SELEX BUYS SMALL UAV MAKER
UNMANNED SYSTEMS Selex Galileo is to acquire Rome-based Unmanned Technologies Research Institute (UTRI) as part of its strategy to expand in the unmanned air system sector. UTRI products include the mini Asio vertical take-off and landing design, featuring "perch and stare" capability, and the hand-launched Otus-B, which has an endurance of more than 2h. In the micro-UAS sector, UTRI makes the VTOL, ducted-fan Spyball and fixed-wing Crex-B systems. The UTRI designs join a Selex Galileo portfolio that includes the Falco tactical UAS. The companies have worked together on projects such as Asio since at least 2007.
COST SURGE HITS ELBIT SYSTEMS
DEFENCE Rising finance and general expenses have hit Israeli arms maker Elbit Systems, cutting pre-tax profit 48% to $30.5 million on revenue flat at $620.3 million for the first quarter. Rising costs were attributed to consolidation of expenses from recently acquired subsidiaries, currency hedging and notes issued last year. Chief executive Joseph Ackerman said Elbit was "encouraged by the continuous growth in our backlog, for the fourth consecutive quarter".
MIL, KAMOV MAY SEEK WESTERN EQUITY PARTNER
INVESTMENT Russian Helicopters, the state-owned maker of Mil and Kamov rotorcraft which earlier this month shelved plans for a $500 million London and Moscow initial public offering after failing to generate enough bids, would abandon the IPO permanently if a Western strategic partner was prepared to buy a large stake in the company. However, Andrei Reus, of main shareholder Oboronprom, said that attracting Western capital was "desirable but not necessary", as finance was readily available from Russian banks at the "affordable" rate of 7%.
COMAC AND FOKKER SIGN CO-OPERATION PACT
AIRLINERS Chinese manufacturer Comac and Fokker Technologies have signed an agreement to co-operate on unspecified projects. Dutch media reports suggest the two companies want to work together to develop new aircraft types. Comac and Bombardier recently agreed to partner and explore commonalities between their C919 and CSeries airliners.
HAZY'S NEW OUTFIT OPENS BOOKS WITH A PROFIT
LEASING Air Lease, the company formed in 2010 by International Lease Finance founder Stephen Udvar-Hazy after he retired from the AIG-owned mega-lessor, has reported a pre-tax profit of $4.9 million for the first quarter of 2011 on rental revenue of $54.6 million, in its first quarterly earnings statement after completing an initial public offering last month. The lessor has 56 aircraft and plans to expand to about 100 by the end of this year.
SMITHS DETECTION BUYS BRAZILIAN DISTRIBUTOR
SECURITY Smiths Detection has purchased its Brazilian distributor from EBCO Systems to take direct control over sales of its security products in Brazil. CEO Philip Bowman said the move would "allow us to maximise in-country profits".
GOODRICH CLOSES MICROTECNICA DEAL
ACQUISITION Goodrich's actuation systems business has completed its acquisition of helicopter and regional jet flight control actuation systems maker Microtecnica from Stirling Square Capital Partners. Microtecnica employs 700 people in Italy and the UK.
Source: Flight International
