INSOLVENT THIELERT 'TURNED AROUND'
ENGINES German diesel powerplant maker Thielert Aircraft Engines is back in the black and being courted by prospective investors, predominantly from the aviation industry and including two defence contractors, says insolvency administrator Bruno Kübler. The firm filed for insolvency in April 2008 and sacked its founder and chief executive Frank Thielert after a financial crisis centred on incorrect accounting. The company, based near Chemnitz, builds the Centurion piston engine for light aircraft and unmanned air vehicles, including a version of General Atomics' Predator. Kübler adds that he did not have to dismiss any employees despite the insolvency.
LUFTHANSA TECHNIK CREATES SUPPORT DIVISION
MAINTENANCE Lufthansa Technik has reorganised its maintenance operation for international carriers under a new wholly owned subsidiary, Lufthansa Technik Maintenance, at Frankfurt Main and based on the infrastructure of Condor Cargo Technik, which it took over in 2003. LTMI will eventually perform line maintenance for all aircraft types supported by Lufthansa Technik, but initially will handle the Airbus A330/A340 and Boeing 757, 767 and MD-11.
MTU TAKES STAKE IN GENX ENGINE PROGRAMME
DEVELOPMENT German manufacturer MTU Aero Engines is taking a 6.6% share in the General Electric GEnx engine for the Boeing 787 and 747-8. The manufacturer is taking responsibility for the centre frame of the GEnx turbine and expects the agreement to be worth more than €11 billion ($15 billion). Last year MTU sealed a 15% participation in the Pratt & Whitney geared turbofan and PW810 business jet engine programmes.
SAS TO SELL AIR BALTIC STAKE TO MANAGEMENT
AIRLINES SAS Group will sell its 47.2% stake in affiliate carrier Air Baltic to the Latvian airline's management team for 14 million Lats ($28 million). The Latvian government had opted against proceeding with a full privatisation of the airline, effectively blocking SAS from gaining majority control. SAS has also just signed a tentative deal to sell a majority share of Spanair to a group of Catalonian investors.
MEGGITT TANKS UP ON KC-135 ORDER
DEFENCE Meggitt's Rockmart, Georgia-based Engineered Fabrics has been awarded its largest-ever fuel tank order from the US Air Force, a $41 million deal for 2,255 tanks for the KC-135 life extension programme for delivery from July 2010. Sixteen of the fuel tanks are located in the fuselage of each aircraft.
SATELLITE JOINT VENTURE GETS GREEN LIGHT
SPACEFLIGHT MicroSat, a joint venture formed by Israel Aerospace Industries and Rafael, has won operating approval from Israel's anti-trust authorities. The company will produce satellites of up to 120kg (265lb), three of which can be launched by an IAI Shavit launcher. One eastern European nation is thought to have a ordered a unit for civil use, and the Israeli air force has been evaluating micro satellites launched as needed to detect ground-to-ground missile launches.
HAMPSON INDUSTRIES PROMOTED TO FTSE 250
EQUITIES Precision engineering group Hampson Industries has been promoted to the London Stock Exchange's FTSE 250 index of mid-cap UK companies. In the past four years Hampson has completed six US acquisitions and now has a market capitalisation in excess of £193 million ($290 million).
Source: Flight International
