Julian Moxon/PARIS
Snecma has further consolidated its hold on the French equipment industry by acquiring a majority stake in thrust reverser and nacelles manufacturer Hurel-Dubois.
The surprise purchase, negotiated in secrecy, follows hard on the heels of the completion of Snecma's purchase of engine manufacturers Turbomeca and Microturbo (acquired with the takeover of Labinal),and makes the state-owned company the dominant force in the European equipment industry.
Under the terms of the agreement, Snecma will take the 54.4% of Hurel-Dubois held by BNP-Paribas for c175 per share ($157), valuing the company at €1.2 billion. Bombardier holds 8.2% of Hurel-Dubois, and Via Banque 5%, with the rest publicly quoted.
On the day of the announcement, Hurel-Dubois revealed a 34% increase in its orderbook since December on the back of "strong growth in new programmes". First half figures showed a 2% increase in sales and 12% growth in operating income.
Snecma says the purchase is in line with its "ongoing strategy of strengthening each of its core businesses, while further consolidating the domestic aircraft equipment business". It has not said how Hurel-Dubois will be integrated with another subsidiary, French nacelle and thrust reverser manufacturer Hispano-Suiza Aerostructures, which produces reversers for CFM56s powering the Airbus single-aisle range and the A340-200/300, as well as the Rolls-Royce Trent 500 powering the A340-500/600.
Hurel-Dubois has a site in Burnley, UK, accounting for around 30% of sales, where it produces thrust reversers for R-R-powered Boeing 747s and 767s, nacelles for Embraer ERJ-135/145 and reversers for Trent-powered A330s. It is developing the nacelle for the new General Electric CF34-8D/E regional jet engine and the new Papillon reverser for the Pratt & Whitney PW6000-powered A318 (in a joint venture with Hispano-Suiza).
New partnerships at Hurel-Dubois include a strategic deal with Dowty Aerospace in the UK on thrust reverser control systems and with BFGoodrich and Aermacchi to respond to the call for Airbus A3XX nacelles.
Though Snecma remains a major engines player in the civil/military aviation and space markets, it has sought to diversify, with non-engine interests including brakes, wheels and hydraulic systems specialist Messier-Bugatti and landing gear company Messier-Dowty.
Source: Flight International
