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LATEST NEWS
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Wednesday, December 9th, 2020
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Veritas Capital and Northrop Grumman Corporation have announced that Peraton, an affiliate of Veritas Capital, has signed a definitive agreement to acquire Northrop Grumman’s federal IT and mission support services business for US$3.4 billion in cash. The transaction is expected to close in the first half of 2021, subject to regulatory approvals and customary closing conditions.
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For 2020 the Northrop Grumman business, in aggregate, is expected to generate revenue of approximately US$2.3 billion. Northrop Grumman expects to use the sale proceeds primarily for share repurchases, to offset dilution from the transaction, and for debt retirement. On closing, Veritas expects to combine the Northrop Grumman business with Peraton, a Veritas portfolio company that provides mission critical technology solutions to government customers. “This divesture allows us to drive value and reflects our strategy of focus on growing core businesses where technology and innovation are the key differentiators,” said Kathy Warden, chairman, chief executive officer and president, Northrop Grumman. “We expect to create compelling value to our shareholders through this transaction and execution of our capital allocation strategy.”
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VAS Aero Services, a global leader in aviation logistics and aftermarket services, has contracted with Boeing to acquire four Pratt & Whitney PW4000-94 Phase 3 engines for tear-down and distribution of the surplus parts.
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This deal contributes to additional engine models currently in tear-down by VAS for spare parts re-distribution. The Boeing PW4000-94 Phase 3 engines will be disassembled in the U.S. and parts will be re-certified and marketed through VAS’s worldwide airline operator customer base.
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Joby Aviation, a transportation company developing an all-electric, vertical take-off and landing passenger aircraft, which it intends to operate as early as 2023, has released that Uber Technologies has agreed to invest a further US$75 million in Joby as part of a broader transaction involving the acquisition of Uber Elevate by Joby and an expanded partnership between the two parent companies. This investment comes in addition to a previously undisclosed US$50 million investment made as part of Joby’s Series C financing round in January 2020.
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Under the terms of the deal, Joby Aviation will acquire Uber Elevate, while the two parent companies have agreed to integrate their respective services into each other’s apps, enabling seamless integration between ground and air travel for future customers.
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Established in 2016, Uber Elevate has played an important role in laying the groundwork for the aerial ridesharing market by bringing together regulators, civic leaders, real estate developers and technology companies around a shared vision for the future of air travel. Their software tools enabling market selection, demand simulation and multi-modal operations are at the center of their work, and form the basis of this future-focused deal.
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The Board of Airline Representatives in Germany (BARIG), the association of international and German airlines operating in Germany, supports the demands of numerous international associations and companies for an immediate termination of the current blanket quarantine regulations in air traffic.
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In this respect, BARIG refers to the most recent research results of the European Center for Disease Prevention and Control (ECDC) and the European Aviation Safety Agency (EASA), among others, both of which are agencies of the European Union. In their latest guidelines on COVID-19 testing and quarantine regulations for air passengers, ECDC and EASA consider the countries’ quarantine regulations to be ineffective and inappropriate within the current epidemiological situation. Instead, both agencies explicitly confirm that air passengers account for less than 1 percent of COVID-19 cases worldwide, indicating that they do not constitute a contributory factor to increased infection rates. Accordingly, quarantine measures for incoming passengers are only appropriate in rare cases.
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BARIG Secretary General Michael Hoppe, calls for appropriate, joint action by the governments of the EU countries, the European Economic Area, and the United Kingdom. Instead of generalized, precautionary blanket quarantine regulations in combination with broad and rigorous travel restrictions, BARIG is proposing the establishment of safe travel corridors, for example between Germany and North America, as well as enhanced rapid test procedures at airports. Targeted proposals and encouraging first experiences have already been made for both of those measures; likewise, the necessary and important test infrastructure is still in place at many airports.
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Swiss-AS has signed a contract with DRF Luftrettung, one of Europe’s major air rescue companies based in Germany, regarding the license and implementation of AMOS.
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Over the last decades, DRF’s Part 145 scope of work, number of staff and facilities have constantly expanded. The company growth brought many challenges with it. To face and tackle these, the company performed an extensive process-streamlining project in which context also the maintenance software was reviewed. The legacy software was implemented in the 1980s and with the company wide review it became evident that a new maintenance software was inevitable.
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The AMOS MRO edition convinced the DRF with its rich functionality. Considering DRF’s very varied fleet, having one common and highly integrated system will surely help the customer to have at any time a clear and complete overview of their fleet maintenance requirements and activities. The project was kicked-off in October. Swiss-AS will staff the project mainly with German speaking employees for a smooth project communication.
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In November, Finnair carried 85,000 passengers, which was 92.2% less than in the corresponding period of 2019 and 15.6% less than in October 2020. The COVID-19 impact, including the exceptionally strict travel restrictions imposed by Finland, still affected all passenger traffic figures. It was visible especially in the North Atlantic figures (no scheduled flights in November).
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The overall capacity (ASK) decreased in November by 88.9% year-on-year. Finnair operated 81 daily flights (cargo-only included) on average which was 23.4% compared to November 2019. The differences between capacity figures are explained by the shorter operated flights on average and by smaller operated aircraft compared to November 2019. Finnair's traffic (RPKs) decreased by 96.3%. The Passenger Load Factor (PLF) decreased by 51.7% points to 25.4%.
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Available scheduled cargo ton kilometers decreased by 85.9% year-on-year and revenue scheduled cargo ton kilometers decreased by 80.4%, both due to the impact of the COVID-19 pandemic on scheduled flights. However, cargo related available ton kilometers decreased by 56.8% and revenue ton kilometers only by 38.8% as they both include also the cargo-only flights operated between Europe and Asia as well as Europe and North America. Cargo-only tons were up by 124.1% and the total cargo tons by 54.0% from October 2020 due to a very strong demand for the cargo capacity especially in Asia. As a result, the cargo load factor was still clearly higher than in the corresponding period of 2019.
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Nasmyth Group has extended its presence in Japan, China and Canada. With an established trading position in each of the three countries, Nasmyth is ideally placed to invest in the development and expansion of its precision engineering businesses in East Asia (including China and Japan) and Canada.
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Nasmyth Group has appointed Patrick Carroll, an experienced businessman working within the sectors of civil and defense aerospace, space, marine and subsea products and engineering quality services.
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Carroll, located in Tokyo, Japan, is to head up the drive to reposition Nasmyth Group and to achieve further rapid expansion in this dynamic market.
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Nasmyth Group has an established presence in the U.S.A. with manufacturing facilities and a regional office in Southern California. Now the team has extended this presence into Canada and the North East of the United States. Scott Hudson who has been a senior member of Nasmyth’s U.K. team for over 6 years is now expanding the company's customer base in Montreal.
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