U.K.’s MOD awards £250 million contract for Tempest FCAS program

The Ministry of Defence has awarded a £250m contract to progress the design and development of Tempest ©Rolls-Royce

The U.K.’s Ministry of Defence (MOD) has awarded a £250 million (US$350 million) for the Tempest program which will deliver the military, industrial and economic requirements of Britain’s Future Air Combat System (FCAS), marking the official start of the program’s concept and assessment phase. The concept and assessment phase contract will see the partners develop a range of digital concepts, embedding new tools and techniques to design, evaluate and shape the final design and capability requirements of Tempest. The program is being delivered by Team Tempest – combining the expertise of the U.K. MOD, BAE Systems, Leonardo U.K., MBDA U.K. Read more

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American Airlines to take minority ownership in JetSmart

Amerikan to take minority ownership in JetSMART ©AA

American Airlines and JetSMART, an ultra-low-cost carrier with principal operations in Chile and Argentina, have signed a letter of intent to create a broad network and a rewarding customer offering in the Americas. This proposed partnership would uniquely tie together the full-service, global presence of American with the complementary network of JetSMART in South America to offer competitive fares and expanded travel options for flyers throughout North and South America. JetSMART is a portfolio airline of Indigo Partners, one of the world’s premier developers of new generation ultra-low-cost airlines. JetSMART operates a modern fleet of Airbus A320 aircraft and offers Read more

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IBC Advanced Alloys enters credit facilities

IBC Advanced Alloys, a leading beryllium and copper advanced alloys company, has announced new credit facilities of up to US$8,000,000 established pursuant to a credit and security agreement among Iron Horse Credit and certain of the company’s U.S. subsidiaries and an account sale and purchase agreement (ASPA) among Sallyport Commercial Finance and the subsidiaries. The Credit Facilities replace the Company’s existing revolving credit facility with the Bank of Montreal. Pursuant to the Credit Agreement, Iron Horse Credit will provide the subsidiaries with a secured revolving credit facility of up to US$4,000,000. Pursuant to the ASPA, Sallyport Commercial Finance will provide Read more

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GECAS’ 737-800 converted freighter fleet climbing to over 40

ATRAN has taken delivery of two 737BCFs from ©GECAS

GECAS has contracted to add six 737-800BCFs to its in-service fleet, bringing the GECAS fleet of passenger-to-freighter (P2F) converted 737-800NG narrow-body freighters in operation to more than 40, an average of one aircraft added per month since first ever 737-800NG converted freighter was delivered in April 2018. Two of the aircraft will be added to ATRAN’s fleet and the remaining four with undisclosed operators. A repeat customer, Volga-Dnepr Group’s ATRAN LLC recently took delivery of two 737BCF from GECAS and will add two more of the P2F narrowbodies to its operations in September. “In today’s highly competitive landscape marked by Read more

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MTU expects full-year 2021 revenue to be higher than predicted

In the first six months of 2021, MTU Aero Engines AG generated revenue of €2,004 million; in the first half of 2020, revenue was €2,049 million. The operating profitwas €190 million (1-6/2020: €224 million) and the adjusted EBIT margin was 9.5% (1-6/2020: 10.9%). Net income developed in line with operating profit and was €135 million, compared with €161 million in the prior-year period. “MTU continued to operate profitably in the first half of this year. Based on this performance and the improved visibility up to year-end, we can now give a more precise guidance for the 2021 fiscal year,” said Read more

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Air Cargo posts strongest first half-hear growth since 2017

©IATA

The International Air Transport Association (IATA) released data for global air cargo markets for June showing a 9.9% improvement on pre-COVID-19 performance (June 2019). This pushed first half-year air cargo growth to 8%, its strongest first half performance since 2017 (when the industry posted 10.2% year-on-year growth).Global demand for June 2021, measured in cargo ton-kilometers (CTKs), was up 9.9% compared to June 2019. Regional variations in performance are significant. North American carriers contributed 5.9 percentage points (ppts) to the 9.9% growth rate in June. Middle East carriers contributed 2.1 ppts, European airlines 1.6 ppts, African airlines 0.5 ppts and Asia-Pacific Read more

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Boeing donates €500,000 to assist Red Cross flood relief efforts in Germany

©Boeing

Boeing has announced a €500,000 donation from the Boeing Charitable Trust to the American Red Cross to assist with flood relief efforts in Germany. Funds will be deployed by the German Red Cross to provide emergency power, distribute emergency relief supplies, improve communication infrastructure and mobilize medical care, first aid and rescue services to the hardest hit areas in the region. “Our hearts go out to all of the people of Germany who have been impacted by these devastating floods,” said Marc Allen, Boeing’s chief strategy officer, senior vice president of Strategy and Corporate Development and interim leader of Government Read more

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VSE Corporation acquires Global Parts Group

VSE Corporation, a leading provider of aftermarket distribution and maintenance, repair, and overhaul (MRO) services for land, sea and air transportation assets for government and commercial markets, has acquired privately held Global Parts Group (Global Parts) in an all-cash transaction valued at approximately US$38 million, subject to customary working capital adjustments. Global Parts is a fully integrated aftermarket distribution and MRO services provider supporting the global business and general aviation (B&GA) market. Global Parts’ distribution business focuses on supporting airframe components, while its repair capabilities extend to hydraulics and pneumatics. Global Parts’ experienced workforce operates from its distribution and MRO Read more

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After approval of EU Commission: Attestor invests €200 million in Condor, airline orders 16 Airbus A330-900neo aircraft

©Condor has ordered 16 A330-900 aircraft

The European asset manager Attestor has acquired a 51% stake in Condor as planned. The transaction has been approved both by anti-trust officials and the EU Commission, which also issued state-aid approval for the acquisition of Condor through Attestor. The decisions cleared the way for Attestor to invest €200 million in fresh equity capital in Condor. Additionally, another €250 million will be invested in the modernization of the leisure airline’s fleet. Thus, with the approval of the Supervisory Board, Condor has decided to order 16 latest-generation Airbus A330-900neos. As the German launch customer for the Airbus A330-900neo, Condor is thus Read more

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Boeing posts profit for first time in nearly two years – anticipated staffing cuts on hold

©Boeing

Boeing Co’s shares rose 5% on the news that the American planemaker posted a first-quarter profit, the first in approaching two years. The company had been severely hit by two major crises, the COVID-19 pandemic and the grounding of its 737 MAX jet. As a consequence, previous plans to trim down the company’s workforce by 10,000 by the end of 2021 has been put on hold. With the 737 MAX taking to the skies once again, Boeing has still to overcome the costly hurdle of China’s failure to approve the latest solutions to identified safety problems. China had become a Read more

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