Snecma executive vice-president (VP) and chief operating officer Yves Bonnet has taken over as chairman and chief executive officer (CEO) of recently acquired Hurel-Dubois (HD), as the French company prepares to integrate the thrust reverser and aerostructures manufacturer with its Hispano-Suiza division.
Bonnet, who retains his position at engine giant Snecma, replaces Francis Avanzi, who left the company last month following the take-over.
Bonnet is joined at HD by Alain Bosser, who remains general secretary of Snecma; Christian Knapp, Hispano-Suiza chairman and CEO; Yves Imbert, Snecma VP strategy; and Georges Sangis, senior VP of Snecma's commercial engines division.
Under the terms of the agreement, which was concluded in September, Snecma is taking the 54.4% of Hurel-Dubois held by BNP-Paribas for c175 ($155) per share, valuing the company at c1.2 billion and giving it 98.6% control.
The move, which surprised the industry, is understood to have been made to prevent a take-over by US rival BFGoodrich.
The combination of Hispano-Suiza and HD creates the world's second largest nacelle systems specialist after Boeing. Snecma says any restructuring of HD will take place only after the take-over is finalised, with the company aiming to complete the integration by mid-2001. It is not clear whether disposals of businesses, such as HD's Aerostructures arm, will result.
The merger has seen the abandonment of HD's joint bid with BFGoodrich to produce the A3XX engine nacelle, sources say, because Hispano-Suiza was already involved in a rival bid through its Aircelle joint venture with Airbus and General Electric's thrust reverser division, Middle River.
Discussions continue over HD's plans to take a 2% risk-sharing stake in the A3XX.
Source: Flight International
