Buoyed by its Bell and Cessna properties, Textron reported second-quarter profits up 23 percent from the same period last year, chairman, president and CEO Lewis Campbell announced last month. Pointing to a backlog of 1,638 business jets at Cessna, Textron reaffirmed its outlook for the remainder of this year and forecast a solid market for the Citation line through 2011.
News and issues concerning aerospace companies, including formations, acquisitions, mergers and financials; and announcements of significant aircraft sales, delivery statistics and personnel appointments.
Regional carriers Comair, Republic and Trans States last month announced plans to cut hundreds of jobs. Some of the biggest cuts will come from Cincinnati-based Comair, which expects to cut 300 pilot jobs and 220 flight attendant positions as the airline moves forward with plans to remove 15 percent of its flying capacity starting next month.
The 2008 Farnborough International airshow (held from July 14 through 20) largely confounded widespread predictions that provide clear evidence of an industry heading into a downturn. A fresh wave of airliner orders, mainly from carriers in the fast-growing Middle Eastern and Asian markets, bolstered Airbus and Boeing, along with their phalanx of global suppliers.
Gulfstream Aerospace parent General Dynamics late last month reported a 25-percent increase in profits during the second quarter, thanks in large part to climbing sales of Gulfstream business jets. The company posted a second-quarter profit of $641 million, up from $513 million in the same period a year ago, on sales of $7.3 billion.
Students of the now-defunct training school Silver State Helicopters are suing KeyBank, one of the banks that financed their tuition, charging that it engaged in fraudulent loan practices and was an active participant in a Ponzi scheme concocted by Silver State executives. Silver State filed Chapter 7 liquidation bankruptcy on February 3.
The 2003 Paris Air Show, held June 15 to 22, opened against a backdrop of bitter transatlantic political disputes over France’s opposition to the U.S.-led Iraq War and the future of the Middle East. It ended with carriers from that region providing the whole aerospace industry with a welcome financial shot in the arm by placing multi-billion-dollar orders for new airliners.
GKN Aerospace was the proud recipient yesterday of an appreciation award from Mexico, which recognizes the success of GKN’s Mexicali operation, located next to the U.S. border in the state of Baja California. Established in 2002, the operation has grown from 25 employees to 130, “exceeding all growth, quality and delivery targets,” said GKN.
Aéro Montréal, greater Montreal’s aerospace cluster, has signed two “framework agreements” with similar industrial clusters in Germany and Poland aimed at improving cooperation and expanding trade. During the Paris Airshow last year Aéro Montréal signed similar agreements with the aerospace clusters
in Midi-Pyrénées and Aquitaine in France.
Switzerland’s Ruag has acquired Saab’s space business (Saab Space, based in Gothenburg), including its subsidiary, Austrian Aerospace, for 335 million Swedish Krona ($56 million) and additional consideration based on future performance. Saab said that it has “not been able to achieve sufficient synergies with other operations within Saab,” although the division was “well managed and profitable.”
Farnborough International Limited (FIL), organizers of the Farnborough International airshow, will collaborate with Bahrain on a new airshow in January 2010.