Civil strength boosts Meggitt results
Results UK-based manufacturer Meggitt forecasts continuing growth in the second half of the year after improvements in its aerospace and defence segments offset a decline in electronics (see right). The company plans to continue with "significant investment" in upgrading and consolidating manufacturing facilities, with a total of around £35 million ($66.6 million) of capital expenditure in 2006.
Firth Rixson gets new investor
Investment Lehman Brothers Co-Investment Partners is investing in a 36% stake in forgings manufacturer Firth Rixson alongside current private equity owner Carlyle. Financial details of the agreement have not been disclosed. The deal gives a "significant return" for investors, "while also allowing us to continue to build value as Firth Rixson executes on our proven growth strategies", says Carlyle.
BA expects £40 million hit from terror alert
losses British Airways (BA) is expecting a financial hit of £40 million ($75.8 million) for August because of disruption caused by heightened security measures at UK airports after an alleged terrorist plot was foiled. The airline was forced to cancel 1,280 flights between 10 and 17 August. The estimated £40 million includes lost revenue and increased costs. BA says it has seen "some impact" on forward bookings.
EDO completes CAS acquisition
Acquisition US-based EDO has boosted its engineering services, logistics support, and weapons-systems analysis capability with the completion of a $176 million purchase of CAS, which supplies system engineering and analysis support of missile defence, air defence, and aviation systems to the US Department of Defense.
EADS plans to expand Indian footprint
Expansion EADS is expecting to create more than 2,000 new jobs as it ups its presence in "priority" country India. "India is rapidly developing into a major player in the aerospace industry," says co-chief executive Tom Enders. "We will facilitate the creation in India of training centres for pilots and mechanics, maintenance and spare part distribution centres." EADS forecasts around 2 billion ($2.56 billion) investment in India over 15 years.
Arianespace calls for fair launch pricing
Launches The launcher industry should apply fair pricing policies to commercial launch services, to avoid quality problems and delays, says Arianespace chief executive Jean-Yves Le Gall. "Our clients are telling us that some of Arianespace's competitors are facing difficulties in building launchers to meet existing mission rates, and are far from able to ramp up production to handle the numerous orders they booked at highly discounted prices," he says. Manufacturers and operators fear "significant slippages", he adds.
Airbus opens Midlands engineering centre
Manufacturing Airbus is investing £30 million over five years in a new Midlands, UK-based engineering centre. Minister for industry and the regions Margaret Hodge and Airbus UK managing director Iain Gray opened the centre last week. Gray says the centre is "ideally placed" to draw on the region's highly skilled engineers, including former automotive workers.
Source: Flight International
