SIKORSKY GIVES LIFT TO UNITED TECHNOLOGIES
Aerospace businesses helped conglomerate United Technologies overcome flagging performance at its Carrier air conditioning and Otis elevators businesses to report modest 2008 consolidated sales and profit gains. The Sikorsky helicopter division's operating profits rose 28.2% to $478 million on sales up 12.1% to $5.37 billion, Pratt & Whitney profits were up 5.5% to $2.12 billion on sales up 6.9% to $13 billion, and Hamilton Sundstrand made $1.1 billion (up 13.7%) as sales reached $6.2 billion (up 10.1%).
MULTI-BILLION DOLLAR LOSSES AT UNITED, AMERICAN
United Airlines and American Airlines posted huge 2008 losses as soaring fuel prices took their toll. United parent UAL says its fuel costs increased by $2.9 billion in 2008, driving a $1.3 billion loss for the fourth quarter and $5.3 billion in losses for the full year. In 2007, UAL lost $53 million in the fourth quarter and $403 million for the full year. American parent AMR lost $2.1 billion for 2008 compared with the $504 million profit it recorded in 2007.
CHINA SEEKS INVESTOR FOR ENGINE COMPANY
China is open to having a foreign or domestic investor buy up to 30% of China Aviation Industry Corporation's new aircraft engine company, which will develop and build jet engines for a new 150-seat aircraft being developed by Commercial Aircraft Corporation of China, to enter service before 2020.
RUSSIA'S OAK NAMES CHIEF OF CIVIL AVIATION ARM
Russia's United Aircraft (OAK) has named executive vice-president Valery Bezverkhny as the chief of its newly created civil aviation arm. Sergei Galperin has been appointed vice-president of OAK's Tupolev unit.
DAE ARMED WITH $800 MILLION FACILITY
Dubai Aerospace Enterprise has closed with a group of lenders a three-year $800 million equivalent term loan and revolving credit facility to be used "for general corporate purposes". Dubai describes DAE as an "important strategic investment" in the emirate's bid to become an aerospace centre and aviation hub.
VOLVO AERO SEEKS TO CUT STAFF BY 350
Volvo Aero is to start negotiations with trade unions to eliminate 250 blue collar positions at its Trollhattan facility in response to falling demand for new aircraft. Another 100 or more white collar jobs will be eliminated through the reduction of its consultant pool and not replacing retiring staff.
AMETEK EXPANDS MIAMI MRO CAPACITY
Electronic instruments and electromechanical devices maker Ametek has acquired for an undisclosed sum privately held High Standard Aviation, a Miami-based provider of electrical/electromechanical, hydraulic and pneumatic repair services. High Standard Aviation has annual sales of around $31 million. Ametek annual sales are about $2.5 billion.
ONTARIO GRANT BUYS AEROSPACE JOBS
Aerospace parts maker Cyclone Manufacturing of Mississauga, Ontario has won a C$7.7 million ($6 million) grant from the government of Ontario to support a C$50 million, five-year investment in new technology that will create 133 jobs. Customers include Boeing, Bombardier and Embraer.
Source: Flight International
