Monday, November 21, 2005
Embraer [ERJ] delivered the first of 12 Embraer 190s to Panama's Copa Airlines. The plane is configured with a 10-seat business class and 84 seats in coach. Copa will continue to take deliveries of the Embraer 190 through 2008. It also holds options on 18 additional 190s. Copa is the first carrier in Latin America to take delivery of the 190, which was certified earlier this fall.
Bombardier [BBD] recently announced that Bombardier Capital will no longer service its manufactured housing portfolio. It sold the servicing rights to the loans to Green Tree Services for about $900 million. Bombardier Capital continues to sell off its earlier portfolios so it can concentrate its resources on commercial aircraft financing.
Club 328, an executive jet operator based in London, reached an agreement with the trustee of the bankrupt AvCraft Aerospace in Germany to purchase a second Dornier 328Jet. The newly built plane is expected to be delivered in January and will be configured to seat 14. The charter operator recently added to its fleet a Dornier 328 turboprop, which is configured to seat 12.
The U.S. Transportation Security Administration (TSA) recently awarded a $4.8 million contract to L-3 Communications Security & Detection Systems to study the effectiveness of using neutron resonance radiography to scan containerized air cargo for explosive devices. The contract was awarded in a competitive bid. L-3 is working with the Massachusetts Institute of Technology and its Bates Linear Accelerator Center to design electronics, a mechanical system and detection algorithms. The technology will also be able to identify other contraband in the containers.
Montreal-based CAE [CAE] has installed two new business aviation simulators in its new Morristown, N.J., training center. Now under construction, the center will house Sikorsky S-76 helicopter full-flight simulator and the Gulfstream IV full-flight simulator. Both simulators are now housed in CAE's Dallas training center. Morristown will also host the Falcon 7X and the Falcon 900 simulators, as previously announced.
Global Aircraft Solutions
Global Aircraft Solutions [GACF], an aircraft and aircraft parts trading firm as well as maintenance services provider, has applied to be traded on the American Stock Exchange. It eventually wants to be listed on the NASDAQ. The company is now a pink sheet stock traded over the counter.
Vancouver's Avcorp [AVP] reported a loss of $3 million on sales of $20.2 million in the third quarter compared to a loss of $1.9 million on sales of $14.4 million in the same period last year. Avcorp designs and builds major airframe structures for Bombardier, Cessna and Boeing [BA]. Its sales to Bombardier are expected to decline this quarter as Bombardier suspends production of the CRJ 200.
Standard Aero Holdings, a San Antonio-based provider of maintenance and overhaul services, reported a third quarter net profit of $7.3 million on sales of $216.9 million. In August, Standard Aero completed the acquisition of the maintenance unit of Dunlop Standard Aerospace Group and its operations have been merged into the Standard Aero financial statements.
Jet Engineering Technical Support, a Southampton, England-based provider of maintenance and overhaul services, has hired Bob Burley as its new sales manager. He was most recently the aftermarket sales manager for Honeywell.