IAG, parent company of British Airways and Iberia, has acquired a 4.61% ownership position in Norwegian Air Shuttle ASA (Norwegian). IAG said that it considers Norwegian to be an attractive investment and that it intended to establish a position from which to initiate discussions with Norwegian, including the possibility of a full offer for Norwegian.
It has been announced that Jet Aviation has signed a binding agreement to acquire Hawker Pacific for US$250 million. Commenting on the deal, Rob Smith, president of Jet Aviation commented: “The acquisition of Hawker Pacific represents a significant step in expanding our footprint, capability and customer offer across Asia Pacific and the Middle East. “Hawker
Universal Avionics Systems Corporation (UA) has completed its acquisition by Elbit Systems. As a wholly-owned subsidiary of Elbit Systems, the company will lead commercial sales in North America for Elbit Systems’ Aerospace Division’s Commercial Aviation Business Line. “Combining our product offering with Elbit Systems’ strengthens our position in the market,” said Paul DeHerrera, UA Chief
In a move to further shore up its balance sheet, Rolls-Royce has agreed to sell its subsidiary fuel injection technology firm, L’Orange, to Colorado-based Woodward in a £610m (US$860m) deal. The transaction should be completed by the end of September this year. According to Rolls-Royce, the sale of L’Orange will “improve resilience” of the balance
MRO service provider SR Technics has successfully closed a US$110m senior multicurrency revolving credit facility (RCF) in cooperation with a group of leading Swiss banks. The RCF contains the option to increase to US$150m. SR Technics is ready to seize the current strong momentum in the MRO market and is exploring opportunities to expand its
International Airlines Group’s subsidiary British Airways has closed its New Airways Pension Scheme (NAPS) to future accrual and its British Airways Retirement Plan (BARP) to future contributions from March 31, 2018. The schemes have been replaced by a flexible benefits scheme, incorporating a new defined contribution pension scheme, called the British Airways Pension Plan (BAPP).
Willis Lease Finance Corporation has reported 50.4% growth in annual pre-tax income to US$36.0m, from US$23.9m in 2016, and recorded total revenues of US$274.8m. The Company’s 2017 pretax results were driven by solid revenue growth in the core leasing business and a significant increase in spare parts and equipment sales. Aggregate lease rent and maintenance
Despite only 52.4 percent of shareholders agreeing to the takeover, Melrose Industries has made a successful bid of £8 billion (US$11 billion) to take over the British engineer GKN after a bitter three-month-long battle. This has been seen as the largest successful hostile bid since Kraft took over Cadbury in 2009. Melrose is a UK-based
RUAG has reported net sales of CHF1,955m (previous year: CH 1,858m) and once again topped its record prior-year performance – this time by 5.2%. However, the international technology group was unable to uphold last year’s record result. Earnings before interest and taxes (EBIT) fell to CHF119m (CHF151m) and net profit to CHF89m (CHF116m). The order
Israel Aerospace Industries, Israel’s largest national military and civilian security defense company, has issued its consolidated financial statements for the year ended December 31, 2017. The Company reported a notable growth in profits with net income of US$81m, coupled with a record scope of engagements in new transactions with customers totaling approximately US$5.8bn in 2017
