Tag: Completes (Page 1 of 3)

Artist's notional depiction of NGI in flight. Credit: Lockheed Martin.

Lockheed Martin Next Generation Interceptor Completes All Design Reviews At Accelerated Pace

August 7, 2023 / WIL BALDWIN

Huntsville, Alabama, August 7, 2023 (PRNewswire) – Lockheed Martin (NYSE: LMT) successfully validated designs for all elements of the nation’s Next Generation Interceptor (NGI) with the U.S. Missile Defense Agency (MDA).

Through a series of successful and on-schedule Preliminary Design Reviews (PDRs) of all NGI major subsystems, the company demonstrated it has achieved design maturity and reduced risk for critical technologies. NGI is the future of the MDA’s Ground-Based Missile Defense (GMD) system to protect the U.S. homeland against intercontinental ballistic missile threats from rogue nations.

Lockheed Martin is demonstrating engineering work that has been performed in the integrated digital tool chain to drive faster decision making, enhance security, and enable rapid delivery and agility. This approach emphasizes affordability across the program lifecycle. Lockheed Martin’s NGI solution will increase warfighter capability, providing an improved defensive solution to address the complex battlespace now and in the future.

Lockheed Martin’s NGI program is on track for its next major review, the All Up Round PDR. During this next major review, MDA will assess if the program is ready to move forward in the acquisition process through Knowledge Point number one and ultimately on to the Critical Design Review. The first Lockheed Martin NGI is forecast for delivery to the warfighter as early as FY2027.

For additional information, visit our website: www.lockheedmartin.com.

Hapag-Lloyd successfully completes SM SAAM terminal business acquisition

August 1, 2023 / WIL BALDWIN

Hapag-Lloyd (OTC: HPGLY) today successfully completed its 100 % acquisition of SM SAAM’s terminal business and related logistics services, which is based on an agreement announced in October 2022. The transaction was approved unconditionally by the relevant antitrust authorities of all countries involved in this acquisition process.

Investing in terminal infrastructure is a key element of Hapag-Lloyd’s strategic agenda, and Latin America is one of its key markets. The transaction includes interests in terminals in Iquique, Antofagasta, San Antonio, San Vicente and Corral (Chile), Port Everglades (United States / Florida), Mazatlán (Mexico), Buenavista (Colombia), Guayaquil (Ecuador) and Caldera (Costa Rica) as well as related logistics services. The acquisition will further strengthen Hapag-Lloyd’s core liner shipping business and help the carrier to build up a robust and attractive terminal portfolio.

The new entity will be led by its CEO, Mauricio Carrasco, who has been Managing Director for the Terminals Division within the SAAM Group since 2020. Mauricio Carrasco is an experienced senior executive with long-standing experience in Latin America and globally. He has served as Senior Vice President of Development at CSAV and as Senior Director at Hapag-Lloyd, with responsibilities in the Americas, China, Dubai, and India. Rodolfo Díaz, former Senior Director Business Administration Region Latin America at Hapag-Lloyd, will join him as CFO.

Hapag-Lloyd has continuously expanded its involvement in the terminal sector and holds stakes in the Container Terminal Wilhelmshaven, the Container Terminal Altenwerder in Hamburg, the Italy-based Spinelli Group, the India-based J M Baxi Ports & Logistics Limited, Terminal TC3 in Tangier, and Terminal 2 in Damietta, Egypt, which is currently under construction.

PHASA-35 completes first successful stratospheric flight

July 15, 2023 / WIL BALDWIN

Over a 24-hour period, PHASA-35 soared to more than 66,000 feet, reaching the stratosphere, before landing successfully. The trial, completed last month in New Mexico in the USA, allowed engineers to assess the performance of the experimental solar-electric drone within the outer-reaches of the planet’s atmosphere.

The flight marks a significant milestone in PHASA-35’s development which began in 2018. Designed by BAE Systems’ (OTC: BAESY) subsidiary Prismatic Ltd to operate above the weather and conventional air traffic, it has the potential to provide a persistent and stable platform for various uses including ultra-long endurance intelligence, surveillance and reconnaissance, as well as security.

It also has the potential to be used in the delivery of communications networks including 4G and 5G and could be used in a wide range of applications, such as disaster relief and border protection, as an alternative to traditional airborne and satellite systems.

The PHASA-35 programme sits within FalconWorks™, a new centre for advanced and agile research and development within BAE Systems’ Air sector, designed to deliver a range of cutting-edge combat air capabilities to the UK and its allies.

PHASA-35, which has a 35-metre wingspan and carries a 15kg payload, uses a range of world-leading technologies including advanced composites, energy management, solar electric cells and photo-voltaic arrays to provide energy during the day which is stored in rechargeable cells to maintain ﬂight overnight.

The successful trial assessed the performance of the experimental system across a range of areas. It is the first in a series of trials planned to confirm system performance, support development activities and validate test points to enable PHASA-35 to be made available in defence and commercial markets internationally.

The latest trials took place from Spaceport America in New Mexico, flying in the White Sands Missile Range, and are sponsored by the US Army Space and Missile Defense Command Technical Center. This test flight at White Sands Missile Range was coordinated and directly supported by personnel attached to Naval Surface Warfare Center, Port Hueneme Division, Detachment White Sands.

Rolls-Royce Completes Sale of Bergen Engines

January 4, 2022 / WIL BALDWIN

Rolls-Royce (OTC: RYCEY) announces the completion of the sale of our Bergen Engines business to Langley Holdings plc for an enterprise value of €63m. The completion of the transaction, which was announced on 3 August 2021, follows the conclusion of work to separate the business from the Group.

Sale proceeds of €91m from the transaction, together with €16m of cash held within Bergen Engines which has been retained by Rolls-Royce, will be used to help rebuild the Rolls-Royce balance sheet in support of our medium-term ambition to return to an investment grade credit profile. In 2020, Bergen Engines generated revenues of approximately €200m with the assets and liabilities of the business presented as held for sale in the Rolls-Royce Holdings plc consolidated balance sheet.

Boeing KC-46A Tanker for Japan Completes First Refueling Flight

August 16, 2021 / WIL BALDWIN

EVERETT, Washington, August 16, 2021 – The first Boeing [NYSE: BA] KC-46A tanker built for the Japan Air Self-Defense Force (JASDF) recently refueled another KC-46A aircraft in the skies over Washington state. The Japan-bound tanker also successfully received fuel in return.

Japan is the KC-46 program’s first non-U.S. customer and is scheduled to receive its first aircraft this year.

The Japan KC-46A is capable of refueling U.S. Air Force, U.S. Navy, U.S. Marine Corps and JASDF aircraft.

The U.S. Air Force awarded Boeing a contract for the JASDF’s first KC-46A tanker in December 2017. The agreement was completed through the Foreign Military Sale process between the U.S. government and Japan. A second Japan tanker is already in production.

Boeing is assembling the KC-46A aircraft for both the U.S. Air Force and Japan on its 767 production line in Everett, Washington. Boeing’s Japanese partners produce 16% of the KC-46A airframe structure.

MAX-10 First Flight Takeoff Renton

Boeing Completes Successful First 737-10 Flight

June 19, 2021 / WIL BALDWIN

SEATTLE /PRNewswire/ — Boeing’s [NYSE: BA] 737-10, the largest airplane in the 737 MAX family, today completed a successful first flight. The airplane took off from Renton Field in Renton, Washington, at 10:07 a.m. and landed at 12:38 p.m. at Boeing Field in Seattle.

Today’s flight was the start of a comprehensive test program for the 737-10. Boeing will work closely with regulators to certify the airplane prior to its scheduled entry into service in 2023.

The 737-10 can carry up to 230 passengers. It also incorporates environmental improvements, cutting carbon emissions by 14 percent and reducing noise by 50 percent compared to today’s Next-Generation 737s.

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.

MAX-10 First Flight Landing Boeing Field Seattle

Virgin Galactic Completes First Spaceflight from Spaceport America, New Mexico

May 26, 2021 / WIL BALDWIN

Virgin Galactic has completed its third spaceflight and the first ever from Spaceport America, New Mexico. Today’s flight sees New Mexico become the third US state to launch humans into space. VSS Unity achieved a speed of Mach 3 after being released from the mothership, VMS Eve, and reached space, at an altitude of 55.45 miles before gliding smoothly to a runway landing at Spaceport America.

On VSS Unity’s flight deck were CJ Sturckow and Dave Mackay, while Kelly Latimer and Michael Masucci piloted VMS Eve. CJ, who flew as pilot-in-command, becomes the first person ever to have flown to space from three different states. The crew experienced extraordinary views of the bright, blue-rimmed curvature of the earth against the blackness of space. New Mexico’s White Sands National Park sparkled brilliantly below. Their experience today gives Virgin Galactic’s Future Astronaut customers a glimpse of what lies ahead.

Virgin Galactic fulfilled a number of test objectives during the flight, including:

Carried revenue-generating scientific research experiments as part of NASA’s Flight Opportunities Program.
Collected data to be used for the final two verification reports that are required as part of the current FAA commercial reusable spacecraft operator’s license.
Tested the spaceship’s upgraded horizontal stabilizers and flight controls and validated EMI reductions.

Following the flight, and in line with normal procedures, Virgin Galactic will conduct a review of all test data gathered and thoroughly inspect the spaceship and mothership. Once the team confirms the results, the Company plans to proceed to the next flight test milestone.

To celebrate the first human spaceflight from New Mexico, the Zia Sun Symbol of New Mexico’s state flag was placed prominently on the exterior of the Spaceship. In addition, we flew green chile seeds, which are synonymous with the state’s rich agricultural and culinary history.

Boeing Loyal Wingman Uncrewed Aircraft Completes First Flight

March 2, 2021 / WIL BALDWIN

AUSTRALIA, March 1, 2021 – Boeing [NYSE: BA] Australia and the Royal Australian Air Force (RAAF) have successfully completed the first test flight of the Loyal Wingman uncrewed aircraft. The flight of the first military aircraft to be designed and manufactured in Australia in more than 50 years flew under the supervision of a Boeing test pilot monitoring the aircraft from a ground control station at the Woomera Range Complex.

“The Loyal Wingman’s first flight is a major step in this long-term, significant project for the Air Force and Boeing Australia, and we’re thrilled to be a part of the successful test,” said Air Vice-Marshal Cath Roberts, RAAF Head of Air Force Capability. “The Loyal Wingman project is a pathfinder for the integration of autonomous systems and artificial intelligence to create smart human-machine teams.

“Through this project we are learning how to integrate these new capabilities to complement and extend air combat and other missions,” she said.

Following a series of taxi tests validating ground handling, navigation and control, and pilot interface, the aircraft completed a successful takeoff under its own power before flying a pre-determined route at different speeds and altitudes to verify flight functionality and demonstrate the performance of the Airpower Teaming System design.

“Boeing and Australia are pioneering fully integrated combat operations by crewed and uncrewed aircraft,” said Boeing Defense, Space & Security President and CEO Leanne Caret. “We’re honored to be opening this part of aviation’s future with the Royal Australian Air Force, and we look forward to showing others how they also could benefit from our loyal wingman capabilities.”

With support from more than 35 Australian industry teams and leveraging Boeing’s innovative processes, including model-based engineering techniques, such as a digital twin to digitally flight-test missions, the team was able to manufacture the aircraft from design to flight in three years.

This first Loyal Wingman aircraft is serving as the foundation for the Boeing Airpower Teaming System being developed for various global defense customers. The aircraft will fly alongside other platforms, using artificial intelligence to team with existing crewed and uncrewed assets to complement mission capabilities.

Additional Loyal Wingman aircraft are currently under development, with plans for teaming flights scheduled for later this year.

Canadian Pacific Completes Acquisition of Detroit River Rail Tunnel

December 22, 2020 / WIL BALDWIN

CALGARY, Dec. 22, 2020 /PRNewswire/ – Canadian Pacific Railroad (NYSE: CP) announced today it has completed its previously announced agreement to purchase an 83.5 percent stake in the Detroit River Rail Tunnel from certain affiliates of OMERS, the defined benefit pension plan for municipal employees in the province of Ontario. CP previously owned a 16.5 percent stake of the tunnel in partnership with OMERS. The purchase price for the transaction is approximately US$312 million, subject to customary closing adjustments.

Mesa Air Completes Second Closing On Secured Loan Facility

November 16, 2020 / WIL BALDWIN

Mesa Air Group, Inc. (NASDAQ: MESA) today announced that it has completed a second closing through its previously disclosed five-year Loan and Guarantee Agreement under the Coronavirus Air, Relief, and Economic Security Act (CARES Act).

The Loan Agreement provided a secured term loan facility of up to $200 million. On October 30, 2020, Mesa borrowed $43 million under the facility and today, completed a second closing to borrow an additional $152 million. These funds may be used for general corporate purposes and operating expenses, to the extent permitted by the CARES Act.

“I’d like to again express my sincere gratitude to everyone involved in making this deal happen. Our people have been working very hard to ensure Mesa and its employees are prepared to weather this storm”, said Jonathan Ornstein, Chairman and Chief Executive Officer. “These additional funds will substantially benefit our airline and the communities we serve as we continue to navigate the obstacles created by the pandemic”.

In connection with the additional $152 million drawn under the facility, Mesa issued warrants to the U.S. Treasury to purchase 3,819,095 shares of common stock, no par value. The Warrants have a five-year term from the date issued, were issued pursuant to the Warrant Agreement, and have substantially identical terms to the warrants issued on the initial closing.

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