GKN increases titanium capacity
Acquisition UK-based GKN is stepping up its titanium manufacturing capability and its exposure to programmes such as the Boeing 787 and 777 and the Lockheed Martin F-35 Joint Strike Fighter with the purchase of metal structural components manufacturer Stellex Aerostructures. "Based on current long-term agreements with a range of customers and the growth demand for titanium structures, we expect this acquisition to make a strong contribution to our growth strategy in aerospace," says GKN chief executive Marcus Bryson. The company also posted a 9% increase in first-half profits to £112 million ($208 million) on higher aerospace sales.
Ultra results pave way for acquisitions
Results UK-based Ultra Electronics plans to continue its strategy of acquiring "complementary businesses that strengthen our market niches", says chief executive Douglas Caster. The company has posted "solid" growth in sales and profits for the first half of the year. Sales for the group as a whole were up 14% on the same period least year at £181 million ($336 million), with pre-tax profits 15% higher at £23.8 million.
SALE shareholders look at sell-off
Ownership Shareholders in Singapore Aircraft Leasing Enterprise (SALE) are considering a complete sell-off of the company. Singapore Airlines (SIA) chief executive Chew Choon Seng, who is also chairman of SALE, revealed at the carrier's annual general meeting last week that an option under consideration is "the complete sell-out by all existing shareholders". SALE confirmed in June that its shareholders had appointed Citigroup Corporate and Investment Banking "to explore strategic options to maximise the returns on their investment and to fund the future expansion of the company". The Singapore-based lessor was established in 1993 and is now 35.5%-owned by SIA, 35.5% by WestLB and 29% by two Singapore government investment arms. Industry analysts believe the shareholders are considering a sale because of the potentially huge returns on their relatively modest initial investment.
PAIFA sold in management buyout
Buyout PanAm International Flight Academy's (PAIFA) air traffic, commercial and Saab training divisions have been sold for an undisclosed sum in a management buyout backed by American Capital Strategies (ACAS). The business will keep its name, while former owner JW Childs will retain SimCom, PAIFA's business, general and regional aviation and pilot training units. "ACAS will provide the capital we need to strategically expand our commercial airline training business," says PAIFA chief executive Vito Cutrone.
GECAS boosts US components presence
Acquisition GE Commercial Aviation Services (GECAS) is to purchase privately owned aircraft parts trading company The Memphis Group for an undisclosed sum. The acquisition is expected to close in the fourth quarter, subject to regulatory approval. The deal will "help grow our aircraft servicing capabilities and expand our spare parts financing services for our customers," says GECAS senior vice-president John Abbot.
Source: Flight International
