Almost a year after first unveiling the deal, GE Aviation last month announced the completion of its acquisition of Prague, Czech Republic-based turboprop engine maker Walter Engines. The new GE division will operate as Walter Aircraft Engines.
If you had just bought a $23 million corporate jet, do you think the manufacturer would tell you if it knew the airplane had a potentially dangerous mechanical problem? When a dozen professional pilots were asked that question, each responded in the affirmative. “Of course–the OEMs are required by law to disclose that sort of thing,” one said. But the truth isn’t quite so simple.
GE Aviation and Safran signed a memorandum of agreement here yesterday to create a new 50-50 joint venture to develop, produce and support engine nacelles for future single-aisle commercial airliners. The as-yet unnamed joint-venture company will operate under the auspices of GE’s Middle River Aircraft Systems (MRAS) and Safran’s Aircelle subsidiary.
General Electric Aviation Systems (Hall 4 Stand B7) has long been a pioneer in the more-electric aircraft concept but now is finding that rising fuel prices are increasing the impetus for the technological shift.
Terrain awareness and warning system (TAWS) manufacturers being sued for patent infringement by Honeywell have started to fight back. On Monday, Universal Avionics Systems Corp. filed a counterclaim in the U.S. District Court in Delaware alleging that Honeywell is “attempting to monopolize” the TAWS market with its patent lawsuit filed last spring.
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.