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LATEST NEWS
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Tuesday, October 27th, 2020
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Spirit AeroSystems (Spirit), the American parts maker, has revised the deal under which it will purchase the aerostructures unit from Bombardier Inc. The cash component of the deal has been reduced by 45% to US$275 million. While Spirit has confirmed its liabilities remain unchanged, the valuation of the Bombardier enterprise has been reduced from US$1.09 billion to US$865 million.
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Bombardier is looking to offload various elements of the business to streamline the company solely to a business jet manufacturer and reduce current borrowing levels of US$9.3 billion.
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This is the second deal that has seen an agreed purchase price reduced prior to closure after French train maker Alstom reduced its offer to acquire Bombardier's rail business by US$350 million in September. The revised agreement still includes Bombardier’s Belfast operation which manufactures wings for the Airbus A220 jet. After the announcement was made, Spirit AeroSystems shares dropped 7%, while Bombardier stock rose 2.3% in midday trading.
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Cotswold Airport will be the permanent home to an iconic British Airways 747 aircraft for locals and visitors to enjoy.
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The Boeing 747, registration G-CIVB, will be permanently retired at Cotswold Airport, near Kemble in Gloucestershire. The aircraft is painted in the unique Negus livery which adorned British Airways planes in the 1970s and 1980s. The aircraft was one of four painted in heritage liveries to mark the airline’s centenary last year. It was also one of the final two British Airways 747s to leave Heathrow last month.
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The airport will maintain the aircraft and plans to convert an area of its interior to be used as a unique business, conferencing and private hire venue, as well as a cinema for locals and an educational facility for school trips. It is planned that the aircraft will be open to the public from Spring 2021.
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ST Engineering, Airbus and their joint venture, Elbe Flugzeugwerke (EFW) achieved a key milestone in their joint A321 passenger-to-freighter (P2F) conversion program in September this year with the re-delivery of the ‘head of version’ to launch customer, Vallair. The A321 converted freighter, operated by Qantas for Australia Post, entered service on October 27, 2020.
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EFW had received the original Supplemental Type Certificate (STC) for the A321P2F from the European Union Aviation Safety Agency (EASA) in February this year, and the Validation STC from the U.S. Federal Aviation Administration in July. Operator specific enhancements were subsequently incorporated into the freighter and certified prior to its re-delivery.
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ANA Group has reported its financial results for the six months ended September 30, 2020. In the first six months of fiscal year 2020 (April 1, 2020 - September 30, 2020) although the Japanese economy is in a difficult position due to the effects of COVID-19, including a sudden decrease in corporate earnings and a weakening trend in terms of employment, ANA released that it is now seeing movement toward a recovery.
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Under the current economic conditions, operating revenues decreased rapidly to 291.8 billion yen due to the severe impact on all segments. ANA Group implemented cost reduction measures of 333.0 billion yen by decreasing the fixed expenses, in addition to reducing variable expenses due to curbing the scale of operations. However, due to the extremely large reduction in operating revenues, operating loss was 280.9 billion yen, ordinary loss was 268.6 billion yen and net loss attributable to owners of the parent was 188.4 billion yen due to the recording of deferred tax asset of about 76 billion yen, etc.
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"Compared with the first quarter, the second quarter has recovered significantly, which proves that we've already bottomed out and are seeing dramatic recovery.", said Ichiro Fukuzawa, Executive Vice President and Chief Financial Officer of ANA Holdings. "Though we have faced cumulative losses in the first half of the fiscal year, the entire organization has shown strength and resolve in uniting to make the necessary sacrifices and support the required changes to get us through this COVID-19 outbreak and positioned for the future. I am confident that the shared spirit of the ANA Group and its employees, combined with our Business Structure Reform Plan, we will lead to future growth and success." (1 JPY = 0.00955411 US$ at time of publication)
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To accelerate its growth strategy and transition the business effectively to meet global expansion targets, entrepreneurial Dutch aviation company APOC has partnered with private equity investor Egeria.
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APOC will use Egeria's sizeable investment to supplement its resolute narrow-body airframe, engines and landing gear acquisition policy, spearhead a transformative global footprint, and position its comprehensive inventory of commercial spare parts at the forefront of the industry’s inevitable resurgence.
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Founder and CEO Max Lutje Wooldrik retains his interest in the company, while current shareholder Antea and other investors sell their stake.
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Max Lutje Wooldrik said: “I am delighted that APOC has attracted a significant investment from Egeria to support and accelerate the next phase of our exciting growth ambitions in coming years. The company has achieved strong organic growth since its inception and is very well positioned to take advantage of the significant market opportunity available given its focus on reliability, speed and delivering an optimal service to its customers."
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Collins Aerospace Systems and Fokker Services, a GKN Aerospace company, announced the expansion of an existing 10-year FlightSense On-Site Support agreement for Collins Aerospace’s Integrated Drive Generators (IDGs).
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The expanded contract will add new IDG part numbers for the Airbus A320neo, while Collins Aerospace will continue to manage Fokker Services’ onsite inventory of IDG components, providing competitive rates for OEM-quality parts and improved shop efficiency. Fokker Services, in turn, will now be able to repair Collins Aerospace IDGs for the A320neo at its Amsterdam Airport Schiphol facilities.
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The IDG provides primary electric power for the aircraft electrical system by converting variable engine input speed to a constant output speed, thus enabling the generator portion of the IDG to produce alternating current at a constant frequency.
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Finnair has reached an agreement with Airpro and Aviator Finland on ground handling services at Helsinki Airport. In the future, the new partners will operate Finnair’s ramp services such as luggage handling at Helsinki Airport. Finnair’s current partner Swissport Finland has terminated its ground handling contract with Finnair as of March 31, 2021.
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“The new partnerships will bring us the flexibility that we need as we gradually increase flying. It is estimated that it takes commercial aviation 2-3 years to recover from the covid-19 pandemic’s impacts.” says Jukka Glader, VP Ground Operations at Finnair.
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Finnair’s customer services at the check-in, departure gates and arrival services at Helsinki Airport will continue to be operated by Finnair’s own customer service personnel.
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Honeywell has released a high-efficiency mode upgrade for its 131-9A auxiliary power unit for single-aisle Airbus aircraft. This high-efficiency mode, which is enabled by a software encryption key, is expected to increase the average time-on-wing by 1,200 flight hours and reduce fuel burn by 2%.
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An auxiliary power unit (APU) is a critical piece of aircraft equipment that provides electrical power and air conditioning while the plane is on the ground to ensure increased passenger comfort, and supplies the air source when a pilot is ready to start the main engines. The 131-9A is known for its reliability and lower maintenance costs over the course of its entire life cycle, resulting in significant fuel savings each year.
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