AERONAUTICS AIMS TO EXPAND FOREIGN VENTURES
Israeli unmanned systems maker Aeronautics is looking for more foreign joint venture manufacturing partners. One joint venture, in Spain, is to begin construction of Orbiter systems in April 2011 with some components supplied locally. A second, in Azerbaijan, is being formed to build Aerostar and Orbiter systems. According to Israeli sources, a technology transfer deal with Aeronautics is of interest to almost every country purchasing the military systems. Aeronautics is Israel's third-largest UAV maker, after Israel Aerospace Industries and Elbit Systems.
INDIAN CARGO SET FOR DOUBLE-DIGIT GROWTH
India's air cargo business is expected to double its growth rate, to between 12% and 14%, in 2010-11 on the back of Asian trade, according to the Air Cargo Agents Association of India.
THIELERT SEEKS INVESTORS
The insolvency administrator of Thielert Aircraft Engines is seeking a buyer for the Centurion diesel piston engines maker, having had earlier attempts thwarted by the financial crisis. According to Bruno Kübler, the German company has "sustainably returned to profitability and has made significant technical improvements to its engines. The company also stands to benefit from the anticipated revival in the general aviation industry. It is a very good time to start seeking a new investor." Thielert has been under Kübler's administration since 2008.
TATA TAKES CHARGE OF HBL ELTA AVIONICS
Tata Advanced Systems has acquired for an undisclosed sum a 74% stake in Hyderabad-based HBL Elta Avionics, a joint venture between HBL Power Systems and Israel Aerospace Industries' Elta subsidiary, which will retain the remaining 26%, a limit India has placed on foreign direct investment holdings in its defence sector.
FLYBE READIES STOCK MARKET FLOTATION
UK regional carrier Flybe is to float on the London stock exchange, offering around £60 million ($93 million) in new shares. British Airways intends to commit to the share offering to maintain its 15% stake in the airline. Flybe will use around half of the proceeds from the offer to help fund its fleet-expansion programme and the other half to strengthen its cash position and provide capital for acquisitions or other strategic pursuits.
SOUTH YORKSHIRE STEELS FOR GROWTH
Tata Steel, formerly Corus, is to invest £6.5 million in two vacuum arc remelting furnaces and specialist testing equipment at its Stocksbridge plant in South Yorkshire to increase production of aerospace steels by 30%. The two new VAR furnaces, to be installed alongside seven existing units and two electroslag remelting furnaces, will be operational by winter 2011-12. The move will lead to about 10 new jobs; Tata employs 2,250 people in South Yorkshire.
ATLANTIS GETS HEAD ABOVE WATER
Third quarter revenue at simulation-aided design and engineering company Atlantis Systems soared 53% to nearly C$4.5 million ($4.4 million), nearly reversing a C$848,000 operating loss last time to a profit of C$808 million. For the nine months ended 30 September, revenue rose nearly two-thirds to C$13.6 million, turning a C$1,5 million loss last time into an operating profit of C$1.57 million for the period this year.
Source: Flight International
