Toulouse, France, September 6, 2023 – Turkey’s national flag carrier, Turkish Airlines, has announced a new order for 10 additional Airbus (OTC: EADSY) A350-900 aircraft, taking its total for the type to 40. This latest Turkish Airlines agreement is in addition to one announced in August for four A350-900’s, with th air carrier already operating a fleet of 14 A350-900’s.
At the end of July, the A350 had won over 1,000 orders from leading carriers from around the globe. The A350 is the world’s most modern and efficient widebody aircraft and the long range leader in the 300-410 seater category. Its clean sheet design includes state-of-the-art technology, aerodynamics, lightweight materials and new engines that together deliver 25 percent advantage in fuel burn, operating costs and CO2 emissions. The airplane also demonstrates a 50 percent noise footprint reduction compared to the previous generation of Airbus aircraft.
Jacksonville, Florida, July 31, 2023 – CSX (NASDAQ: CSX) and the International Association of Sheet Metal, Air, Rail and Transportation Workers — Transportation Division (SMART-TD) announced they are partnering to extend CSX’s conductor training program to five weeks from the previous four-week regimen to provide new hires with additional hands-on experience prior to beginning on-the-job training (OJT).
The extra week of training at the CSX Training Center in Atlanta will focus on performing tasks in a field setting to increase trainees’ exposure to railcar switching scenarios, radio communication, securement of equipment, brake tests and other fundamentals of the conductor’s role. Hands-on application of these skills begins in the third week of training, and the additional week will reinforce trainees’ comfort level by providing multiple opportunities to perform the tasks while operating on first and second shifts.
CSX developed the extended training program in consultation with the SMART-TD, which represents its train crew employees. After completing their five weeks at the Atlanta Training Center, new conductors begin up to five months of OJT at their hiring location, where they learn the physical characteristics and job assignments of their designated territory.
Air France-KLM (OTC: AFLYY) today announces that it has entered into exclusive discussions with Apollo Global Management (NYSE: APO) regarding the potential financing of E1.5bn to a dedicated operating affiliate of Air France-KLM. This entity will hold the trademark and most of the commercial partner contracts related to Air France and KLM’s joint loyalty program “Flying Blue”, and will become the exclusive issuer of miles for the airlines and partners.
This financing would be non-dilutive, structured through a quasi-equity instrument, similarly to those raised by Air France on a pool of spare engines in July 2022 and maintenance activity components in July 2023. Under this agreement, Apollo-managed funds would subscribe to perpetual bonds issued by this dedicated operating affiliate of Air France-KLM.
This financing would be accounted as equity under IFRS, allowing Air France-KLM to make a further step towards its commitment to restore its equity and strengthen its balance sheet, aside from net profit generation and/or straight hybrid bonds.
The contemplated structure related to this financing would incur no change on the operation of the program vis-à-vis the Flying Blue members, no change on social aspects nor Air France, KLM or Air France-KLM employee’s contracts.
Air France-KLM would pursue managing and operating its loyalty program and Air France and KLM would keep full ownership rights of the Flying Blue customer database.
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.
WICHITA, Kansas, August 26, 2021 – Textron Aviation today announced it successfully completed initial ground engine runs on the prototype Beechcraft Denali single-engine turboprop powered by GE Aviation’s new advanced Catalyst engine. The ground engine runs, which took place at Textron Aviation’s west campus in Wichita, Kansas, verified the functionality of the fuel system and engine, as well as the interface with the avionics and electrical systems. The testing moves the clean-sheet design aircraft closer to its milestone first flight, which is anticipated by the end of the year.
The Beechcraft Denali is designed and manufactured by Textron Aviation, a Textron Incorporated (NYSE: TXT) company.
Watch the new Beechcraft Denali video!
GE Aviation’ Catalyst engine has completed over 2,450 hours of testing and is prepping for a first flight on its Beechcraft King Air flying test bed. The Catalyst engine is a more environmentally friendly engine that burns less fuel than older turboprop technologies. The engine can also use sustainable aviation fuel, which results in lower emissions. The 1,300 shaft horsepower (SHP)-rated turboprop engine eases pilot workload with its single-lever power and propeller control. The Full Authority Digital Engine Controlled (FADEC) engine provides trend monitoring, which allows for on-condition maintenance with no mid-life Hot Section Inspection required.
The Beechcraft Denali development program has achieved several important milestones in recent months. Earlier this summer, GE Aviation Catalyst engine was installed on the Beechcraft Denali prototype airframe and the aircraft was powered on for the first time. Two other Denali flight test articles are also in development. Three additional ground test articles will be used for the airframe static and fatigue tests, and for cabin interior development and testing. The company anticipates certification for the Denali in 2023.
Technological advances The Denali cockpit features the Garmin (NASDAQ: GRMN) G3000 intuitive avionics suite featuring high-resolution screens and touchscreen controllers. An integrated Garmin autothrottle is now a standard feature, which interfaces with the Automatic Flight Control System (AFCS) and Flight Management System (FMS) to provide easy speed control throughout all regimes of flight from takeoff to touchdown.
Other standard G3000 features include a 10-inch weather radar, Terrain Awareness Warning System (TAWS-B), and dual transponders with automatic dependent surveillance-broadcast (ADS-B) capabilities, which are compliant with the latest air traffic control requirements.
the Garmin G3000 intuitive avionics suite
The aircraft is equipped with McCauley’s new 105-inch diameter composite, 5-blade, constant speed propeller, which is full feathering with reversible pitch and ice protection. The propeller will undergo a series of certification tests, and several are already underway.
Class-leading passenger experience The Beechcraft Denali’s flat floor cabin is designed to be the largest in its segment and offers the versatility to easily convert between passenger and cargo configurations. The Denali cabin features a standard seating configuration of six individual reclining seats and offers a nine-place high density seating option.
The aircraft boasts a digital pressurization system maintaining a 6,000-foot cabin altitude at a service ceiling of 30,000 feet. The Denali also offers passengers the convenience of adjusting the cabin temperature and airflow from a climate-control switch panel located on the cabin sidewall.
Denali customers will also enjoy large cabin windows, interior LED lighting, a forward refreshment cabinet and an in-flight accessible baggage compartment. An optional externally serviceable belted lavatory with pocket door enclosure that is located in the rear of the cabin is also available.
Textron Aviation today announced its flagship Cessna Citation Longitude super-midsize business jet achieved certification from the European Aviation Safety Agency (EASA), clearing the way for customer deliveries to begin in the region.
The Cessna Citation Longitude super-midsize business jet is designed, produced and delivered by Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company.
The largest jet in the Cessna Citation lineup, the Longitude was designed with business and return on investment at the forefront, with the lowest direct operating cost of any super-midsize jet. Capable of flying from Geneva to Dubai or Rome to New Delhi, the Longitude offers class-leading comfort, the quietest cabin in class, and advanced connectivity for those focused on staying productive in the air.
As a clean-sheet aircraft, the Longitude was designed with innovation front of mind, and a cabin experience shaped around customer input and a broad range of mission capabilities.
The Longitude is backed by Textron Aviation’s extensive global customer service network, providing customers with direct access to nearly 3,000 expert employees, including service representatives offering maintenance, inspections, parts, repairs, avionic upgrades, equipment installations, refurbishments and other specialized services.
A sustained rebound in domestic travel demand, and the performance of its Freight and Loyalty divisions, continues to drive the Qantas Group’s recovery from the impacts of COVID-19.
Based on current trading conditions the Group expects to be statutory free cash flow positive for the second half of FY21. Net debt levels peaked in February at $6.4 billion and are expected to be lower than they were in December ($6.05 billion) by the end of the financial year.
Liquidity levels remain strong with total funds of $4.0 billion, including cash of $2.4 billion and $1.6 billion of undrawn debt facilities as at 30 April 2021.
The total revenue loss for the Group since the start of COVID is now projected to reach $16 billion by the end of FY21 – however the role of domestic travel demand in the Group’s recovery is highlighted by the fact revenue from domestic flying is expected to almost double between the first and second half of this financial year.
Assuming no further lockdowns or significant domestic travel restrictions, the Group expects to be Underlying EBITDA positive in the range of $400 – 450 million for FY21. At a statutory level before tax, the Group is still expecting a loss in excess of $2 billion, which includes the significant costs associated with previously announced redundancies, aircraft write downs and non-cash depreciation charges.
Click the link below to read the full press release!
Textron Aviation Inc., a Textron Inc. (NYSE:TXT) company, today announced the successful first flight of its new twin utility turboprop, the Cessna SkyCourier. The milestone flight is a significant step toward entry into service for the clean-sheet aircraft, and it kicks off the important flight test program that validates the performance of the Cessna SkyCourier.
“Today was an exciting day for our employees, our suppliers and our customers. The Cessna SkyCourier performed exactly as we expected, which is a testament to the entire team of men and women who worked together to prepare for this day,” said Ron Draper, president and CEO, Textron Aviation. “I’m proud of the way the team has persevered through disruptions caused by the COVID-19 global pandemic and remained focused on getting us to this point. The Cessna SkyCourier will be an excellent product in its segment due to its combination of cabin flexibility, payload capability, superior performance and low operating costs. Our customers will be very pleased with what they experience from this aircraft.”
The Cessna SkyCourier took off from the company’s east campus Beech Field Airport, piloted by Corey Eckhart, senior test pilot, and Aaron Tobias, chief test pilot. During the 2-hour and 15-minute flight, the team tested the aircraft’s performance, stability and control, as well as its propulsion, environmental, flight controls and avionics systems.
“We were very pleased with how the Cessna SkyCourier performed throughout its first flight,” Eckhart said. “It was particularly impressive to see how stable the aircraft handled on takeoff and landing. The Cessna SkyCourier already displays a high level of maturity in its flight characteristics, especially for a first flight. We were able to accomplish everything we wanted on this flight, and that’s an excellent start to the flight test program.”
The prototype aircraft, along with five additional flight and ground test articles, will continue to expand on performance goals, focusing on testing flight controls and aerodynamics.
Relentless capability
The Cessna SkyCourier, featuring Pratt & Whitney Canada PT6A-65SC engines, will be offered in various configurations including a 6,000-pound payload capable freighter, a 19-seat passenger version or a mixed passenger/freight combination, all based on the common platform.
The Cessna SkyCourier is designed for high utilization and will deliver a combination of robust performance and lower operating costs. Cessna SkyCourier will feature the popular Garmin G1000 NXi avionics suite and offer highlights such as a maximum cruise speed of up to 200 ktas and a maximum range of 900 nm. Both freighter and passenger variants of the Cessna SkyCourier will includer single-point pressure refueling as standard to enable faster turnarounds.
Consortium of bidders led by Advent, Cinven and RAG foundation
Sales proceeds pave the way for further transformation of thyssenkrupp
Cash inflow remains within the company
Buyers give far-reaching site and employment guarantees for tk Elevator
Closing and purchase price payment expected by the end of the current fiscal year
Martina Merz: “With the sale of Elevator, thyssenkrupp can pick up speed again. We will reduce the company’s debt as far as is necessary and at the same time invest as much as is reasonable in its further development.”
thyssenkrupp sells its Elevator Technology business entirely to a consortium led by Advent, Cinven and RAG foundation. The respective Executive Board decision was approved on Thursday evening by the Supervisory Board of thyssenkrupp AG. The purchase agreement has been signed. Closing of the transaction is expected by the end of the current fiscal year. The purchase price is €17.2 billion. thyssenkrupp will reinvest part of the purchase price[1] (€1.25 billion) in a stake in the elevator business. The transaction is subject to merger control approvals, although thyssenkrupp does not expect the competent authorities to have any reservations. The proceeds from the transaction will remain within the company and are to be used to the extent necessary to strengthen the balance sheet. Alongside this, the proceeds shall be used to advance the development of the remaining businesses and the portfolio. As announced at the Annual General Meeting at the end of January, thyssenkrupp is proceeding the analysis phase so that a decision on the concrete use of funds can be taken in May.
Martina Merz, CEO of thyssenkrupp AG: “With the sale, we are paving the way for thyssenkrupp to become successful. Not only have we obtained a very good selling price, we will also be able to complete the transaction quickly. It is now crucial for us to find the best possible balance for the use of the funds. We will reduce thyssenkrupp’s debt as far as is necessary and at the same time invest as much as is reasonable in developing the company. With this, thyssenkrupp can pick up speed again.”
The sale of Elevator is a favorable solution not only for the company, its shareholders, customers and employees, but also for the elevator business itself. In the consortium, thyssenkrupp has found new owners for the elevator business who have extensive industrial expertise and offer the workforce a high degree of security. The buyers have a strong track record in profitably growing and nurturing companies to become global champions.
In negotiations with employee representatives and the IG Metall trade union, the buyers have committed to far-reaching site and employment guarantees. In addition, it was agreed that the buyers will continue to manage thyssenkrupp Elevator as a global group. The company will also remain based in Germany and employee co-determination will continue. That means the solution is in line with thyssenkrupp’s understanding of corporate and social responsibility.
“We are not pleased to part with our employees and the elevator business. Nevertheless, today is a good day for everyone involved. With this step, we are opening up real prospects for the future: for the elevator business as an independent company and, with the financial solidity we have gained, also for all other areas of thyssenkrupp,” Martina Merz added.
New Technology Creates Hyper Elevators That Can Go Sideways
Jacobson, who was named the airline industry’s best CFO eight times, will remain at Delta while a successor is named and throughout the transition.
Paul Jacobson, Delta’s Chief Financial Officer, is retiring after a remarkable career at Delta that spanned more than two decades.
Jacobson will remain at Delta while a successor is named and throughout the transition. He joined the company in 1997 and was named CFO in 2012.
“Paul played a crucial role in Delta’s bankruptcy process and the strategy that led Delta to regain our investment-grade balance sheet while also investing billions in our people, product and service,” Delta CEO Ed Bastian wrote in a memo to employees Friday. “Paul has a gift for sharing financial messages that are clear, actionable and easily comprehended, ensuring that Delta people understand our financial standing, goals and path forward.”
Jacobson was named the airline industry’s best CFO eight times by Institutional Investor magazine’s poll of Wall Street analysts and investors. In his memo, Bastian also highlighted Jacobson’s service to the community, including his mission to raise awareness and funding for the American Heart Association after a member of his team experienced a heart attack at work.
Jacobson also helped establish the Delta Air Lines Aviation Education Building at his alma mater, Auburn University, providing resources for the next generation to learn to fly and pursue careers in aviation.
“When he leaves Delta later this year, his legacy will be our strong financial foundation and a best-in-class Finance team,” Bastian wrote.
