Economy of the United States

September 9, 2009 - 11:45am

Local 794 of the International Association of Machinists and Aerospace Workers (IAM&AW) in Albuquerque, N.M., is working with state and local leaders to put together an economic incentive package to avoid closure of the GE Aviation facility in the third quarter of next year.

August 31, 2009 - 12:07pm

Boeing Commercial Airplanes president and CEO Scott Carson announced today that he will retire from the company at the end of the year. Boeing chairman, president and CEO Jim McNerney has named Jim Albaugh, 59, to Carson’s leadership role at Boeing Commercial Airplanes (BCA), and Dennis Muilenburg, 45, to succeed Albaugh as president and CEO of Boeing Integrated Defense Systems (IDS). Both appointments take effect September 1.

August 28, 2009 - 7:51am

Republic Airways, on July 31, completed its acquisition of Midwest Airlines, then won a bid last month for Frontier Airlines after Southwest Airlines withdrew when talks between the airlines’ pilots for a new labor deal stalled. Republic paid $6 million in cash and has issued a $25 million five-year note convertible to Republic stock at $10 a share for Midwest. It bid $108.75 million for Frontier.

August 25, 2009 - 12:05pm

Greenjets shared business jet service between New York and Florida began last month, and service to Los Angeles, Chicago, Boston, Washington and Atlanta will be phased in before year-end. The service is sold per-seat but uses the existing fleet of ARG/US-rated charter aircraft. Over the next two years, Greenjets plans to open 27 more markets, including Dallas, Houston, Las Vegas and Phoenix.

August 19, 2009 - 6:09am

The City of Roseville Employees’ Retirement System has filed a class-action complaint “on behalf of itself and all others similarly situated” alleging that investors in Textron shares were misled by statements about backlogs at Cessna Aircraft. Plaintiffs would have purchased Textron shares between July 17, 2007, and Jan. 29, 2009.

August 5, 2009 - 12:28pm

Going against the common practice of replacing rather than repairing, MTU Aero Engines has teamed with General Electric to make repairs more cost effective for the operator. “It is common for maintenance facilities to use new parts to replace worn or damaged ones, but we prefer to repair. Our technicians can restore even heavily worn components to as-good-as-new condition,” said Dr.

July 27, 2009 - 11:48am

Delta Air Lines’ plans to cut another 10 percent of its system capacity this fall will result in the loss of 100 pilot jobs at Comair, 110 at Mesaba Airlines and 56 at Atlantic Southeast. ASA’s cuts take effect September 1, while a planned 20-percent drop in block hours by the end of September at Comair will require a broad review of all staffing levels “in the coming weeks.”

July 27, 2009 - 7:13am

A six-week strike at Bell Helicopter Textron’s transmission and rotor-blade component plants in Texas ended after union members ratified a revised four-year contract offer on July 22 and returned to work on July 27.

July 22, 2009 - 8:34am

Boeing has identified a remedy to the 787 Dreamliner’s wing-to-side-of-body stress problem the company revealed last month, but engineers haven’t yet decided on an approach to implementing the plan, chairman, president and CEO Jim McNerney said this morning during the company’s second-quarter earnings call.

June 30, 2009 - 10:18am

The board of the U.S. Export-Import Bank (Ex-Im Bank) authorized a $500 million direct-loan facility to provide funds to assist Textron in financing exports from subsidiaries Cessna Aircraft and Bell Helicopter. The available capital will enable Textron to continue to provide financing to international customers that take delivery of new Cessna and Bell aircraft by December next year.

 
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