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LATEST NEWS
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Friday, August 12th, 2022
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Archer Aviation (Archer) has announced that further to United Airline's agreement to buy up to 200 of its electric vertical take-off and landing (eVTOL) aircraft, the airline has made an advance payment of US$10 million (£8.25 million) as a pre-delivery deposit on 100 of the planes.
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Archer recently completed its production aircraft’s Preliminary Design Review (PDR) and is now progressing on to the next stage of development and commercialisation of the aircraft. The PDR is a meticulous review of the aircraft design which ensures that the programme is on course and the design is sufficiently mature to proceed to the next phase of development and commence production of long lead time hardware. The PDR lays out all aspects of the aircraft’s specifications and manufacturing requirements, necessary pre-conditions for determinations that the design is feasible for regulatory compliance and viable to bring to market.
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The pre-delivery cash deposit continues a trend of strong support by the airline throughout development of its aircraft. Recently, United formed a Joint eVTOL Advisory Committee with Archer, allowing the parties to work more closely on eVTOL maintenance and operational matters.
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Kira Chong has joint Air Finance Germany (AFG) as VP Sales in Singapore. Chong has more than 20 years of experience in various management and sales and marketing roles in business and commercial aviation. Before joining Aircraft Finance Germany, she worked for The Boeing Company and Bombardier in sales and marketing positions. She was also responsible for the marketing efforts in Asia Pacific for Titan Aviation Leasing, a cargo aircraft lessor.
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Chong holds degrees in accounting and finance and in business administration. She obtained her master’s degree from Macquarie Graduate School of Management in 2005. She is based in Singapore.
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Astronics Corporation, a leading supplier of advanced technologies and products to the global aerospace, defence and other mission-critical industries, has reported financial results for the three- and six-month periods ended July 2, 2022.
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Consolidated sales were up US$18.0 million from the second quarter of 2021. Aerospace sales were up US$20.1 million, or 22.5%, while Test System sales decreased US$2.1 million.
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Consolidated operating loss was US$8.4 million, compared with operating loss of US$5.9 million in the prior-year period. The prior-year-period benefitted by a US$2.2 million non-cash reduction of the fair value of a contingent consideration liability related to the 2019 acquisition of Diagnosys Test Systems that offset SG&A expenses.
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Compared to the first quarter of 2022, operating loss increased as a result of not having the benefit of the US$6.0 million Aviation Manufacturing Jobs Protection Program grant combined with the impact of material and labour inflation, addressing supply chain constraints to meet customer requirements and the lag in price increases implemented where possible to offset higher costs and product mix.
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Consolidated net loss was US$11.0 million, compared with a net loss of US$8.1 million in the prior year.
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Consolidated adjusted EBITDA improved to US$1.2 million, or 0.9% of consolidated sales, compared with adjusted EBITDA of US$0.4 million, or 0.3% of consolidated sales, in the prior-year-period. (£1.00 = US$1.21 at time of publication)
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Jackson Square Aviation (JSA) has announced a purchase-and-leaseback financing to WestJet of a Boeing 737 MAX 8 aircraft.
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“We are delighted to welcome WestJet as our newest customer and look forward to building a long-term partnership with the airline,” said Chris Dailey, JSA President and Chief Commercial Officer, adding, “As one of Canada’s most prominent airlines, we are excited to play a part in WestJet’s fleet renewal plans.”
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StandardAero’s Regional Turbine Center (RTC), located in Belo Horizonte, Brazil, has received new authorisations from both Argentinean and Chilean aviation authorities to perform OEM-approved aircraft engine maintenance, repair and overhaul services for operators of aircraft registered in those two countries.
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As a result of these new authorisations, Argentinean and Chilean-registered aircraft can now be supported by StandardAero’s Brazil RTC in several different ways. While operating their aircraft in Brazil, operators can receive services at the Belo Horizonte facility. In addition, StandardAero’s Brazil Mobile Services Team (MST) can travel to operator locations in Argentina and Chile and perform services for their aircraft. Finally, Argentina and Chile operators can also ship their engines and APUs to Brazil for service at StandardAero’s facility.
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Atlas Air has announced an agreement to extend its long-standing partnership with Qantas Freight, a leading air freight carrier in Australia. The successful partnership between Atlas Air and Qantas Freight began in 2004.
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Under the extended agreement with Qantas Freight, Atlas Air will provide long-haul, wide-body main deck capacity with two Boeing 747-400Fs operating its existing network linking Australia, Asia and the U.S. An additional 747-400F has also been extended to service the one-way U.S.-Australia-Hong Kong routing, boosting capacity to meet customer demand.
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Catriona Larritt, Executive Manager, Qantas Freight, said: “Air freight remains in high-demand for efficient deliveries for urgent, time-sensitive movements. Continuing our relationship with Atlas Air will ensure we can maintain these important air freight connections between Australia and several of the largest global trading hubs in Asia and the U.S, supporting long-standing relationships with our key customers.”
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