The planned US$6.4 billion all-stock merger between two major aerospace and defense suppliers, Hexcel Corp and Woodward Inc, has been abandoned by mutual consent in light of the ravages the effects of the COVID-19 pandemic are having on the aerospace industry. With the companies’ two principal customers Boeing and Airbus cutting back on or halting
Rolls-Royce exited 2019 in a robust liquidity and financial position as its transformation efforts gained momentum. In response to the change in outlook resulting from the global spread of COVID-19 and to ensure cash headroom in the event of a prolonged reduction in trading activity, the company took the precautionary decision in March to draw
Raytheon Technologies successfully completed the all-stock merger of equals transaction between Raytheon Company and United Technologies Corporation on April 3, 2020, following the completion by United Technologies of its previously announced spin-offs of its Carrier and Otis businesses. Headquartered in Waltham, Mass., Raytheon Technologies is one of the largest aerospace and defense companies in the
Talks with Polish Airline LOT to take over Condor, part of the now defunct Thomas Cook Group, are looking to grind to a halt amidst the current drop in domestic and international travel owing to COVID-19 restrictions. Having previously rescued the struggling carrier with a €380 million (US$415 million) state bridging loan to allow the
IAG has decided to lower capacity further to an approximately 90% reduction in April and May compared to last year. As a result of the significant decline in flying, IAG subsidiary British Airways is making use of the U.K.’s COVID-19 Job Retention Scheme to help U.K.-based employees placed on furlough. It has reached an agreement
ALA – Advanced Logistics for Aerospace has acquired a majority stake in Germany-based Industrio GmbH. ALA is an Italian private company owned by entrepreneurs Fulvio Scannapieco and Vittorio Genna and specialized in distribution, logistics and service provision to the aerospace and defense, energy and industrial markets. Industrio GmbH is an aerospace distribution company with a
Dubai Aerospace Enterprise (DAE) has ended the first-quarter 2020 with available liquidity of approximately US$2.8 billion. DAE’s owned, managed and mandated-to-manage fleet exceeded 400 aircraft. During the first quarter, DAE sold or novated 15 aircraft, acquired four aircraft and transitioned or extended leases on eight aircraft. Firoz Tarapore, DAE’s CEO said, “In these unprecedented times,
TUI AG has received the approval of the German government for a bridging loan of €1.8 billion from the KfW. The funds from Germany’s state-owned development bank are to be used to increase TUI’s existing credit line with its banks amounting to €1.75 billion (Revolving Credit Facility). The KfW bridging loan is subject to the
On January 24, 2020, Avia Solutions Group signed an agreement with BB Holding EHF for the full acquisition of Bluebird Nordic, which entails a 100% stake ownership of the company’s shareholdings. On March, 31, 2020, following the completion of all prerequisites and receipt of relevant clearances from competition authorities, the transaction was finalized. Bluebird Nordic
AeroCentury, an independent aircraft leasing company, has reported a fourth-quarter 2019 net loss of US$7.0 million, compared to a net loss of US$3.8 million for the fourth quarter of 2018. Net loss for the year ended December 31, 2019 was US$16.7 million, as compared to a net loss of US$8.1 million in 2018. The results
