Tag: agreed (Page 1 of 2)

Heart Aerospace Selects Garmin G3000 Flight Deck for First All-Electric Airliner

December 14, 2021 / WIL BALDWIN

OLATHE, Kansas/Business Wire – Garmin^® International, Inc., a unit of Garmin Ltd. (NYSE: GRMN), has announced a long-term agreement with Heart Aerospace to provide the state-of-the-art Garmin G3000^®integrated flight deck for the ES-19 electric airliner. Heart Aerospace is working to develop the new ES-19, a 19-seat electric airliner that has the potential to provide the regional air transport market with a more sustainable and environmentally friendly aircraft option as early as 2026. Additionally, United Airlines has conditionally agreed to purchase 100 ES-19 aircraft once the aircraft meets United’s safety, business and operating requirements.

The modular Garmin G3000 integrated flight deck boasts lightweight and vibrant high-resolution flight displays that support navigation, communication and flight sensor solutions and integrates seamlessly into the ES-19 aircraft systems. Specifically tailored to meet the needs of electric aircraft, the G3000 system that will be featured in Heart Aerospace’s ES-19 delivers enhanced capabilities to optimize the aircraft’s electric drive train and battery management systems. The G3000 is architected to provide the ability to efficiently facilitate future system upgrades as the electric aircraft industry continues to evolve.

Heart Aerospace is an electric airplane company headquartered in Gothenburg, Sweden, developing the ES-19, a nineteen-passenger regional aircraft driven entirely by batteries and electric motors. The first ES-19 is scheduled to enter into service by 2026. The first-generation aircraft will have a maximum range of up to 250 miles using lithium-ion batteries. The ES-19 will have zero operational emissions and offer significantly lower operating costs compared to similar sized gas-turbine aircraft. The ES-19 aircraft will also be quieter than its turboprop counterparts, with less vibration and noise, making it ideal for the development of short-range regional air travel.

SkyWest Airlines Orders 16 New E175 Aircraft for Operation with Delta Air Lines

August 11, 2021 / WIL BALDWIN

Embraer has agreed the sale of 16 new E175 jets to SkyWest, Inc. (NASDAQ: SKYW) for operation in the Delta Air Lines (NYSE: DAL) network, adding to the 71 E175 jets SkyWest already operates for Delta. The E175 aircraft will fly exclusively with Delta under a Capacity Purchase Agreement (CPA). The value of the contract, which will be included in Embraer’s third quarter backlog, is USD 798.4 million, based on list price.

The 76-seat aircraft will be delivered in Delta’s livery and will have a three-class configuration. Deliveries start in mid-2022.

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)

Lockheed Martin Inks $4.4B Deal to Acquire Aerojet Rocketdyne

December 20, 2020 / WIL BALDWIN

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.

Azul Airlines to Delay 59 Embraer Airplanes Until After 2024

May 14, 2020 / WIL BALDWIN

SAO PAULO, May 14 (Reuters) – Brazilian airline Azul SA said on Wednesday it had agreed with planemaker Embraer SA to delay the delivery of 59 E2 jets, with a list price of 24.5 billion reais ($4.16 billion), to 2024 or later.

The planes had been initially set for delivery from 2020 to 2023, according to an Azul securities filing.

Azul said the agreement was a step to shore up its business amid the COVID-19 pandemic, which also led it to reduce its April capacity by 90% in comparison to the same month in 2019.

($1 = 5.8852 reais)

(Reporting by Alberto Alergiri; Editing by Sandra Maler)

Boeing Suppliers Hexcel & Woodward Scrap Merger Plan

April 7, 2020 / WIL BALDWIN

(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)

Record $4 Billion Airbus Fine Draws Line Under ‘Pervasive’ Bribery

January 31, 2020 / WIL BALDWIN

FILE PHOTO: FILE PHOTO: The Airbus logo is pictured at Airbus headquarters in Blagnac near Toulouse

PARIS/LONDON/WASHINGTON (Reuters) – Airbus <EADSY> bribed public officials and hid the payments as part of a pattern of worldwide corruption, prosecutors said on Friday as the European planemaker agreed a record $4 billion settlement with France, Britain and the United States.

The disclosures, made public after a nearly four-year investigation spanning sales to more than a dozen overseas markets, came as courts on both sides of the Atlantic formally approved settlements that lift a legal cloud that has hung over Europe’s largest aerospace group for years.

“It was a pervasive and pernicious bribery scheme in various divisions of Airbus SE that went on for a number of years,” U.S. District Judge Thomas Hogan said.

The deal, effectively a corporate plea bargain, means Airbus has avoided criminal prosecution that would have risked it being barred from public contracts in the United States and European Union – a massive blow for a major defence and space supplier.

Prosecutors said individuals could still face criminal charges, however.

Airbus, whose shares closed down 1%, has been investigated by French and British authorities for alleged corruption over jet sales dating back more than a decade. It has also faced U.S. inquiries over suspected violations of U.S. export controls.

“In reaching this agreement today, we are helping Airbus to turn the page definitively” on corrupt past practices, French prosecutor Jean-Francois Bohnert said.

France’s financial prosecutor said the company had also agreed to three years “light compliance monitoring” by the country’s anti-corruption agency.

The U.S. Department of Justice said the deal was the largest ever foreign bribery settlement.

CODE NAME ‘VAN GOGH’

In a packed hearing at London’s Royal Courts of Justice, an Airbus lawyer said the settlements “draw a clear line under the investigation and under the grave historic practices”.

Outlining detailed findings, the UK’s Serious Fraud Office (SFO) said Airbus had hired the wife of a Sri Lankan Airlines executive as its intermediary and misled Britain’s UKEF export credit agency over her name and gender, while paying $2 million to her company. The airline could not be reached for comment.

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https://finance.yahoo.com/news/airbus-pay-4-billion-settle-152542295.html

Jet Airways to Sell Netherlands Business to KLM

January 16, 2020 / WIL BALDWIN

A Jet Airways vehicle leaves the company’s headquarters in Mumbai

BENGALURU (Reuters) – Bankrupt Indian airline Jet Airways Ltd said it had agreed to sell its assets in Netherlands to Dutch airline KLM.

If the deal is finalised, it will only involve a sale of part of the company’s business and not impact the shareholding pattern, Jet said in a statement dated Jan. 16. It did not detail the assets held in Netherlands.

Once India’s biggest private carrier, Jet stopped flying in April after running out of cash, leaving thousands without jobs and pushing up air fares across the country.

It was admitted to bankruptcy court in June after its lenders, led by State Bank of India SBI.NS, failed to agree on a revival plan.

KLM, a part of Air France KLM, was once codeshare partners with the defunct airline and in the wake of Jet’s collapse had added flights to India.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Subhranshu Sahu and Anil D’Silva)

Ryanair’s O’Leary Prepared for More 737 MAX Delays

January 3, 2020 / WIL BALDWIN

FILE PHOTO: Michael O’Leary of Ryanair at the Four Courts in Dublin

BERLIN (Reuters) – Ryanair <RYAAY> is prepared for further delays to the delivery of its Boeing <BA> 737 MAX airliners, its chief executive Michael O’Leary told German magazine Wirtschaftswoche, adding that he would only discuss compensation after the aircraft had been delivered.

The 737 MAX airliner has been grounded since March following two crashes which claimed 346 lives.

One of the world’s largest airlines, Ryanair has ordered 135 of the jets.

“We were meant to have 58 planes by the summer,” O’Leary said in the interview, extracts from which were published on Friday. “That went down to 30, then 20, then 10 and the latest is maybe only five. It’s possible we’ll only get the first jets in October 2020.”

In contrast to other airlines, including Turkish, Southwest Airlines <LUV> and Germany’s TUI <TUIFY>, which have already agreed compensation with Boeing, O’Leary added that he would only discuss compensation after the planes were delivered.

(Reporting by Thomas Escritt; editing by Thomas Seythal)

De Havilland Canada got 34 turboprop orders at Dubai Airshow

December 4, 2019 / WIL BALDWIN

De Havilland Aircraft of Canada Ltd said it had obtained 34 more orders and purchase agreements for its Dash 8-400 plane at last months Dubai Airshow, as it revives the recently acquired turboprop business from Bombardier Inc.

Aurora, a subsidiary of Aeroflot-Rossiyskiye Avialinii PAO , signed a letter of intent to purchase up to five Dash 8-400 aircraft, while the Republic of Ghana agreed to buy six aircraft during the Dubai Airshow, which ran between Nov. 17-21.

ACIA Aero Capital Ltd also signed a conditional purchase agreement to buy three Dash 8-400 aircraft, the company said in a separate statement.

Longview Aviation Capital closed its deal for the Q400 turboprop aircraft program from Canada’s Bombardier this year and revived its previous model name – Dash 8 – under a restored corporate brand of De Havilland Aircraft of Canada.

On Monday, De Havilland landed an order for 20 Dash 8-400 turboprops from lessor Palma Holding at the ongoing Dubai Airshow.

(Reporting by Dominic Roshan K.L. in Bengaluru; Editing by Rashmi Aich)

China’s Cash-Strapped HNA Secures Restructuring Deal

December 3, 2019 / WIL BALDWIN

HONG KONG, Dec 2 (Reuters) – Cash-strapped Chinese conglomerate HNA Group said on Monday it has agreed a deal to restructure its low-cost carrier West Air with a Chongqing-based asset management firm.

Chongqing Yufu Asset Management Group and its affiliates will together hold at least 70% stake in West Air, becoming the biggest shareholder, HNA said in a statement.

West Air, established in 2007, operates about 160 domestic and international routes with a fleet of 35 airplanes.

It has been directly controlled by HNA, whose affiliates also own struggling Hong Kong Airlines as well as Hainan Airlines Holding Co Ltd.

Budget carrier Hong Kong Airlines was ordered by Hong Kong’s air transport regulator on Monday to shore up its financial position by Dec. 7 or risk the suspension or loss of its licence.

Hainan Airlines, which has seen declining profits, said in a Shanghai stock exchange filing on Monday that it will seek 4 billion yuan ($568 million) in loans from eight banks led by China Development Bank.

The funds will be used to cover the costs of fuel, maintenance charges, staff salaries and operational expenses, it said in the filing.

$1 = 7.0389 Chinese yuan renminbi

Reporting by Meg Shen; Editing by Edmund Blair and Susan Fenton

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