BRISTOW MOVES INTO 'NEXT NORTH SEA'
Bristow Group has acquired 42.5% of Lider Aviacao, Brazil's largest provider of helicopter and executive aviation services. Lider's 46-helicopter operation handles 50% of Brazil's oil and gas industry market. It also has 29 charter aircraft. Lider generated $305 million in revenue and a net loss of $17 million in 2008, but turned a $6.9 million profit in the first quarter this year. Bristow chief executive William Chiles says: "We view Brazil as the next 'North Sea' in terms of its potential for growth in offshore services," adding that Bristow will lease aircraft to Lider as needed.
UAVS DRIVE REVENUES AT ISRAELI DEFENCE GROUP
The airborne systems division of Elbit Systems, which produces the Hermes and Skylark UAVs, increased its first-quarter revenues by 26.3%, to $172.9 million. Overall, the Israeli defence company's revenues rose 6.6% to $656.9 million, while operating income jumped 58% to $76.6 million.
CHINA'S CATIC BECOMES AVIC INTERNATIONAL
China's main company responsible for the export of aircraft and aerospace technology is to change its name from China National Aero-Technology Import & Export (CATIC) to AVIC International. AVIC, the Chinese state-controlled aviation conglomerate that makes most of the country's aircraft, is CATIC's controlling beneficial shareholder and was last year restructured into a single entity making commercial and military aircraft.
CIVIL SHARE OF SALES DOWN AT IAI
Israel Aerospace Industries first quarter profit before employee retirement costs was down 10% to $54 million; revenue dropped 23.5% to $775 million as civil market sales decreased from 39% of total sales in the first quarter of 2008 to 26% this time. Foreign customers account for 79% of sales, and IAI's backlog as of 31 March stood at $8.1 billion. Early employee retirement expenses reached about $16 million during the quarter.
BRAZIL'S TAF HALTS SCHEDULED SERVICES
Brazilian operator TAF Linhas Aereas has suspended all scheduled passenger services, citing lack of demand, although charter flights continue. The cargo and charter airline started scheduled Boeing 737-200 flights only last year. TAF Linhas Aereas says the suspension is "temporary" and that all charter and cargo operations are proceeding normally.
FAIRCHILD BANKRUPTCY LEADS TO BANNER SALE
Aviation services company Greenwich AeroGroup is to acquire distribution, repair and overhaul group Banner Aerospace and its aviation subsidiaries from its parent, Fairchild, which is under US Chapter 11 bankruptcy protection. Greenwich prevailed in a four-party auction. Executive vice-president Gerry Goguen says: "We are very excited to have the opportunity to acquire a marquis name in the aviation industry."
BOEING LOSES TOP SPOT TO EADS
In 2008 EADS edged out Boeing as the largest aerospace and defence company by revenue, with 10.6% growth to $62.3 billion compared with the 8.3% decline to $60.9 billion at its strike-hit US rival. According to Deloitte research, European companies achieved higher sales growth than their US counterparts, but lower margins owing to labour market inflexibility.
Source: Flight International
