Raytheon Aircraft’s financials for the second quarter showed a healthy increase with net sales of $627 million, up from $562 million for that period last year. Also on the positive side of the ledger, the Wichita-based company delivered 49 aircraft, 14 more than were delivered in the second quarter a year ago.
Cleveland-based Flight Options came full circle late last month when it named company founder Kenn Ricci chairman, ending months of speculation that he would again take the helm of the fractional provider. In addition, Flight Options appointed Mike Silvestro the new CEO, replacing former chief executive S. Michael Scheeringa, who will remain an investor in Flight Options and a “strategic advisor at the board level,” a spokesman said.
Four months after John Nahill, former v-p of corporate strategy and development at Raytheon Co., took charge of Flight Options from its founder and then chairman and CEO Kenn Ricci, Raytheon in mid-June completed a “financial recapitalization agreement” in which it now owns approximately 65 percent of the world’s second-largest fractional aircraft ownership company.
Effective July 1, William Swanson, a 31-year Raytheon veteran who was president of the Lexington, Mass. company, takes over as CEO. Swanson replaces Dan Burnham, who announced one day after presenting the company’s first-quarter financial results that he would leave the company. Burnham joined Raytheon in July 1998 from AlliedSignal, where he was president and COO.
After experiencing a meteoric rise lasting almost a full decade, business jet production this year is anticipated to decline for the third year in a row. Those looking for a silver lining will be disappointed to learn that next year isn’t expected to be much better–nor is the year after that.
The Beech Starship fleet is being destroyed at the behest of manufacturer Raytheon, which owns 40 of the 50 production airplanes built between 1988 and 1995.
Cleveland-based fractional provider Flight Options yesterday named Kenn Ricci chairman and Mike Silvestro CEO, replacing former CEO S. Michael Scheeringa. The move had been rumored for weeks and might be only the beginning of more management changes at the company, according to several industry sources. Ricci returns to Flight Options 10 years after founding the fractional provider and six years after selling it to Raytheon.
This month Raytheon begins integrated tests on its APY-10 inverse synthetic aperture radar for the Boeing P-8 Poseidon maritime patroller. The company will supply three more radars by year-end under the terms of the system design and development contract. It will test the sensor from a tower, before the first unit gets fitted to a P-8 for a first flight in 2010.
Executives from Cobham, Lockheed Martin, Raytheon, Rockwell Collins, Saab and Thales are establishing an ethics strategy on the basis of existing European and U.S. regimes and have agreed to lobby the next U.S. Administration.
Raytheon is displaying here at Farnborough its universal control station (UCS) for UAVs. It is the first time the station is showing at an international venue.
The company claims that the UCS could dramatically reduce the accident rates of unmanned systems, as well as the cost to train operators. In particular, Raytheon wants to replace the ground stations provided by General Atomics for the control of the Predator and Reaper UAVs.