Boeing to acquire EnCore Group

Boeing has entered into an agreement to acquire California-based EnCore Group, an aerospace interiors company that designs, certifies and produces airplane galleys and seats for airlines and also supplies products and components to Boeing. Boeing’s acquisition of EnCore Group will strengthen internal capabilities and increase innovation within its cabin vertical in order to provide greater end-to-end value to airline customers—from increased options and better products to improved capacity and availability. The acquisition includes the entire company including EnCore Interiors, EnCore International and LIFT by EnCore. Boeing previously partnered with LIFT by EnCore on the launch of its Tourist Class Seating, Read more

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AerCap announces new share repurchase program of US$200 million

AerCap’s Board of Directors have approved a share repurchase program authorizing total repurchases of up to US$200 million of AerCap ordinary shares through December 31, 2019. Repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable U.S. federal securities laws. The timing of purchases and the exact number of ordinary shares to be purchased will be determined by the Company’s management, in its discretion, and will depend upon market conditions and other factors. The program will be funded using the Company’s cash on hand and cash generated from operations.

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Daher acquires Quest Aircraft Company

Kodiak 100 ©Daher

Daher, producer of the TBM family, is taking a major step in developing the company’s airplane manufacturing business with the planned acquisition of Quest Aircraft Company, based in Sandpoint, Idaho, USA, which builds the Kodiak 100. Through this major acquisition, Daher is enhancing its presence in the general and business aviation segment by offering a wider multi-product range. Already well known for its TBM 910 and TBM 940 turboprop aircraft, Daher’s airplane portfolio has now expanded to include the Kodiak 100. The Kodiak 100 is a 10-seat, unpressurized, entry-level aircraft in the single-engine turboprop category. Originally created for humanitarian missions Read more

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Willis Lease Finance expands US$890 million revolving credit facility to US$1.0 billion

Independent jet engine lessor Willis Lease Finance has expanded its US$890 million revolving credit facility to US$1.0 billion. The facility has a 5-year term and is structured with the flexibility to support WLFC’s growing business. Willis Lease and its subsidiaries will use the expanded credit facility to continue growing its lease portfolio, which included nearly US$2.0 billion of owned and managed assets as of March 31, 2019. The US$1.0 billion revolving credit facility has a US$300 million accordion feature allowing for expansion up to US$1.3 billion. The facility is provided by a syndicate of seventeen banks including: MUFG Bank, Ltd./MUFG Read more

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SMBC reports full year profit before tax of US$344 million, up 8%

Aircraft leasing company SMBC Aviation Capital, has posted its results for the financial year ended March 31, 2019. The company reported profit before tax of US$344 million for the financial year, an increase of almost 8% year over year and overall income of US$1.1 billion from continuing operations. SMBC has reported the placement of 47 aircraft from its order book, the sale and leaseback of 40 aircraft and the sale of 30 aircraft. New technology aircraft now comprises 37% of its portfolio up from 22% in 2018 and 11% in 2017. Total aircraft assets stood at US$11.9 billion (up from Read more

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Ryanair announces acquisition of new subsidiary – Malta Air

contract signing between Ryanair and the Government of Malta ©Ryanair

Ryanair has agreed to purchase Malta Air, a Maltese start-up airline, creating a new subsidiary to the Ryanair Group of low-cost carriers in addition to Buzz (Poland), Lauda (Austria) and Ryanair (Ireland). Initially, the new airline will take over all Ryanair’s 61 current routes and operating six aircraft, but this number is expected to increase to ten over the next three years as the number of routes increases. The six Malta-based aircraft will be given a new livery in time for the summer of 2020. As part of the creation of a new airline, not to be confused with the Read more

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GTLK Europe closes US$265 million refinancing

GTLK Europe, an Ireland-based international company, engaged in leasing and trading of a wide range of air and sea vehicles, has refinanced three 2015 vintage Boeing 777-300ER aircraft, all subject to long term leases with Aeroflot. The facility was underwritten by DVB Bank SE, PK AirFinance, a GECAS Company, Credit Agricole CIB, The Korea Development Bank and NEC Capital Solutions Limited. PK AirFinance acted as Agent and Security Trustee of the facility.

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United Technologies and Raytheon to combine to create defense and aerospace giant

United Technologies Corp and Raytheon Co will merge to create a new company in what is seen as the largest-ever merger in the aerospace sector. Subject to regulatory approval, the deal should go through by the end of the first half of 2020 and will create a company worth an estimated US$121 billion. It is understood that the merged companies will be renamed Raytheon Technologies Corporation The merger will create a conglomerate which will span commercial aviation and defense procurement and as United Technologies predominantly provides commercial plane makers with electronics, communications and other equipment and Raytheon primarily supplies the Read more

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Avianca Argentina follows in its Brazilian counterpart’s footsteps and suspends all operations

Avianca Argentina ©AirTeamImages

Only two weeks after another Avianca carrier was forced to suspend operations, Avianca Argentina has obtained governmental approval for a 90-day suspension of all activities while it looks to restructure its business and network model. “With the current aircraft and the competition that exists, it is not viable to continue with the operations,” the CEO of the company, Carlos Colunga, told Argentinian news agency Telam. Avianca Argentina operated two ATR 72-600 aircraft on its two domestic routes, Buenos Aires-Mar Del Plata and Buenos Aires-Santa Fe. The 90-day suspension has an option for a further 90-day extension and as it is Read more

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Héroux-Devtek acquires Québec-based Alta Précision

Landing gear manufacturer, Héroux-Devtek, has concluded the acquisition of all the outstanding shares of Montreal-based Alta Precision Inc., a manufacturer of high-precision landing gear components. The transaction, which is subject to final purchase price adjustments, is valued at CA$23 million and was funded through the Corporation’s credit facilities. Héroux-Devtek, with its head office in Longueuil, Québec, has 1,960 employees around the world, of which approximately 800 are located in Québec following the acquisition of Alta Precision Inc. Since its inception in 1942, Héroux-Devtek has grown from a small repair and overhaul facility to a world-class supplier of landing gear and Read more

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