Asia-Pacific Aerospace Briefs Today
March 4th 2024
Today's briefs report news from AAR Corp, Boeing, Cathay Cargo, MAB Engineering Services, Sabre, SATS, Spirit AeroSystems and ST Engineering. Read More »
Aviation services provider, AAR Corp, has completed an all-cash acquisition of Triumph Group’s product support business for US$$725 million. The transaction was announced last December.
Boeing has won a contract to build 17 P-8A Poseidon airplanes, an aircraft based on the 737 commercial aircraft platform. The contract for 17 of the type is divided between the Royal Canadian Air Force (140 and the German Navy (3).
Cathay Cargo has introduced ePayments at its cargo terminal with the business-to-business (B2B) payment platform provided by PayCargo.
Malaysia Aviation Group‘s MAB Engineering Services has finalised an agreement with Impeccable Vintage Properties for the lease Hangar 4 at Kuala Lumpur Subang airport.
Safran has completed acquisition of Netherlands-based aerospace parts manufacturer, 3DMF, for an undisclosed sum.
Singapore-listed SATS has reported a profit of S$23.7 million (US$18 million) for the nine months to December 31 last year compared with a S$32 million loss in the same months in 2022. SATS CEO, Kerry Mok, said the company's business operations “continued to show improvement in profitability, driven by a travel recovery and strong seasonal demand” in the December quarter. “The group continues to benefit from operational synergies and new commercial wins from the expanded network and our strengthened global position,” Mok said.
ST Engineering’s interim profit was 9.6% higher, at S$586.5 million (US$436 million), for the six months to December 31. Revenue increased 11.8%, to S$10.1 billion, against half-year 2022. “This performance was underpinned by the strength of our Commercial Aerospace and Defence & Public Security segments and a high graded portfolio,” ST Engineering CEO, Vincent Chong, said.
Spirit AeroSystems has confirmed it is in discussions about Boeing’s possible acquisition of the company. “No assurances can be given that a definitive agreement will be entered into, that any transaction will be consummated or the timing, terms or conditions of any such transaction,” Spirit AeroSystems said.
The GE board of directors has formally approved April 2 as the spin-off date of its power and renewable energy business, GE Vernova. The company's aviation business, GE Aerospace, is also will be launched as a standalone company on the same day.
