Tag: value (Page 5 of 6)

Congo Airways Signs Order with Embraer for Two E175 Jets

December 10, 2019 / WIL BALDWIN

Kinshasa, Democratic Republic of the Congo, December 10th, 2019 – Embraer and Congo Airways have signed a firm order for two E175 aircraft, with purchase rights for a further two. The deal has a total value of USD 194.4 million at current list prices with all purchase rights exercised, and will be added to Embraer’s 2019 fourth quarter backlog.

Desire Bantu, CEO of Congo Airways said, “These new jets will replace our current turboprop offering and allow us to serve routes both within the Democratic Republic of Congo, and regionally to West, Central, and Southern Africa, from our hub in Kinshasa. We will now have the flexibility and the right sized aircraft to serve our market, which is growing so rapidly an additional order may be required, for which the E2 is a particularly compelling option.”

Raul Villaron, Vice President Sales, Africa and Middle East, Embraer Commercial Aviation, said, “It’s great to welcome another airline to the Embraer family of operators, especially in Africa where the demand for regional travel is growing strongly. We look forward to supporting Congo Airways as they continue to upgrade their offering to their customers.”

The aircraft will be configured in a dual class layout seating 76 passengers in total, with 12 in business class. Deliveries will begin in the fourth quarter of 2020.

Embraer is the world’s leading manufacturer of commercial aircraft up to 150 seats with more than 100 customers across 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 fleets of 80 customers in 50 countries. The versatile 70 to 150-seat family is flying with low-cost airlines as well as with regional and mainline network carriers.

Italy Tax Authorities Say Fiat Underestimated Value of Chrysler by $5.6 Billion

December 4, 2019 / WIL BALDWIN

MILAN (Reuters) – Italian tax authorities believe that Fiat Chrysler Automobiles <FCAU> underestimated the value of its U.S. business by 5.1 billion euros following Fiat’s phased acquisition of Chrysler, according to a company filing and a source close to the matter.

The audit, which concerns transactions dating back to 2014, could result in FCA having to pay back taxes for $1.5 billion, the source added, confirming a report by Bloomberg.

FCA said in its third-quarter report that the tax authorities had issued to the company a final audit report in October this year “which, if confirmed in the final audit assessment, could result in a material proposed tax adjustment related to the October 12, 2014 merger of Fiat SpA into FCA NV.”

It said the issuance of a final audit report starts a 60-day negotiation period, which ends with the issuance of a final audit assessment expected to be received by the end of December 2019.

“The company believes that its tax position with respect to the merger is fully supported by both the facts and applicable tax law and will vigorously defend its position,” it said in the third-quarter report.

A spokesman for Italy’s tax agency declined to comment.

“At this time, we cannot predict whether any settlement may be reached or if no settlement is reached, the outcome of any litigation. As such, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss,” Fiat said.

News of the tax probe comes at a delicate time for Fiat Chrysler, which is finalizing talks with PSA, the maker of Peugeot and Citroen, over a planned $50 billion merger to create the world’s fourth-largest automaker.

(Reporting by Silvia Aloisi in Milan; Editing by Anil D’Silva)

Logo of car manufacturer Fiat is seen in Zurich

NATO Gives Boeing $1 Billion Deal to Upgrade AWACS Reconnaissance Planes

November 27, 2019 / WIL BALDWIN

– AWACS part of NATO investment in hi-tech surveillance

– Announcement comes days before NATO summit in London

BRUSSELS, Nov 27 (Reuters) – NATO on Wednesday awarded Boeing Co a $1 billion contract to upgrade its fleet of AWACS reconnaissance planes, a deal officials said showed the strength of transatlantic cooperation days before an alliance summit in London.

First flown in 1982 and repeatedly modernised, the Boeing-made planes, which can detect hostile aircraft, missiles, ships and other weaponry far beyond NATO borders, will be overhauled with more powerful computer processors, servers and equipment.

The 14 planes, based at an air base in Germany, can already exchange information via digital data links, with ground-based, sea-based and airborne commanders, but need a greater capacity to transmit data as technology develops.

The upgrade will keep one of the few military assets owned and operated by the Western alliance in service until 2035.

AWACS have been flown in support of the international coalition against Islamic State, gazing deep into Syria from Turkey, as well as along NATO’s eastern flank following Russia’s 2014 annexation of Crimea from Ukraine.

“The modernisation will ensure that NATO remains at the leading edge of technology,” NATO Secretary-General Jens Stoltenberg told a news conference alongside Boeing President Michael Arthur, standing in front of one of the planes.

“It will provide AWACS with sophisticated new communications and networking capabilities, so these aircraft can continue their vital missions,” he said.

One NATO official described AWACS, which have crews drawn from 18 different allies, as a symbol of NATO unity, at a time when U.S. President Donald Trump has questioned its value and French President Emmanuel Macron last month said NATO was dying.

The upgrade will be funded by 16 NATO allies, including the United States, Germany, Turkey, Italy and Spain, and some work will be subcontracted to European suppliers including Leonardo and Airbus.

The modernisation comes as NATO takes delivery of the first of five Global Hawk drones, which will be based in Italy.

After years of delays, the high-altitude drones made by Northrop Grumman give the alliance its own spy drones for the first time and will work with the AWACS to protect ground troops, as well as other tasks.

The drones will be able to fly for up to 30 hours at a time in all weather, providing near real-time surveillance data.

(Reporting by Robin Emmott Editing by Mark Heinrich)

Embraer Services & Support Expands U.S. Presence in South Florida for Executive Jets Customers

November 25, 2019 / WIL BALDWIN

Melbourne, Florida, November 25, 2019 – Embraer Services & Support announces the expansion of its Executive Jets Service Center at Fort Lauderdale-Hollywood International Airport (KFLL). As of November 1, Embraer has expanded its service capacity through a lease agreement with Jetscape Services for a dedicated hangar.

“We are thrilled with the added capacity to better serve our customers, whether they are based in the region or just traveling through Florida,” said Frank Stevens, Vice President, Global MRO Centers, Embraer Services & Support. “Our expansion in South Florida allows us to further elevate the customer experience for aircraft owners and fleet operators alike, in addition to creating 40 new high-tech jobs for the community.”

Embraer’s presence in Florida is strategic to its Executive Jets customers throughout the Southern United States, the Caribbean and Central America as well as to those whose travel frequently brings them through South Florida.

“We are proud to offer Embraer the infrastructure for their customer support expansion in Florida,” said Troy Menken, Jetscape President. “Since 2002 we have served customers from around the world with aircraft of all sizes, and we are confident that our ground support expertise will ensure that Embraer customers will enjoy a premium experience.”

Embraer’s owned service center in South Florida is also the base for the Embraer Airworthiness Management program, where customers can meet with the team to learn how the program can be customized to deliver peace of mind and drive aircraft value retention. The program provides customers with a dedicated Certified Airworthiness Manager to plan, coordinate, and monitor all maintenance and airworthiness requirements throughout the aircraft’s lifecycle.

The Embraer Airworthiness Management program ensures the full regulatory compliance of aircraft maintenance and records through MyEmbraer.com, in addition to providing negotiation and dispute resolution services with suppliers to maximize cost savings for the customer. Smoother operations are a key benefit of the program’s advanced planning service, especially for customers with a tight operational schedule.

About Jetscape

Jetscape is a full-service, boutique fixed based operator (FBO) at Fort Lauderdale-Hollywood International Airport (KFLL). We provide a private terminal for general aviation traffic, aircraft fueling services, and aircraft storage facilities. Founded in 2002, Jetscape has over 17 years of demonstrated success in providing customer service, aircraft ground support, and property management.

Jetscape operates on more than 21+ acres at FLL with more than 100,000+ square feet of combined hangar space. We serve a broad spectrum of aircraft ranging from small single-engine piston aircraft to the world’s largest cargo carriers and we are the exclusive U.S. Military and Federal Government contractor at FLL.

Our mission is to create an unforgettable customer experience that is second to none. We aim to provide a bespoke, state-of-the-art gateway for business and tourism, to be an employer of choice, and a model of efficiency. We are excited to be your provider of aviation services, to support your business needs, and to share in your vision for customer and employee experience. We look forward to your arrival.

Siemens Mobility Receives First Order for Vectron Dual Mode Locomotives

November 24, 2019 / WIL BALDWIN

Railsystems RP GmbH orders two locomotives from Siemens Mobility
Sustainable concept: a combined diesel and electric locomotive
Delivery at the end of 2020

Railsystems RP GmbH has ordered two Vectron Dual Mode locomotives from Siemens Mobility, marking the first order for the new locomotive that can be operated either as a diesel or electric unit. Siemens Mobility first presented the concept at the InnoTrans 2018.

“With the Vectron Dual Mode, Railsystems RP GmbH is getting a locomotive that combines the best of two worlds: On electrified routes, the Vectron Dual Mode is powered by electricity to save fuel and reduce maintenance costs. On rail routes without overhead wires, the Vectron can shift to diesel operation without the operator having to change locomotives,” said Sabrina Soussan, CEO of Siemens Mobility.

The Vectron Dual Mode enables operators to increase value sustainably over their entire lifecycle. The locomotive can also operate through gaps in the electrified sections, eliminating the need to change locomotives. At the same time, conurbations and major cities, where there is often an electrified rail network, are spared emissions. The Vectron Dual Mode is specifically designed for freight service in Germany and is based on proven Vectron components. It operates on a 1,435 mm track gauge and weighs 90 tons. The locomotive is designed for the 15-kV-AC voltage system and is equipped with the PZB train control system. Regardless of whether it operates on electricity or diesel, traction power at the wheel rim is 2,000 kW. The locomotive’s diesel tank has a capacity of 2,600 liters. The Vectron Dual Mode has a top speed of 160 km/h.

Tunisair Express Receives First ATR 72-600

November 19, 2019 / WIL BALDWIN

Airline prioritises passenger experience and connectivity with fleet upgrade

Toulouse, 19 November, 2019 – World number one regional aircraft manufacturer ATR, just delivered the first of three ATR 72-600 aircraft to Tunisair Express. The Tunisian airline will use these aircraft to renew its regional fleet providing passengers with essential connectivity both domestically and internationally. The latest generation ATR 72-600 burns 40% less fuel and emits 40% less CO2 compared to a similarly sized regional jet.

By upgrading to the ATR -600 series, the airline has also chosen to prioritise the comfort of its passengers, introducing the latest generation 18” wide seats and the Cabinstream In-Flight Experience, allowing passengers to access a variety of content on their personal electronic devices.

Tunisair Express Director General, Yosr Chouari, said: “We are looking forward to introducing this new ATR aircraft with the latest comfort and technology to our passengers, with this first delivery marking an important step in our fleet renewal. Regional aviation provides essential connectivity for Tunisia and the unbeatable economics of the ATR 72-600, together with the best cabin, make it perfect for both our domestic and international operations.”

ATR Chief Executive Officer, Stefano Bortoli, commented: “As the leading regional aviation manufacturer, we understand how tough it can be for regional airlines. That is why we do everything that we can to support our clients and operators, ensuring that each innovation we introduce adds value in either the cockpit or the cabin and their bottom line. It is a clear recognition that when an airline wants to put its passengers first, the ATR is selected as the best aircraft for the job.”

ATR’s Market Forecast sees a demand for 350 new turboprops over the next 20 years for the Africa and Middle-East region. Regional aviation provides essential connectivity around the world. A 10% increase in regional flights generates additional increases of 5% in tourism, 6% in regional GDP and 8% foreign direct investment. Turboprops are key in connecting communities around the world: 36% of all commercial airports rely exclusively on turboprops and 50% rely, also exclusively, on regional aircraft.

Boeing, Etihad Airways Select 787 Dreamliner for Strategic Partnership, Environmental Collaboration, Services Agreements

November 18, 2019 / WIL BALDWIN

Etihad’s ‘Greenliner’ to serve as platform for testing ways to reduce fuel use and emissions
Multiple services agreements would support even more efficient 787 operations at Etihad

DUBAI, United Arab Emirates, Nov. 18, 2019 /PRNewswire/ — Boeing (NYSE: BA) and Etihad Airways announced today that one of the airline’s 787 Dreamliner airplanes will serve as a flying laboratory for testing procedures and initiatives that could further reduce fuel consumption and carbon emissions, as a part of a growing partnership to advance the sustainable growth of aviation.

“Innovation, productivity and sustainability are core values and objectives of Etihad Airways and of Abu Dhabi said Tony Douglas, Group Chief Executive of Etihad Aviation Group, at the 2019 Dubai Airshow. “The Boeing 787 Dreamliner is a key enabler of all three.”

The specially-themed 787 will enter service early next year and operate regular flights in Etihad Airways’ network, while periodically serving as a test bed for assessing environmental sustainability initiatives. The project builds on Etihad’s ample experience with the super-efficient airplane.

“The 787 Dreamliner and its track record of environmental performance makes it the perfect platform to advance our industry’s commitment to sustainable growth,” said Stan Deal, president and chief executive officer of Boeing Commercial Airplanes. “We look forward to continuing our collaboration with Etihad Airways to identify more opportunities to improve efficiency across commercial aviation.”

Beyond the environmental testing on the airplane, the two companies will build on the technical capabilities that Etihad Airways has developed while maintaining its own Dreamliner fleet and that of other operators. As part of the strategic partnership, the companies are discussing several areas where they can work together to improve operational efficiency.

Boeing and Etihad Airways also announced that Boeing will provide multiple services for the airline’s Dreamliner fleet, including the Component Services Program, Landing Gear Exchange, and High-Value Components Exchange, programs that help an airline simplify asset and maintenance management, reduce spare parts costs while improving parts availability. The agreements also include a customized material parts package and three Quick Engine Change (QEC) kits that enable Etihad to quickly return an airplane to service if an engine needs to be repaired or replaced.

“Boeing’s global supply chain footprint will allow ready access to parts, support and services, when and where it’s needed,” said Ted Colbert, president and chief executive officer of Boeing Global Services. “We are proud to partner with Etihad Airways to increase maintenance efficiency and maintain aircraft operability.”

These agreements build upon a history of partnership between the two companies. Both are members of a research consortium to encourage the development of sustainable aviation fuels in the region.

Brazil to Lure Airlines to Fly Domestic, Taking Meetings with Three Carriers

October 27, 2019 / WIL BALDWIN

BRASILIA (Reuters) – Brazil is determined to lure airlines to operate domestic flights in Latin America’s largest aviation market, and is taking meetings with at least three carriers, a senior government official told Reuters.

“We are going to talk with Jet Blue, we are going to talk with Volaris, a Mexican group … we are going to talk with Sky Airline, which is Chilean,” Ronei Glanzmann, Brazil’s civil aviation secretary, told Reuters on the sidelines of the ALTA Airline Leaders Forum, an industry conference.

“These are conversations to introduce Brazil to them, they do not mean that the airlines are saying that they will come here,” he added.

Glanzmann said the meetings with Volaris and JetBlue Airways Corp <JBLU> will take place on Monday.

A representative for Sky said they had canceled their participation in the ALTA conference due to the civil unrest in Chile, but declined to comment on taking a meeting with the Brazilian government. Jet Blue and Volaris did not immediately respond to a request for comment.

Brazil’s government has recently begun a push to open its aviation market, the largest in Latin America. Right-wing president Jair Bolsonaro has allowed foreign carriers to set up domestic carriers in the country.

Currently, Brazil’s domestic air travel market is highly concentrated among three airlines. Until earlier this year, there was a fourth player, Avianca Brasil, but the airline stopped operations in May after filing for bankruptcy operations late last year, highlighting the high risk and volatility of operating in Brazil.

Reaction to Brazil’s liberalization has been slow, but already Spanish airline group Globalia has declared its intention to operate a domestic airline in Brazil. But Glanzmann hopes others will too.

His strategy, he said, involves airlines dipping their toes in the Brazilian market first by operating international flights.

“We are working first with international routes, but we are already working so that those operations will become domestic operations in the Brazilian market,” Glanzmann said.

In the past year, four foreign low cost airlines have begun operating international flights to Brazil: JetSMART, which belongs to Indigo Partners, Sky Airline, Norwegian Air Shuttle <NWARF> and Argentina’s Flybondi.

Still, some industry watchers are skeptical that anyone will attempt to enter Brazil’s domestic market anytime soon.

“We don’t see anything changing in the short term regarding a new low cost airline operating domestically,” said Eduardo Sanovicz, who heads ABEAR, an industry group that represents Brazil’s two largest airlines. “For a company to start flying in Brazil, they will need to know that they will have the same costs as we do.”

Brazil’s carriers have long complained about high costs of operating in Brazil, especially value-added taxes on fuel that can be as high as 25%.

(Reporting by Marcelo Rochabrun; Editing by Nick Zieminski)

Bell 505 Jet Ranger X Fleet Surpasses 20,000 Flight Hours

August 30, 2019 / WIL BALDWIN

Fort Worth, TX (28 August 2019) – Bell Textron Inc., a Textron Inc. (NYSE:TXT) company, announced the Bell 505 Jet Ranger X has surpassed more than 20,000 flight hours. Bell has delivered 200 aircraft to customers operating the aircraft spanning six continents.

Since the first delivery in 2017, the global fleet has logged more than 20,000 hours, marking one of Bell’s fastest growing accumulation of flight hours of any current commercial platform.

“Our Bell 505 operators rely on the aircraft to perform from the beginning of each day to when their mission is complete,” said LaShan Bonaparte, program director, Bell 505 and Bell 429. “Logging more than 20,000 flight hours is very impressive for an aircraft in service less than three years. This achievement is a testament to the Bell 505’s performance and our customer’s confidence in the aircraft.”

With a speed of 125 knots (232 km/h) and useful load of 1,500 pounds (680 kg), the Bell 505 is Bell’s new five-seat aircraft designed for safety, efficiency and reliability using advanced avionics technology. It incorporates proven dynamic components, advanced aerodynamic design, a dual channel FADEC Turbomeca Arrius 2R engine and best-in-class value.

For more information, visit the Bell website.

Apollo and Athene to Acquire PK AirFinance From GECAS

August 29, 2019 / WIL BALDWIN

NEW YORK, Aug. 29, 2019 (GLOBE NEWSWIRE) — Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (APO); Athene Holding Ltd. (ATH); and GE Capital, the financial services arm of GE (GE), today announced that they have entered into a definitive agreement for Apollo and Athene to purchase PK AirFinance, an aviation lending business, from GE Capital’s Aviation Services (GECAS) unit. In connection with this transaction, Apollo will acquire the PK AirFinance aircraft lending platform and Athene will acquire PK AirFinance’s existing portfolio of loans.

PK AirFinance is a leading aircraft lending business that serves airlines, aircraft traders, lessors, investors and financial institutions globally with loans to borrowers in more than 40 countries. Financial details of the transaction were not disclosed, although the $3.6 billion of PK AirFinance financing receivables that were held for sale in the second quarter of 2019 are being sold at a premium to book value in this transaction.

Alec Burger, GE Capital President & CEO, said, “Apollo’s vast lending experience, complementary platforms, and exceptional track record across diversified assets and geographies make it the ideal partner to accelerate PK AirFinance’s growth. This sale is aligned to GE Capital’s overall strategy to become smaller and simpler, and our commitment to reduce our assets by $10 billion in 2019 is now more than halfway complete. We continue to focus on shrinking GE Capital’s balance sheet, achieving a debt-to-equity ratio of less than 4x by 2020, and supporting GE Industrial growth through our remaining GECAS, Energy Financial Services, and Industrial Finance businesses.”

Jim Belardi, CEO of Athene, said, “This transaction provides us with a unique opportunity to acquire a large, diversified portfolio of high-quality loans with attractive risk-adjusted returns. In addition, this deal is another great example of the unique benefits of our strategic relationship with Apollo and its commitment to building direct origination platforms in support of the continued growth of our business.”

James Zelter, Co-President of Apollo, said, “We are very excited to be acquiring the PK AirFinance platform which, under GE’s outstanding stewardship, has become one of the world’s leading aircraft lending businesses, and is highly complementary to our existing aircraft leasing capabilities. This transaction also demonstrates our ongoing commitment to meet the investment needs of Athene and our clients, and is consistent with our objective to continue to expand Apollo’s capabilities to directly originate high quality assets.”

PK AirFinance’s team of investment professionals, who primarily focus on originations and syndications as well as underwriting and portfolio management, will transfer to Apollo upon completion of the transaction.

Per Waldelof, president of PK AirFinance, said, “We have a great team of experts with tremendous execution capabilities and a proven ability to deliver results. We are confident that this transaction will ensure the continued stability of our business. We are excited for the opportunity to continue to serve our customers and the industry as part of the team at Apollo.”

The completion of the acquisition is subject to customary conditions and is expected to close during the fourth quarter of 2019. Citi and Goldman Sachs & Co. LLC provided financial advice and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Clifford Chance LLP provided legal advice to GE Capital. Citi, RBC Capital Markets, and Mizuho provided debt financing for the transaction, and RBC Capital Markets served as financial advisor to Apollo.

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