SAAB OVERHAUL BYPASSES AERONAUTICS UNIT
An overhaul of Saab Group's corporate structure will transform 15 business units in three segments into five business areas defined by product or service offering. But the aeronautics segment, which comprises Gripen International, Saab Aerostructures and Saab Aerosystems, willremain unchanged, with plans in place to cut nearly 10% of its 3,100-strong workforce.
AERCAP TO ABSORB IRISH LESSOR GENESIS
AerCap is to acquire Genesis Lease in a one-for-one all-share deal nominally worth $1.75 billion. AerCap has also signed a letter of intent to buy13 aircraft from GE Capital Aviation Services, which has acted as servicer for the Genesisportfolio and will continue to provide most asset management services for the Genesis fleet in the near term. The combined company will have a fleet of 358 commercial aircraft and 83 engines.
GE-SAFRAN JOINT VENTURE NAMED NEXCELLE
GE and Safran Group have named their nacelles and nacelle subsystems joint venture Nexcelle. The Evendale, Ohio-headquartered operation, which will produce nacelles for the next generation engines from the GE-Safran CFM International 50-50 joint venture, is a partnership between GE's Middle River Aircraft Systems subsidiary and Safran's Aircelle unit.
POLISH MILITARY AIRFIELDS GO CIVIL
Polish authorities have completed preparations to transfer several former military airfield areas to local governments, which will use them for civil aviation development. Among eight sites being handed over to local governments are the Modlin base slated to become a secondary airport for Warsaw, plus areas at Poznan, Katowice, Biala Podlaska, Zielona Gora, Pila, Nowe Miasto and Szymany Szczytno. Another four -Krakow, Gdynia, Radom and Sochaczew -are being leased out for a period of at least 30 years.
SPIRIT ISSUES DEBT TO CUT BORROWING
Spirit Aerosystems plans to offer $300 million in notes due in 2017 through a private placement, to repay $150 million on revolving debtand increase liquidity. Moody's ratings agency reaffirmed Spirit's Ba3 rating, citing its still-modest leverage, good liquidity profile and improved "flexibility to manage through the current commercial aerospace downcycle", to see its way through possible future development programme delays and cost overruns and "successfully address the projected ramp-up of Boeing 787 production".
ROCKWELL COLLINS TRIMS FORECAST
Rockwell Collins has trimmed its fiscal year 2009 revenue forecast by $50 million, to about$4.5 billion. For FY2010, the company anticipates revenue of between $4.6 billion and $4.8 billion. Chief executive Clay Jones says the company expects "to take full advantage of improving market conditions in late 2010".
OPTIMISM CONFOUNDS FALL IN AIRCRAFT VALUES
Aircraft values and lease rate continue to drop, with new Airbus A320s and Boeing 737-800s losing 18% in lease rates (to $320,000 and $340,000, respectively) and 8% in value (to $40.2 million and $42.2 million, respectively) compared with the year-earlier period, according to aviation consultancy IBA. However, IBA describes the industry mood as one of "cautious optimism, with many feeling that the market hasreached bottom".
Source: Flight International
