Monday, June 10th, 2019


Rolls-Royce transfers £4.8 billion of assets to Legal & General

In what is seen as the U.K.’s largest-ever transfer of corporate pension risk, Rolls-Royce announced today (Thursday) that it is to shift £4.8 billion of assets to the insurer Legal & General. This is becoming a more frequent occurrence as companies look to remove pension scheme risks from their balance sheets with consultants predicting the U.K. will see roughly €30 billion in pension transfer deals in 2019 alone.

Where Rolls-Royce is concerned, the
transaction equates to the assets and liabilities of approximately 33,000 out
of 76,000 pensioners in its U.K. pension fund. It is estimated the engine maker
for the Boeing 787 Dreamliner and the Airbus A350 XWB will be able to reduce
its post-retirement obligations by £4.1 billion, thus reducing liabilities and
risk. Rolls-Royce has agreed to pay Legal & General roughly £30 million in
cash. “This agreement will result in increased security for Rolls-Royce
pensioners and reduced risk for our business,” said Joel Griffin, Rolls-Royce
head of pensions.

The move by Rolls-Royce is yet another part
of the company’s simplification, as instigated by its CEO, Warren East, four
years ago, where it is aiming to simplify production processes and tackle
finances to bolster the company for the future. According to Reuters, shares in
Rolls-Royce, which have risen 9% in the last 12 months, were trading up 1% at £8.91
at 0730 GMT.


Liebherr participates in “L’Avion des Métiers” during Paris Air Show 2019

Liebherr-Aerospace Toulouse SAS, Liebherr’s center of excellence for air management systems, will participate in L’Avion des Métiers during the Paris Air Show's 53rd event, taking place in Le Bourget (France) from June 17th through the 23rd.    The exhibition is a perfect opportunity for people to explore the professions in the aerospace industry and for those looking to experience first-hand what the company has to offer.   

Liebherr-Aerospace Toulouse SAS, will be actively engaging
the general public, aviation enthusiasts, experts, young people, as well as
potential candidates, to learn more about the industry profession, company's
culture, available jobs, history, vision and mission at L'Avion des Métiers. The platform is organized
by the French Aerospace Industries Association (GIFAS) to raise awareness and
promote careers in the Aviation sector, as they anticipate 15,000 new jobs that
will need to be filled in this sector in France this year.


STAR Capital completes acquisition of ASL

European fund manager STAR Capital Partnership has completed the acquisition of global aviation group, ASL Aviation Holdings (ASL). An agreement to acquire ASL was announced in February 2019 subject to customary approvals.

Headquartered in Dublin, Ireland, ASL is a global aviation services provider with operations on six continents. The group operates 130 aircraft ranging from Boeing 747 to ATR Turbo Prop offering network solutions to express freight integrators and passenger airlines. In addition, the Group operates scheduled and charter flights under its own brands.

The Group’s multiple airlines provide ASL with wide-ranging traffic rights and valuable slots at key airports across Europe, Asia and Africa. In 2018, ASL operated over 85,000 flights, carrying over 4 million passengers and 357,000 tonnes of cargo. ASL Aviation has 3,000 employees of 51 nationalities. STAR Capital acquired ASL from Compagnie Maritime Belge (51%) and 3P Air Freighters (49%). The financial terms of the acquisition are confidential.

Finnair May 2019 load factor slightly above last year

In May, Finnair carried 1,295,300 passengers, 13.0% more than in the corresponding period of 2018. The overall capacity increased in May by 14.3%. Finnair's traffic increased by 14.7%, and the Passenger Load Factor (PLF) increased year-on-year by 0.3% points to 79.8%.


Sikorsky flies Black Hawk with optionally Piloted Vehicle Technology

A technology kit developed by Sikorsky, a Lockheed Martin company, was used for the first time to operate a Black Hawk helicopter with full-authority, fly-by-wire flight controls. The May 29 flight marked the official start to the flight test program for the soon-to-be optionally piloted aircraft. Follow-on flight testing aims to include envelope expansion throughout the summer leading to fully autonomous flight (zero pilots) in 2020. 

This is the first full authority fly-by-wire retrofit kit developed
by Sikorsky that has completely removed mechanical flight controls from
the aircraft.

Through DARPA's Aircrew Labor In-Cockpit Automation System (ALIAS) program, Sikorsky is developing an OPV approach it describes as pilot directed autonomy to give operators the confidence to fly aircraft safely, reliably and affordably in optimally piloted modes enabling flight with two, one or zero crew. The program aims to improve operator decision aiding for manned operations while also enabling both unmanned and reduced crew operations.

Sikorsky has been demonstrating its MATRIX™ Technology on a modified S-76B™ called the Sikorsky Autonomy Research Aircraft (SARA). The aircraft, which has been in test since 2013, has more than 300 hours of autonomous flight.

Sikorsky announced in March that its S-92® helicopter fleet update will include the introduction of phase one MATRIX Technology that will bring advanced computing power to the platform. This foundation enables adoption of autonomous landing technology.

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Managing Technical Aspects of a Leased Asset & Maintenance Reserves Seminar Training Seminar
June 11 - 12, 2019 – Novotel Barcelona City Hotel, Barcelona, Spain

Paris Air Show 2019
June 17 - 23, 2019 – Le Bourget, Paris, France

Advanced Engineering 2019
October 30 - 31, 2019 – NEC, Birmingham, UK