NP Aerospace looks at return to key sector
UK-based composites specialist NP Aerospace plans to increase its presence in the aerospace sector to up to 20% of sales within three years. The company derives only 8% of its revenues from aerospace, having stopped producing seat backs, its main aerospace product, when taken over by Reinhold Industries. Now wholly owned by private equity group Carlyle, the company plans to revamp its production facilities, which could be operational by October and help increase aerospace production, says chief executive Roger Medwell. The company’s 2005 turnover was $48 million, but Medwell says this could grow by as much as 10-15% a year.
EADS North America buys support specialist
EADS North America is acquiring consulting and management support services specialist Dynamic Process Solutions (DPSI) for an undisclosed sum. The company has military and commercial customers, including the US Air Force. “DPSI represents the latest step in EADS North America’s growth strategy,” says Ralph Crosby, chairman and chief executive of EADS North America.
UK defence firms form anti-corruption forum
UK defence companies and trade associations have joined forces to promote the prevention of bribery and corruption by setting up the UK Defence Industry Anti-Corruption Forum. The 11 companies and two trade associations that met last month for the inaugural meeting of the forum say “it is intended to become a regular opportunity to exchange views and best practice”. The next meeting is due to take place in the third quarter.
Boeing completes Carmen purchase
Boeing has concluded its purchase of Carmen Systems. Carmen will become part of Jeppesen, a wholly owned subsidiary of Boeing Commercial Aviation Services. “Carmen will enhance our portfolio of airline operations services by adding their crew, fleet and logistics resource optimisation solutions,” says Mark Van Tine, president and chief operating officer of Jeppesen.
Avio prepares for sale with loan facility
Italian engine manufacturer Avio is preparing for a change in ownership, either through an initial public offering (IPO) or direct sale, with the agreement of a 1.15 billion ($1.45 billion), five-year loan facility that will allow it to consolidate debt and decrease interest payments, giving it “greater financial flexibility”. Avio says it has not drawn down any of the funds available, but is “to use the new facility to refinance in full the group’s principal indebtedness”. The company is majority-owned by private equity group Carlyle, with Finmeccanica holding a 30% stake.
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BAE reaches pensions deficit agreement
BAE Systems has reached an agreement with employees and trade unions to plug the £3.1 billion ($5.7 billion) deficit in its four UK pension schemes. The company is transferring property and cash totalling £661 million to the fund this year, including its Samlesbury site, and a total of £1.1 billion over 10 years. Employees will be able to choose to work longer or accept “salary sacrifice” to protect their pensions. BAE emphasises that already-accrued benefits will be safe.
Source: Flight International