Boeing Ceska, which owns 35% of Czech manufacturer Aero Vodochody, is reacting angrily to allegations that it has blocked a proposed Saab/BAE Systems investment in Aero. It also rejects suggestions of slack management and lacklustre international marketing of the L-159.
Boeing Ceska - a Boeing and CSACzech Airlines joint venture - says it might sell its stake in the Czech manufacturer.
The joint venture says it "takes strong exception to the allegations", adding that over the past three-and-a-half years "Boeing Ceska has voluntarily contributed millions of dollars beyond the equity investment in Aero toward successfully turning the company from an unprofitable business into a profitable one".
It says a 1998 CKr1.4 billion ($39.6 million)loss has been turned into a CKr800 million profit in 2001.
Defending the L-159, Boeing Ceska says: "The worldwide market is stagnant and had generated no sales for the L-159 or any of its competitors in the past three years." It adds: "The future market for this aircraft is expected to be several hundred units over the next 10 years."
The Saab/BAE proposal to take a stake in Aero was received on 12 March. A response is being prepared, says Boeing Ceska.
Criticism of Boeing Ceska has increased following a meeting between Boeing and the Czech government last November, which "brought out significant differences of opinion about Boeing Ceska's efforts and successes at Aero".
In February, Boeing Ceska wrote to the government offering to "discuss alternative ownership structures for Aero, including the sale of Boeing Ceska's shares", saying it would remove its management advisers and "make way" for Czech shareholders - government-owned Letka and Konsolidacni Banka - to take a more active role in management.
Source: Flight International
