Web Page sponsored by Odyssey Corporate Finance
Contact: Tom McCarthy, Director, Odyssey Corporate Finance
M: 07867 459 600
D: 0121 503 2375
06 Oct 17. Chemring Group PLC is pleased to confirm that the cash advance payment and export licences associated with the US$30.0m contract to supply 40mm ammunition to an international customer, have now been received. Acceptance of the first delivery has been approved by the customer, and shipments will be ongoing, with the majority of associated revenue and profit being recognised in FY17. The Board’s expectations for FY17 full year performance remain unchanged.
05 Oct 17. Héroux-Devtek buys CESA from Airbus. Canadian aerospace components manufacturer Héroux-Devtek has acquired Airbus’ Spanish subsidiary Compañia Española de Sistemas Aeronauticos (CESA) for EUR140m (USD165m). CESA, headquartered in Madrid, is a producer of fluid mechanical and electromechanical systems for aerospace applications. Both Héroux-Devtek and CESA specialise in the production of landing gear and actuation systems. In a statement, Quebec-based Héroux-Devtek said: “The acquisition of CESA marks a pivotal moment in Héroux-Devtek’s international expansion … This transaction will allow us to increase our presence with Airbus.” CESA employs 340 people and looks to Airbus for 50% of sales. (Source: IHS Jane’s)
05 Oct 17. Boeing to Acquire Aurora Flight Sciences to Advance Autonomous Technology Capabilities. Subsidiary to accelerate Boeing’s development of game-changing autonomy technology for innovative aerospace vehicles. Boeing [NYSE: BA] plans to acquire Aurora Flight Sciences Corporation, a world-class innovator, developer and manufacturer of advanced aerospace platforms, under an agreement signed by the companies. Aurora specializes in autonomous systems technologies to enable advanced robotic aircraft for future aerospace applications and vehicles.
“The combined strength and innovation of our teams will advance the development of autonomy for our commercial and military systems,” said Greg Hyslop, chief technology officer and senior vice president of Boeing Engineering, Test & Technology. “Together, these talented teams will open new markets with transformational technologies.”
Leveraging autonomous systems that include perception, machine learning and advanced flight control systems, Aurora has designed, produced and flown more than 30 unmanned air vehicles since the company was founded in 1989. Aurora Flight Sciences is a leader in the emerging field of electric propulsion for aircraft. During the last decade, Aurora has collaborated with Boeing on the rapid prototyping of innovative aircraft and structural assemblies for both military and commercial applications.
“Since its inception, Aurora has been focused on the development of innovative aircraft that leverage autonomy to make aircraft smarter,” said John Langford, Aurora founder and chief executive officer. “As an integral part of Boeing, our pioneered technologies of long-endurance aircraft, robotic co-pilots, and autonomous electric VTOLs will be transitioned into world-class products for the global infrastructure.”
Terms of the agreement were not disclosed. This transaction, anticipated to close following receipt of customary regulatory approvals, does not affect Boeing’s financial guidance. Once acquired, Aurora will be a subsidiary under Boeing Engineering, Test & Technology known as Aurora Flight Sciences, A Boeing Company. It will retain an independent operating model while benefiting from Boeing’s resources and position as the leading provider of aerospace products and services.
Headquartered in Manassas, Virginia, Aurora has more than 550 employees and operates in six states in the U.S. including a research and development center located near MIT in Cambridge, Massachusetts, manufacturing facilities in Bridgeport, We