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LATEST NEWS

Thursday, March 19th, 2020

Boeing backs US Government’s offer of US$60 billion in aid for aerospace sector

With the devastating impact the coronavirus outbreak is having on the aerospace industry, Boeing, the world’s second-largest planemaker, has thrown its weight behind the governments financial support for the aerospace sector to the tune of US$60 billion.

The financial lifeline may prove especially beneficial to Boeing which has been struggling, financially, since the grounding of the 737 MAX jet after two fatal crashes. “We appreciate the support of the president and the administration for the 2.5 million jobs and 17,000 suppliers that Boeing relies on to remain the number one U.S. exporter, and we look forward to working with the administration and Congress as they consider legislation and the appropriate policies,” the company said in a statement.

Boeing confirmed that it expects funding to be in the form of loan guarantees and will be used to prop up other hard-hit companies such as General Electric and Spirit Aerosystems who build engines and sections of jets, respectively, for Boeing. The company also acknowledged that the funding “will be used for payments to suppliers to maintain the health of the supply chain.”

On the other side of the coin, U.S. Airlines are seeking US$50 billion in aid to help see them through the crisis. The plight of airlines has severely impacted the likes of Boeing as, with the dramatic drop in demand and numerous ongoing international travel restrictions, many carriers are looking to postpone/defer the acquisition of previously ordered planes. The likes of Delta, United and American Airlines are parking up hundreds of planes as they look to dramatically reduce operating costs and limit capital expenditure.

While Boeing has made it clear it has no intention of changing its dividend or adjusting executives’ salaries, the CEOs of Southwest, JetBlue, Delta and United Airlines are all either taking pay cuts or forgoing their full salaries.

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ALC places two Airbus A330-200 aircraft on lease with Nordwind Airlines

Air Lease Corporation (ALC) has placed two used Airbus A330-200 aircraft on long-term lease with Nordwind Airlines.  Previously on long-term lease from ALC to Vietnam Airlines, these aircraft will deliver to Moscow-based Nordwind Airlines in spring.

On lease from ALC to Vietnam Airlines since 2011, these two used A330-200s were replaced with two new Boeing 787-10 aircraft delivered to Vietnam Airlines from ALC’s order book with Boeing in the past few weeks. 

Nordwind Airlines is a Russian leisure airline established in 2008. The company is headquartered in Moscow, and its main hub is at Sheremetyevo International Airport. Nordwind Airlines primarily operates service between airports in Russia and holiday destinations around the Mediterranean Sea and the Indian Ocean.

Wesco Aircraft and Pattonair reveal merged companies official brand name

Wesco Aircraft and Pattonair have announced the new, merged companies official brand name, Incora™. The company is one of the leading providers of comprehensive supply chain management services to the aerospace, defense and other industries. Incora reflects the company’s commitment to its customers’ mission-critical work – both in choice of name and brand identity.

Incora is built on more than 100 years of combined supply chain expertise and delivery performance, as evidenced by Wesco Aircraft’s and Pattonair’s strong leadership and position in the market. With a solid foundation in the aerospace and defense market, Incora now serves industrial manufacturing, marine, pharmaceuticals and beyond. Incora manages all aspects of supply chain from procurement and inventory management to logistics and on-site customer services.

“From delivering our wide portfolio of products directly to production lines with just-in-time service to creating accurate forecasts that help drive working capital down, Incora focuses on meeting our customers’ daily supply chain needs so they can focus on what they do best,” says Incora Chief
Executive Officer Todd Renehan. “The essence of our new name, Incora, means that we are connected to, or incorporated in, our customers’ businesses and operations.”

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Copenhagen Airports launches cost-cutting program and postpones investments

As SAS and other airlines have sharply reduced its services in and out of Copenhagen Airport (CPH) on account of the current health crisis, CPH is preparing to cut back operations substantially during the upcoming period.

Over the past few days, airport management has been working on a plan to cut down operating costs and postpone the current investment plans for the airport.

At the same time, CPH has engaged with union representatives to discuss measures that can help the airport maintain minimum operations while helping the airport to sharply reduce its costs. As part of these efforts, CPH expects to make use of the wage compensation package presented by the Danish government and labour market parties.

CPH expects to apply the package for employees who will be temporarily sent home due to the sharp drop in operations. At the present time, CPH expects to temporarily send home upwards of 1,500 employees over the coming weeks. It is important to emphasise that this will be a gradual process in step with the cutback in operations. CPH has a total of 2,600 employees, while the shops at the airport, the airlines and the handling companies employ between 22,000 and 23,000 people between them.

AAR elects H. John Gilbertson to Board of Directors

AAR has released that H. John Gilbertson, Jr., retired Managing Director of Goldman Sachs Group Inc., has been elected to the Company's Board of Directors, effective immediately. The addition of Gilbertson increases the size of the Board from 11 to 12 directors. 

Gilbertson served as a strategic and financial advisor to clients of Goldman Sachs for 27 years as a Managing Director and as Partner-in-Charge of investment banking services for the Midwest Region.

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Mitsubishi SpaceJet Flight Test Vehicle 10 makes maiden flight

Mitsubishi Aircraft Corporation has completed the maiden flight of Flight Test Vehicle 10 (FTV10), the first Mitsubishi SpaceJet M90 in final, certifiable baseline configuration.

FTV10 took off at 14:53 (JST) from the Prefectural Nagoya Airport and conducted basic aircraft performance tests in normal operating conditions over the Pacific Ocean. After approximately two hours of flight, the aircraft returned to Nagoya at 16:40 (JST). With the completion of FTV10’s first flight, Mitsubishi Aircraft Corporation is prepared to enter the final phase of certification flight testing for the SpaceJet M90, the first commercial jet manufactured in Japan.

Embraer’s Profit Hunter lands at London Oxford airport

London Oxford Airport has welcomed the Embraer EMB-195 E2 ‘Profit Hunter’ Demonstrator on the evening of March 16. Showcasing its unique characteristics to land on shorter runways, it is the largest commercial airliner ever to land at Oxford Airport.  During late 2010, Oxford Airport was a temporary home to an Embraer Lineage 1000 (a VIP version of the EJ-190 commercial variant).

Embraer’s 5,000 km range international demonstrator (registration PR-Z1Q) is on a private visit and will be at London Oxford Airport until March 19, before heading on to Cape Verde.  The aircraft arrived from Larnaca International Airport in Cyprus (taking off just before the country closed the airport for international arrivals) touching down on Oxford’s 1,552m (5,092 ft.) runway at 19:15 hours local time.  

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HAECO ITM and NokScoot Airlines sign agreement

HAECO ITM has reached an agreement with Thai low-cost carrier, NokScoot Airlines (NokScoot), to provide inventory technical management support for its fleet of six Boeing 777 aircraft.

The scope of the agreement includes access to HAECO ITM’s component pool, component exchange, repair management, engineering and AOG support. HAECO ITM’s commitment to providing customised and cost-effective solutions will enable NokScoot to benefit from a tailored inventory management program, allowing the airline to focus on the operational side of its business.

Boeing Human Resources leader to depart company

Heidi Capozzi, senior vice president of Human Resources, will depart the Boeing company in early April to pursue another opportunity. Following an orderly transition, Wendy Livingston, currently vice president, Corporate Human Resources, will replace Capozzi on an interim basis until a permanent successor is named.

Capozzi joined Boeing in 2009 and since 2016 has led the company's leadership and learning, talent planning, employee and labor relations, total rewards, and diversity and inclusion initiatives.

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