autonomous aerial cargo systems” said Dave Merrill, CEO of Elroy Air. “Elroy Air’s Vertical Takeoff and Landing (VTOL) cargo delivery aircraft, the Chaparral, will operate without airports or charging stations, and is optimized for freight with automated cargo loading and unloading. Our collaboration with EmbraerX will accelerate our path to deployment in commercial freight markets.”

This collaboration is part of EmbraerX’s multi-project approach to further develop the air mobility ecosystem and create the conditions for people and goods to move from A to B in a seamless and affordable way. Beyond cargo, EmbraerX is engaged in several projects, including the development of an Urban Air Mobility focused eVTOL, a tailored Urban Air Traffic Management (UATM) system and a fleet-agnostic business platform, designated Beacon, to streamline services.

Southwest Airlines Opens Its Largest Hangar Facility at William P. Hobby Airport

January 8, 2020 / WIL BALDWIN

$125 Million Maintenance facility showcases commitment to Houston through new infrastructure investment to support long-term growth for Southwest

Southwest Airlines opens new hangar facility at William P. Hobby Airport in Houston

DALLAS, Jan. 8, 2020 /PRNewswire/ — Southwest Airlines Co. (NYSE: LUV) today officially opened a new maintenance facility at William P. Hobby International Airport, highlighting the importance Houston holds for the nation’s largest domestic airline* and underscoring its commitment to Safety while investing in the Bayou City.

The 240,000 square foot maintenance complex, now the largest in the airline’s network, includes offices, training facilities, warehouse space, and a 140,000 square foot hangar. This allows for the nearly 400 Houston based Technical Operations Employees to work simultaneously on up to six 737 aircraft indoors and has space for an additional eight aircraft outside the hangar bays. It replaces Southwest’s smaller Technical Operations facility at Hobby Airport, which opened in 1988.

“This state-of-the-art hangar will support our Technical Operations Team’s unwavering commitment to Safety and maintaining our fleet to the highest standards,” said Gary Kelly, Southwest Airlines Chairman and CEO. “I’m very proud of our hundreds of Technical Operations Employees in Houston for the work they do every day to support our growing operation from Houston’s Hobby Airport, which includes almost 200 departures per day during peak seasons to nearly 70 destinations across the United States, Latin America, and the Caribbean.”

A Boeing 737 sits inside Southwest’s new hangar at William P. Hobby Airport in Houston

“We thank Southwest Airlines for its nearly 50-year partnership and commitment to the Houston community,” Mayor Sylvester Turner said. “Between the direct employment of 5,000 local residents, continued growth in flight activity, and this investment in infrastructure, the airline represents $3 billion in economic impact for Houston each year, and that’s something that makes us proud and thankful.”

“Having similar values allowed McCarthy Building Companies and Southwest Airlines to form an integrated team to address the many entities and hurdles involved with constructing such a high profile project at a major airport. This was instrumental in the success of this project and the teams’ ability to deliver it on time,” said Jim Stevenson, McCarthy’s Houston Division President. “We are proud of our partnership with Southwest and pleased to be part of this important maintenance hangar project that will have such a high impact on its operations.”

The airline is currently investing in aircraft maintenance build-outs at Baltimore/Washington International Airport and Denver International Airport, as well as an expansion of its maintenance facility at Phoenix’s Sky Harbor International Airport. Including the projects in Denver and Baltimore, the airline expects to have eight maintenance hangars throughout the United States.

Broadcast-quality photos and videos are available for download at the carrier’s online newsroom, swamedia.com/houstonhangar.

(Left to Right: Mario Diaz, Director, Houston Airport System, Houston Mayor Sylvester Turner, Gary Kelly, Southwest Airlines Chairman and CEO, Original Houston Technical Operations Employees Brad Shelton, Paul Mould, B.J. Ritter, and Landon Nitschke, Southwest Airlines SVP of Technical Operations)

Russia’s St Petersburg Airport Expects to Host Ryanair, Others in 2020

December 26, 2019 / WIL BALDWIN

MOSCOW (Reuters) – Low-cost airline Ryanair and other budget carriers are expected to start flying from Russia’s St Petersburg airport in 2020, the Russian Transport Ministry said.

The move is part of Russia’s plan to boost tourist flows to St Petersburg and will mean more competition for Russian air carriers, including national flag carrier Aeroflot.

The ministry said on Tuesday that Ryanair, EasyJet, WizzAir, Volotea, Air Baltic and Fly One had expressed interest in flights from St Petersburg’s Pulkovo airport, Russia’s fourth largest after Moscow’s three major hubs.

It said the companies had applied for flights from Pulkovo, coded LED by the International Air Transport Association, to 22 countries, including Britain, Germany and France.

Russia will introduce a so-called “Open Skies” regime for the companies for five years, the ministry said, allowing airlines to fly to St Petersburg without requiring the traditional bilateral inter-governmental agreements.

The move follows the introduction of a special electronic visa system for tourists visiting St Petersburg which nationals from 53 countries can take advantage of.

(Reporting by Gleb Stolyarov; Writing by Andrey Ostroukh,; Editing by Andrew Osborn and Ed Osmond)

Bain Capital To Invest In Atlas Air’s Aircraft Leasing Unit

December 18, 2019 / WIL BALDWIN

Investment firm Bain Capital Credit will invest an initial $360 million in a joint venture with Atlas Air Worldwide Holdings (NASDAQ: AAWW), a major provider of outsourced all-cargo aircraft operations and other aviation services, to lease freighter aircraft, the companies said Wednesday.

Under the agreement, Atlas’ leasing subsidiary Titan Aviation Holdings Inc. will contribute $40 million of equity towards the portfolio, which ultimately could have a value of $1 billion with additional commitments to acquire aircraft over the next several years. The number and type of planes to be acquired are still to be determined. Titan will identify and source aircraft, as well as provide lease-management services to the venture.

The new company will be called Titan Aircraft Investment, Dan Loh, Atlas’ vice president of investor relations, told FreightWaves. “The parties are working expeditiously to complete and implement all elements of the joint venture,” he said.

Since its inception in 2009, Titan has grown to become the third-largest freighter lessor globally by fleet value with over 30 aircraft and a book value of over $1.5 billion.

Titan provides aircraft to airlines, which put them under their own operating certificate and then fly, maintain and insure them. Contracts are usually long term.

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Newsweek Names American Airlines One of America’s Most Responsible Companies

December 14, 2019 / WIL BALDWIN

FORT WORTH, Texas — American Airlines was named to Newsweek’s 2020 list of America’s Most Responsible Companies, appearing among the top 100 companies in the publication’s inaugural ranking. American ranked highest among U.S. airlines included on the list.

“We believe our company’s focus is in the right place when we’re doing more than moving people from destination to destination — we’re taking great care of those people on their journeys, and we’re conducting our business in a responsible and sustainable way,” said Steve Johnson, Executive Vice President of Corporate Affairs for American. “Our team members work hard every day to put that purpose into practice as they interact with their colleagues, our customers and the communities we serve, and we know our company is stronger for it. We’re proud to see their efforts recognized through our inclusion on this list.”

American’s approach to corporate responsibility is guided by three strategic objectives: to make culture a competitive advantage, to create a world-class customer experience and to build the airline to thrive forever. The company’s commitment to corporate responsibility is detailed in its latest Corporate Responsibility Report.

Newsweek’s list was developed from an analysis of publicly available key performance indicators in the areas of environmental, social and corporate governance, in addition to an independent survey.

Union Pacific Sues Texas Town Over 1870’s-Era Jobs Promise

December 2, 2019 / WIL BALDWIN

Union Pacific (NYSE: UNP) is suing the city of Palestine, Texas, to nullify a 150-year-old contract to keep a certain number of jobs in the town indefinitely.

The agreement between Union Pacific and Palestine — which was signed in 1872 — dates back to the days when the city was at the crossroads of several railroad companies that promised to keep jobs there indefinitely, according to the Palestine Herald-Press.

Union Pacific’s lawsuit, filed Nov. 27 with the U.S. District Courts in the Eastern District of Texas, alleges the railroad’s contract with Palestine should have been invalidated when the federal Surface Transportation Board became the nation’s regulating authority for freight rail in 1996; and again in 1997, when Union Pacific merged with the Missouri-Pacific Railroad.

The agreement requires the Omaha, Nebraska-based railroad to keep 0.52% of its total jobs in Palestine, local officials said.

Union Pacific operates around 32,000 miles of track in 23 Western states. The company had around 37,000 employees as of its last earnings report.

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https://finance.yahoo.com/news/union-pacific-sues-texas-town-203443662.html

Tesla Move will Draw Further Companies into Germany

December 1, 2019 / WIL BALDWIN

FRANKFURT (Reuters) – Tesla’s announcement earlier this month that it will build its first European factory near Berlin will draw further companies from the electric mobility and energy storage sectors into Germany, a state premier told newspaper Die Welt.

“They are already on their way. I’m hearing there are further inquiries with the communities and the regional business development programme. Tesla will cause other companies to follow,” said Dietmar Woidke, premier of the eastern German state of Brandenburg that surrounds Berlin.

He said Brandenburg was already in talks with other companies, declining to identify them due to confidentiality agreements. “I expect that we can announce it before Christmas,” Woidke said.

Tesla’s move is a big boost for Germany as a centre for manufacturing after BMW and Daimler in recent years chose to build new factories in Hungary, and after its auto industry was hit hard by Volkswagen’s admission in 2015 that it cheated U.S. diesel emissions tests.

(Reporting by Christoph Steitz; Editing by Mark Heinrich)

Brandenburg’s PM Woidke speaks speaks to the media on Tesla European factory in Potsdam

Germany to Hike Electric Car Subsidies as VW Launches Car

November 4, 2019 / WIL BALDWIN

– Germany to expand electric car infrastructure

– German Chancellor asks industry to help with charging

– Volkswagen unveils start of production of its ID.3 electric car

BERLIN, Nov 4 (Reuters) – Germany plans to increase by half the grants available to buyers of electric cars over the five years from 2020, according to a government document seen by Reuters, the latest in a series of measures to speed the adoption of low-emissions vehicles.

According to the document, due to be discussed at a meeting of high-level government and car-company officials on Monday evening, grants for plug-in hybrids will rise from 3,000 to 4,500 euros. For vehicles priced over 40,000 euros the grants will rise to 5,000 euros.

The government wants to have 10 million electric vehicles on the roads by 2030, part of an offensive designed to turn round the German car industry’s perceived laggard status in e-mobility compared to its rivals in the United States and China.

The paper came to light on the day that Chancellor Angela Merkel gave a speech at Volkswagen’s Zwickau factory, where the German watched the carmaker start mass production of its ID.3 electric car, a vehicle costing around 30,000 euros.

“We can now say that Zwickau is a pillar of today’s German auto industry and of its future,” Merkel said at the launch. “Our task as politicians is to create a framework where new technological innovations can take hold.”

Merkel said the government would invest 3.5 billion euros ($3.90 billion) to 2035 in building charging stations for electric cars.

On Sunday she had said Germany needed 1 million charging stations by 2030 and urged carmakers and utility companies to play their part in helping to build the necessary infrastructure.

As part of an auto industry push, BMW plans to build 4,000 electric car charging stations, a source familiar with the discussions said on Monday.

In September, at the Frankfurt auto show, Europe’s carmakers warned governments that the EU rules could be disastrous for profits and jobs because mainstream customers were not buying electric vehicles.

German carmakers are accelerating plans to launch electric vehicles, under pressure from a European Union mandate to deliver a 37.5% cut in carbon dioxide emissions between 2021 and 2030, on top of a 40% cut in emissions between 2007 and 2021.

($1 = 0.8970 euros)

(Reporting by Markus Wacket in Berlin and Joern Poltz in Munich, writing by Thomas Escritt and Edward Taylor; editing by Paul Carrel)

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