Stork welcomes court ruling
Dispute Stork has welcomed an Amsterdam court of appeal's ruling launching an investigation into the company's affairs, but blocking a vote on rebel shareholders' proposed motion of no confidence in its supervisory board. Stork management and shareholders investment funds Centaurus and Paulson are at loggerheads over strategy, with the investment firms arguing that Stork should divest non-core businesses and focus on aerospace. The ruling gives partial victories for both sides, blocking a vote on a proposal of no-confidence in the Stork supervisory board tabled by Centaurus and Paulson, but meeting shareholders' call for an investigation into Stork's affairs. Chief executive Sjoerd Vollebregt says the ruling, which bans Centaurus and Paulson from forcing Stork to drastically change its strategy for the time being, will allow Stork "to return to calmer waters".
Qinetiq swoops for Analex
Acquisition Qinetiq is pushing ahead with its US growth strategy with the purchase of high-technology defence, intelligence and space services provider Analex for around $173 million. The UK-based defence technology group is expecting to complete the transaction in March. Qinetiq's acquisition will provide it with new customers and contract opportunities "as well as broadening the range of service offerings to the existing customer base of the group", it says.
ATR opens Auckland MRO facility
Support Regional aircraft manufacturer ATR is expanding its support network with a spare parts distribution centre in Auckland, New Zealand. ATR says the centre reinforces its "strong presence" in the region: it has a sales office in Sydney. Around 30 of its aircraft operate in the region. The facility will be managed by DHL Solutions as part of a contract signed last year. ATR plans to open another centre in Delhi on a similar model.
Aerospace units boost UTC results
Results Strong margins at subsidiaries Hamilton Sundstrand and Pratt & Whitney contributed to a healthy set of full-year results for parent company United Technologies, which saw a 21.6% year-on-year increase in net income to $3.7 billion in 2006. Operating profit at the two business units exceeded the 17.6% annual growth seen at the company as a whole. The engine manufacturing division saw a 25.4% rise in income to $1.8 billion, while Hamilton Sundstrand recorded a 23.3% growth to $832 million. Revenue at P&W grew 19.6% to $11.1 billion (see graph).
CAE strengthens Australian presence
Purchase Canadian simulator manufacturer CAE is boosting its presence in the Australian market with the C$4.6 million ($3.89 million) acquisition of Kesem, which specialises in modelling and simulation for the defence and homeland security markets. "Kesem will form the foundation of the CAE Professional Services business in Australia as we expand and broaden our simulation-based services," says CAE group president simulation products and military training and services, Marc Parent.
Aerovironment beats IPO target
Offering Unmanned air vehicle manufacturer Aerovironment has beaten its initial public offering (IPO) target, raising around $114 million, with shares selling for $17, compared with the forecast price of $14-16 per share. The company sold around 4.5 million shares in the offering.
Source: Flight International
