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LATEST NEWS
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Wednesday, January 4th, 2023
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The U.S. Army has confirmed that it has awarded Boeing a contract for the production of 12 new CH-47F Chinooks for the Egyptian Air Force. At a cost of US$426 million (£355 million) Egypt will replace its fleet of CH-47D aircraft with the modern F model, providing it with advanced multi-mission capabilities.
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“The F-model aircraft will enhance Egypt’s Chinook capabilities and help effectively accomplish its heavy-lift objectives,” said Ken Eland, Vice President and Manager of the H-47 programme. “Boeing’s partnership with the Egyptian Air Force remains strong as we continue to work together to modernise their fleet.”
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The CH-47F advanced multi-mission helicopter was designed and produced for the U.S. Army and international defence forces, containing a fully integrated, digital cockpit management system, Common Avionics Architecture System cockpit and advanced cargo-handling capabilities which all complement the helicopter's mission performance and handling characteristics.
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“Boeing is committed to supporting the defence modernisation mission of the Egyptian armed forces and ensuring the best capability for Egypt’s national defence and security,” added Vince Logsdon, Vice President, Boeing International Business Development. Team Chinook is led by the U.S. Army who, along with 19 allied international customers, collectively operate a fleet of more than 950 aircraft.
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Lima Airport Partners (LAP), part of the Fraport Group since 2001, has signed a US$1,250 million project financing agreement in December 2022, for the infrastructure development in progress at Lima’s Jorge Chávez International Airport (LIM) in Peru. The financing is being provided by seven banks: BBVA, IDB Invest, KfW IPEX Bank, Mitsubishi UFJ Financial Group (MUFG), The Bank of Nova Scotia, Société Générale, Sumitomo Mitsui Banking Corporation (SMBC). Fraport’s and LAP’s finance teams managed the transaction, while SMBC acted as financial advisor.
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Fraport AG’s CFO, Prof. Dr. Matthias Zieschang, underscored the importance of the financing: “This is a landmark transaction. We are pleased by the continuous strong demand from the international capital markets for financing Lima Airport’s strategic development. More than ever, well-managed aviation hubs like Lima are highly regarded as critical infrastructure and reliable long-term investments. This privately financed infrastructure development underscores our commitment to the long-running Lima airport concession and to Peru. We are confidently transforming the Lima hub with future-oriented, flexible and sustainable infrastructure to meet the aviation challenges in the decades ahead.”
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LAP’s airport expansion is strategically significant for Lima, Peru and South America, as well as for the international aviation industry. In addition to covering the ongoing construction costs, the new project financing will be used to repay the US$ 450 million financing obtained by LAP in 2020. Already completed and in the process of delivery to the Peruvian authorities, the airside expansion features the second runway, a new ATC tower for full coverage of the enlarged airfield, taxiways, a firefighting station, plus other ancillary facilities.
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LAP contracted the Inti Punku consortium, composed of construction companies SACYR of Spain and Cumbra of Peru, as general contractor for the EPC (Engineering, Procurement and Construction) for the construction of the new passenger terminal building, to commence its operation by January 2025. The rapidly advancing construction works include the new passenger terminal itself, along with key supporting infrastructure such as aircraft parking stands, a utilities complex, access roads and public parking.
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IBC Advanced Alloys Corp., a leading beryllium and copper advanced alloys company, has released that it has closed the company’s previously announced non-brokered private placement (the offering).
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Pursuant to the offering, the company issued 11,269,444 units of the company at a price of C$0.108 per unit for gross proceeds to the company of approximately C$1,217,100. Each unit consisted of one common share of IBC and one common share purchase warrant. Each warrant entitles the holder to acquire one common share of the company at a price of C$0.135 until December 30, 2024. All of the securities issued pursuant to the offering are subject to a four-month hold period in accordance with applicable Canadian securities laws.
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Proceeds of the offering will be used for working capital and general corporate purposes.
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Emirates has sealed an agreement with the Ministry of Foreign Affairs of the Bahamas to promote tourism to the Caribbean archipelago. The airline and the Bahamas’ Ministry of Tourism will embark on joint initiatives to boost visitor traffic into the islands from key markets across Emirates’ network.
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The Memorandum of Understanding (MoU) was signed by HH Sheikh Ahmed bin Saeed Al Maktoum, Emirates Group Chairman and Chief Executive and HE Tony Joudi, Ambassador of the Bahamas to the UAE and the State of Qatar at the Emirates Group headquarters.
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Spread across 16 major islands, the Bahamas boasts more than 100,000 square-miles of the world’s clearest ocean. Its coveted beaches and pristine shorelines make the Bahamas one of the most popular tourism destinations in the Caribbean, offering a rich mix of leisure and cultural activities for visitors.
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Under the MoU, both parties will partner on joint promotional campaigns to benefit the airline and boost tourist arrivals into the Bahamas, by showcasing the destination’s appeal to visitors and holiday-makers. The agreement will see also marketing activities including media and trade familiarisation trips, in the first quarter of 2023.
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Swiss International Air Lines (SWISS) has appointed Léa Wertheimer as its new Head of Corporate Communications. Together with her team, she will be responsible for all of SWISS’s external and internal communications from April 2023 onwards, reporting directly to CEO Dieter Vranckx.
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Wertheimer succeeds Daniel Bärlocher, who left the company in October to take on a new professional challenge outside the aviation industry.
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Wertheimer can draw on a lengthy career within the communications sector. She has held her present position as Head of Media Relations at Swiss Post, with responsibility for all the organisation’s media work and interactions, since the beginning of 2017. She also led Swiss Post’s Communications Crisis Task Force during the coronavirus pandemic. Prior to Swiss Post, she was a media spokesperson for the Swiss State Secretariat for Migration in Bern from 2013 to the end of 2016 and from 2006 to 2013 she served as an editor with the Neue Luzerner Zeitung and with the Zürcher Oberland Medien organisation. She has previous experience in the aviation sector, too, having been an air transport officer at Swissport and a flight attendant with Swissair.
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HEICO Corporation has released that net sales increased 20% to a record US$609.6 million in the fourth quarter of fiscal year 2022, up from US$509.4 million in the fourth quarter of fiscal year 2021. Operating income increased 27% to US$146.5 million in the fourth quarter, up from US$115.0 million in the fourth quarter of 2021. The company's consolidated operating margin improved to 24.0% in the fourth quarter, up from 22.6% in the fourth quarter of 2021.
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Net sales increased 18% to US$2,208.3 million in the fiscal year ended October 31, 2022, up from US$1,865.7 million in the fiscal year ended October 31, 2021. Operating income increased 26% to US$496.8 million in the fiscal year 2022, up from US$392.9 million in the fiscal year 2021. The company's consolidated operating margin was 22.5% in the fiscal year 2022, as compared to 21.1% in the fiscal year ended 2021.
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Improvement in the commercial aerospace market has resulted in nine consecutive quarters of sequential growth in net sales and operating income at the Flight Support Group.
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Net income increased 13% to US$97.2 million in the fourth quarter of 2022, up from US$86.1 million in the fourth quarter of 2021. Net income increased 16% to US$351.7 million in the fiscal year ended October 31, 2022, up from US$304.2 million in the fiscal year 2021. Net income in both fiscal 2022 periods was adversely impacted by a higher effective income tax rate.
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EBITDA increased 23% to US$172.2 million in the fourth quarter 2022, up from US$139.5 million in the fourth quarter of 2021. EBITDA increased 22% to US$593.7 million in the fiscal year 2022, up from US$487.4 million in the fiscal year 2021.
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