In April Boeing announced its intentions to reduce its 160,000-strong workforce by 10%. Following the fourth consecutive quarterly loss, the company’s CEO, Dave Calhoun, announced that by the end of 2020 Boeing’s workforce will be reduced to 130,000, cutting job numbers by 14,000 more than anticipated. “As we align to market realities, our business units
The International Air Transport Association has warned that without government intervention and opening up of international borders, over 1.3 million airline jobs are at stake, with a further 3.5 million jobs in the aerospace sector also at risk. Earlier predictions that the signs of recovery would be seen in the fourth quarter of the year
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
Pratt & Whitney has announced plans to invest at least US$650 million through 2027 in a world-class turbine airfoil production facility in Asheville, North Carolina. The new, 1,000,000-ft² facility will house an advanced casting foundry for the production of turbine airfoils as well as conduct machining, coating and finishing of airfoils onsite. The investment is
The head of China’s aviation regulator, Feng Zhenglin, has advised that the country currently has no plans to lift the grounding of the Boeing 737 MAX, having been the first country to ban the aircraft from flying after two fatal crashes. Zhenglin confirmed that China would be prepared to lift the ban once the jet
United Airlines has announced that it will be trialing a digital health pass on a flight between London Heathrow and Newark Liberty International, New Jersey, on October 21. The digital health pass aims to set a common international standard for COVID-19 test results, together with future vaccine records, in an attempt to encourage countries worldwide
Investment Management PIMCO and GE Capital Aviation Services (GECAS), have reached a preliminary agreement to develop an aviation leasing platform to support up to US$3 billion in aircraft asset financings. The transaction is subject to customary closing conditions and receipt of required regulatory approvals. This strategic investment platform will enable GECAS and PIMCO-advised accounts to
For the first time since March this year, over one million airline passengers were screened on Sunday, October 18, though the exact total of 1.03 million still saw a 60% reduction in passenger numbers when compared to the same period last year. While 1.26 million passengers were screened on March 16, that figure dropped to
General Atomics Europe GmbH (GA-E), the medium-size service and consulting company with stakes in eight subsidiaries, has announced its intention to acquire RUAG Aerospace Services (RUAG), formerly part of the Swiss technology group RUAG International. This will enable GA-E to expand its product and service portfolio to include the maintenance and repair of business aircraft
On October 1, Rolls-Royce Holdings (Rolls-Royce) announced its intention to raise at least £1 billion through a bond offering as part of its strategy to raise £5 billion in a recapitalization package to support its long-term strategy. However, unanticipated strong demand for the investor Notes has seen the company double the size of the offering,
