General Electric, the global giant with $126 billion in annual revenue, is at NBAA ’02 (Booth No. 633) with the expressed intent to expand its role in corporate and regional aviation.
In his two decades at the helm of General Electric, during which the market value of the company increased by more than $400 billion, Jack Welch did not often feel the sting of defeat.
Yet in the waning months of his storied career, defeat is exactly what the irascible chairman and CEO was handed when the European Commission in August staunchly rejected his company’s planned $45 billion takeover of Honeywell.
A General Electric spokesman confirmed the sale of its Garrett Santa Barbara completion center to Yankee Pacific and WestCap Partners Private Equity Fund. The deal is expected to close by the end of the month. The Santa Barbara, Calif.-based facility delivered the second of two Boeing Business Jet completions this year and has a contract with Bombardier for a series of Global Express completions.
In the fallout from the failed merger of General Electric and Honeywell, Honeywell’s board of directors last month huddled to contemplate whether the company has a legal case against GE for failing to use “reasonable best efforts” to win approval for the proposed deal in Europe.
China’s AVIC I Commercial Aircraft Co. (ACAC) last month signed a letter of intent with GE Aircraft Engines that calls for the use of GE’s CF34-10A turbofan to power the proposed ARJ21 regional jet. The CF34-10A engine, scheduled for introduction early in 2004 with the Embraer 190-200, would power both the 79-passenger and the 99-passenger variants of the ARJ21 under the terms of the agreement.
“It was definitely our second choice, but it turned out to be a good one.” That’s how corporate air transport manager Rich Sismour characterized GE’s move to Stewart International Airport (SWF) in Newburgh, N.Y., from Westchester County Airport (HPN) in White Plains, N.Y.
Honeywell’s patent infringement lawsuit against the makers of terrain awareness and warning systems (TAWS), filed on May 10 in U.S. District Court in Delaware, has stirred a hornet’s nest of criticism by top executives from companies named in the suit.
David Cote, 49, has been named president and CEO of Honeywell, taking over
The CEOs of Honda Motor and GE Transportation, a division of General Electric, signed the definitive agreement during the NBAA Convention last month to create GE Honda Aero Engines, a joint company that will pursue the launch of Honda’s HF118 turbofan engine for the light business jet market.
Travelers’ Atlanta-based aviation division yesterday announced that it will be expanding its corporate flight coverage to include hull and liability insurance for Part 135 and small business accounts.