MAGELLAN TO PRODUCE A380 PARTS FOR GKN
Magellan Aerospace's UK division has secured a contract to manufacture Airbus A380 components for first tier supplier GKN. The deal, worth more than $19 million over five years, covers 203 parts, primarily machined aluminium detail components.
ILFC TAPS MARKETS FOR $4BN
International Lease Finance has raised more than $4 billion in the past month through the sale of bonds and notes, for general corporate purposes and to pay down debt. Some of the notes were ILFC's first unsecured debt since parent American International Group faced a liquidity crisis in September 2008. ILFC has debt maturities this year totalling $6.2 billion and $7.7 billion in 2011.
HAL, ROLLS-ROYCE IN BANGALORE JOINT VENTURE
Rolls-Royce is forming a 50/50 joint venture with India's Hindustan Aeronautics to manufacture engine compressor shroud rings. A purpose-built factory in Bangalore, where HAL is based, will be built and open by 2012. HAL already makes engine ring forgings for R-R, and the two companies first worked together in 1956, when HAL made the Orpheus engine under licence.
HONG KONG ENGINEERING SUFFERS IN DOWNTURN
Hong Kong Aircraft Engineering, the main provider of maintenance, repair and overhaul at Hong Kong International airport, posted a 40% drop to HK$688 million ($89 million) in 2009 profits as turnover fell 17.5% to HK$4.05 billion. The company cites lower demand for its heavy and line maintenance, but says there has been some market recovery in recent months.
MANAGEMENT BUYOUT FREES BABCOCK & BROWN
Publicly traded lessor Babcock & Brown Air and management of Babcock & Brown Aircraft Management have combined to buy BBAM in the long-awaited divestiture from its parent company, the Australian investment bank Babcock & Brown, which went into liquidation last year. Babcock & Brown Air, owner of 62 aircraft, will own 15% of the privately held BBAM, which manages 230 aircraft.
DART SHOOTS INTO REFINISH BUSINESS
Dart Helicopter Services of Oceanside, California has acquired Elite Specialty Coatings and its 740m2 (7,960ft2) facility, allowing it to paint and refinish components and accessories.
BOMBARDIER OPENS CHINESE CASH CONNECTION
Bombardier and Chinese lessor CDB Leasing have signed a memorandum of understanding clearing the way for CDB to offer up to $3.85 billion of pre-delivery payment financing, delivery financing and leasing solutions to CSeries, Q400 and CRJ customers.
RYANAIR RAISES FULL-YEAR PROFIT FORECAST
Irish budget carrier Ryanair has raised its after-tax profit forecast for its year ending 31 March to at least €310 million ($417 million), an increase of 13%, citing "stronger than expected" passenger bookings and better-than-predicted yields in February and March.
FREIGHT UP BUT REVENUE DOWN FOR VOLGA-DNEPR
Revenue fell more than 15% last year to $1.25 billion at Russian freight carrier Volga-Dnepr, although freight traffic increased by 7%. The airline released no profit figure, but described its results as "acceptable" given the "exceptionally difficult conditions".
Source: Flight International
