787 DELAY TO HIT LATECOERE FULL-YEAR TURNOVER
French aerospace supplier Latécoère has posted half-year net profit up 14.1% to €9.7 million ($14.3 million). In spite of the positive news, Latécoère expects a 25% drop in 2009 turnover due to delays in Boeing's 787 programme and issues of delivery pace with other aircraft manufacturers. First half turnover fell 19.7% to €238.6 million.
BRUSSELS CLEARS RESEARCH LOAN TO GKN
European Commission regulators have approved £60 million ($99 million) in UK government aid to GKN to support aircraft wing component research. The aid is in the form of a repayable loan, to be reimbursed with interest through a levy on future sales. European competition commissioner Neelie Kroes says the aid is the minimum necessary and has only a minor impact on competition.
IATA BALLOONS LOSS FORECAST TO $11 BILLION
Already battered airlines are projected to lose $11 billion in 2009, $2 billion more than the International Air Transport Association's earlier loss forecast. European airlines are bracing for the largest losses of $3.8 billion while IATA's projections show Asia-Pacific airlines losing $3.3 billion. In Latin America, carriers should break even as its residents have less of consumer debt headwind than North America. Loss projections for Middle Eastern carriers are cut from $1.5 billion to $0.5 billion, while expected losses of $500 million in Africa remain unchanged.
BOEING CHARLESTON MACHINISTS REJECT UNION
Machinists at Boeing's newly acquired Charleston facility in South Carolina have voted against continued representation by the International Association of Machinists and Aerospace Workers. The IAM, which represents the company's more than 25,000 machinists and aerospace workers, went on strike halting production in Boeing's commercial aircraft factories for 57 days during September and October of 2008. Boeing welcomed the preliminary vote, that must be certified by the National Labor Relations Board.
FASTENER DISTRIBUTOR GETS LOCK ON EUROPE
Aerospace and industrial fastener distributor Interfast has purchased certain assets of UK-based Burwood Fastener Products and launched a new European division that will operate under the name Interfast Europe, with David Proctor as general manager and Howard Gerstein as director of sales and marketing. No changes to existing staff are anticipated. Interfast now has nine stocking locations across North America and Europe.
AERCAP 'IN MERGER TALKS' WITH GENESIS LEASE
Irish lessor Genesis Lease is in talks with another party, understood to be the much larger AerCap, regarding a possible merger. Genesis, which manages 55 aircraft, has only confirmed that it is in talks over a potential merger. AerCap has not commented.
SIGNS POINT DOWN AT ZODIAC
Improvement in the dollar-euro exchange rate and consolidation of acquired companies helped Zodiac Aerospace post a 9.4%rise in sales for its year to 31 August to €2.2 billion ($3.2 billion), but the company says like-for-like sales were down 5.4%and full-year profit growth will fall short of previous forecasts. Revenue was hit by "significant" levels of destocking linked to falling aircraft production rates and Boeing 787 and Airbus A380 delays.
Source: Flight International
