For many years, the one market segment that General Electric’s turbine engine-manufacturing business didn’t serve was aircraft that use smaller turboprop engines. But that is changing; GE announced yesterday that it is buying Czech engine manufacturer Walter Engines. Based in Prague, Walter has manufactured more than 37,000 aircraft engines since 1923.
GE Aviation has won a contract from Boeing to provide a range of components for the Bell Boeing V-22 Osprey military vertical takeoff and landing (VTOL) aircraft. The five-year deal covers 167 V-22s and is worth about $15 million, said GE, which will supply primary and secondary lighting controllers, forward cabin control station, hydraulic fluid level monitor and ramp door control panel.
Barely a month has passed since what formerly traded as Smiths Aerospace formally became General Electric Aviation Systems at the closing of the U.S. engine maker’s $4.8 billion acquisition of the business. But according to the new division’s president, Dr.
CIT Group has sold most of its corporate aircraft financial business to GE Commercial Finance. The transaction includes approximately $700 million in loans and $200 million in leases on 380 business jets, turbo props and helicopters.
At General Electric, the official corporate slogan is “Imagination at work.” At Honda, it’s “The power of dreams.” The two companies announced last month they have merged them in an alliance to develop, certify, market and support Honda’s 1,670-pound-thrust HF118 turbofan. The result could be one of the most innovative global alliances in business-aviation history.
A former employee of GE Aircraft Engines claims the company knowingly shipped defective parts built during a 10-year period at its factory in Madisonville, Ky. The charges came to light in a $64.4 million “whisteblower” lawsuit filed by former quality-control engineer Terri Brown, unsealed in late November at the request of the Courier-Journal of Louisville.
Smiths Aerospace, the supplier of flight management systems on the Boeing Business Jet, is poised to become a subsidiary of General Electric after the Smiths Group agreed last month to sell its aviation unit for $4.8 billion. The deal faces scrutiny from U.S. and European regulators, but it is widely expected to close within a few months.
In an effort to better serve customers and streamline its operations, Honeywell’s aerospace division is planning a major restructuring that will involve the creation of three new business segments and an unknown number of job cuts.
AirAsia has taken a 19-percent stake in GE Engine Services’ engine-overhaul business in Kuala Lumpur, Malaysia, and become the first customer for the engine company’s new OnPoint service package. Under a 23-year agreement signed here yesterday, GE will provide maintenance, repair and overhaul for 129 CFM56-5B engines that will power the airline’s Airbus A320-200 fleet.
GE has signed Herzog as the launch customer for its new Challenger 601 CF34 engine modernization program. The program for the CF34-1A/-3A/-3A2 engines upgrades the hot section to enable operators to transition from a “hard time” maintenance schedule with scheduled hot-section inspections and overhauls to an “on-condition” maintenance schedule.