RUSSIAN HELICOPTERS STALLS IN COMPLEX MARKET

Russian Helicopters, the state-owned holding company that makes Mil and Kamov rotorcraft, has indefinitely suspended an initial public offering scheduled for 11 May in which it had hoped to raise $500 million in London and Moscow but failed to receive enough bids. Sources suggest the deal is off for this year, and market watchers point to a complex market, including the huge interest sparked at the same time by the launch of commodity trader Glencore's London and Hong Kong listing, which attracted $11 billion. Main shareholder Obronprom said: "While the IPO would serve the Russian government's strategic vision for the industry, we are also very conscious of the value of our asset."

TRIUMPH BUILDING ON VOUGHT DEAL

During a year to 31 March which saw it acquire Vought Aircraft for $1.44 billion in cash and stock from private equity investor Carlyle, Triumph grew sales by 125% to $2.9 billion and net profit nearly as much, to $150 million. Chief executive Richard Ill described the purchase of Vought Aircraft as exceeding "our initial projections of earnings accretion and synergy targets", as aerostructures sales grew to $2.13 billion, from $605 million the prior year.

GULFSTREAM LIFTS GENERAL DYNAMICS QUARTER

First-quarter operating profit at General Dynamics' aerospace division was up 5.5% to $230 million on sales broadly level at $1.35 billion. Gulfstream aircraft deliveries were up by 13 units to 48, and aerospace backlog increased, by 0.2%, for a second consecutive quarter, to $17.8 billion owing to Gulfstream demand, although the total backlog is down 3.7% year-on-year.

ESTERLINE HOOKS UP WITH SOURIAU CONNECTORS

Esterline hopes to boost its sensors and systems business with a €483 million ($715 million) acquisition of Versailles-based Souriau, a maker of connectors for harsh environments, from parent company Sagard private equity. Souriau employs 2,300 people in six countries and expects sales of roughly €238 million for the year to the end of June. Two-thirds of its business is in aeronautics, defence and space. The deal could close in July.

WASHINGTON BUDGET FUSS SLOWS COBHAM

First-quarter training was in line with expectations at Cobham, but the systems group expects no revenue growth for the year owing to "challenges and uncertainties in some of its markets". An interim management statement also cited ongoing weakness in US defence and security markets, due to a general slow-down in procurement awards and the US government's operation by continuing budget resolution. Commercial markets were mixed.

FUZES LIGHT UP KAMAN

Rising prices and volume of fuzes and year-on-year improvement at its Wichita composites facility helped bearings, aerostructures and fuzes maker Kaman post a strong first quarter in its aerospace division. Operating profit was up 117% to nearly $21 million on sales up 43% to just short of $139 million.

GROUND BROKEN AT EUROCOPTER'S NEW SITE

Eurocopter has begun construction of a 30,000m² (323,000ft²) integrated development centre at Donauwörth in Germany. Due to open in 2012, it will concentrate development ­activities in one location, alongside an existing assembly plant.

Source: Flight International