Market conditions have hardly been kind to aerospace these past six months or so, but when a company is celebrating its 250th birthday–as GKN is this year–it can probably afford to take the long view.
GKN Aerospace assumed full ownership of the former Airbus wing component and assemblies factory at Filton, UK, on January 5. The UK group acquired the facility from Airbus for £136 million ($199 million).
GKN Aerospace assumed full ownership of the former Airbus wing component and assemblies factory at Filton, UK, on Monday. The UK group has acquired the facility from Airbus for £136 million ($199 million).
British business aviation companies have joined forces to help 16 seriously ill or disabled children and their families. Freestream Aircraft, Gama Aviation, TAG Aviation and TAG Farnborough Airport supported a special day held by the Fly2Help and Dreamflight charities at BAE Systems’ Filton Airport in Bristol on September 7.
Britain’s GKN has agreed to buy the wing component and assemblies manufacturing unit at Airbus’s Filton, UK plant, the companies announced today.
EADS’s failure to divest itself of major Airbus production sites in both France and Germany as part of its Power8 restructuring plan hasn’t threatened a delay in the development schedule for the A350XWB, according to the European group’s CEO Louis Gallois. However, in the build-up to this week’s Farnborough airshow, questions remained over how long the company could wait before the program begins to lose its development rhythm.
GKN Aerospace is targeting $4 billion in annual sales by 2017, double its current level, and the UK-based group has already won much of the business it needs to achieve that total.
The company has achieved most of its dramatic growth to date–from sales of just $150 million in 1994 when GKN acquired the former Westland Aerospace to $2 billion today–through acquisitions, but going forward more of it will be organic.
EADS and Airbus have chosen three European companies as the preferred bidders for their controlling stake in the six factories marked for divestiture as part of the Power8 restructuring program. The news comes as a severe blow to Wichita’s Spirit Aerosystems, widely considered the top candidate to take control of all six facilities.
Britain’s GKN Aerospace has signaled its intention to bid for stakes in one or more of the Airbus factories now being put up for acquisition or partnership under the troubled European airframer’s Power8 restructuring plan. The strategic acquisition could play a key part in GKN’s ambition to more than double its annual revenues to reach $4.2 billion by 2016.
If Concorde were the child of quarrelsome adults, the tabloids might label this a “tug of love,” but by whatever name it goes, British Airways seems to end up cast as the villain. When BA announced it would retire the supersonic transport in October 2003, Virgin Atlantic proprietor Sir Richard Branson seized the opportunity to embarrass his archrival by offering to buy and continue operating the aircraft.
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