collins snaps up arinc to rebalance business
acquisition Avionics specialist Rockwell Collins is to buy aeronautical communications company Arinc for $1.39 billion from investor The Carlyle Group. Rockwell Collins describes the acquisition as "a natural fit" and says the transaction, once complete, will mean commercial activity accounting for 54% of its business, with government operations making up the balance. The two sides have reached a "definitive agreement" regarding the purchase. Rockwell Collins says it will combine Arinc's networks and services with its own avionics and cabin technology systems, and that it will "expand our opportunities beyond the aircraft". It adds that the acquisition will be accretive in terms of earnings per share once transaction and integration costs have been absorbed.
losses grow at korean carrier asiana
airline Asiana Airlines' net loss widened to W80.1 billion ($71.9 million) in the second quarter from a loss of W37.4 billion in the same period a year ago. For the period, the South Korean carrier's revenue fell by 4.1% to W1.37 trillion. The airline posted an operating loss of W29.9 billion, a reversal from an operating profit of W38.9 billion a year earlier. For the first half, its net loss widened to W128 billion from a loss of W39.3 billion.
commercial segment buoys eaton
first half At component manufacturer Eaton, aerospace sector sales grew slightly to $446 million in the quarter to 30 June, up from $436 million in the same period a year earlier. For the first half of the year, sales rose to $880 million from $866 million in 2012. Profit also nudged up marginally in both periods, to $67 million and $129 million from $59 million and $119 million respectively. "Aerospace markets in the second quarter continued their modest growth, with strongest growth in the commercial OEM market," says Alexander Cutler, chairman and chief executive.
first UK aerospace bursaries granted
educATION A UK government scheme to boost the country's aerospace sector has recruited its first intake of students with the award of 100 bursaries. These have been granted to employees and graduates to study Masters (MSc)-level degrees in aerospace engineering. The scheme is jointly funded, with industry and government each pledging £3 million ($4.6 million) over three years to help recruit 500 people who want to build careers in aerospace, but need financial backing to study at Masters level.
bristow hits new heights despite absent ec225s
rotorcraft Helicopter operator Bristow Group turned in a record first-quarter performance in the period ended 30 June. Operating revenue rose 12% to $359 million from $320 million a year earlier. Adjusted EBITDAR grew to $102 million from $84.3 million and net income hit $26.9 million, up from $23.7 million. "This was a record first quarter for Bristow, with excellent top-line growth," says William Chiles, president and chief executive. This was achieved despite the continued absence of its Eurocopter EC225 fleet, adds Chiles.
FLIR expands with $14.9 million purchase
optical Imaging specialist FLIR Systems has acquired certain assets of DigitalOptics' micro-optics unit for $14.9 million. Included in the purchase are fabrication equipment and more than 200 patents associated with the design and production of complex optical surfaces, substrates and low-cost components.