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28 Dec 17. Philippine aerospace company set for shut down. The Philippine government plans to close down the state-owned Philippine Aerospace Development Corporation (PADC), the country’s Finance Secretary Carlos Dominguez said on 27 December. Dominguez said in comments published by state-run news that the decision is in line with the government’s continuing efforts to restructure and ‘right-size’ state-owned holdings and operations. PADC, which is based in Pasay City, will be discontinued in 2018, he said. Dominguez said the government’s decision was also influenced by PADC’s failure to fulfil its formal mandate of becoming an aircraft designer and developer. PADC, which was established in the early 1970s, specialises in aerospace maintenance, repair, and overhaul (MRO) for commercial and military domains. (Source: IHS Jane’s)
28 Dec 17. Hyundai to boost funds through share sale. South Korean shipbuilder Hyundai Heavy Industries (HHI) has said it plans to generate funds worth KRW1.28trn (USD1.2bn) through a share sale to strengthen its financial structure and support new development programmes.
The company said in a filing to the Korea Exchange on 26 December that it planned to sell 12.5 million shares at an estimated price of KRW103,000 each. The shares will be sold by early March.
HHI said that KRW869bn of the raised funds would be used to improve its financial standing following the group’s transformation earlier in 2017 to a holding company structure. The remaining funds will boost HHI’s capital, supporting activities such as continuing construction programmes as well as research and development projects. (Source: IHS Jane’s)
28 Dec 17. Saab Acquires GKN Aerospace’s Applied Composites AB Business. Defence and security company Saab has acquired the company Applied Composites AB (ACAB), based in Linköping, Sweden, from GKN Aerospace. The acquisition will guarantee key technologies for the development of future ground combat weapon systems and advanced radomes.
ACAB is a leading expert in the development and manufacture of composite components for high technology products. The acquisition was signed today and the transition of the company will become effective at 29 December 2017.
“This is a very important and crucial acquisition for Saab. By integrating ACAB into Saab Dynamics we will get improved control of key components of the supply chain for Saab’s product portfolio. At the same time we are creating synergies with ongoing production that will create efficiency gains, improved competitiveness and value for our customers,” says Görgen Johansson, Senior Vice President and head of business area Dynamics.
ACAB is a high-tech company specialising in composite-based solutions for demanding civil and military applications. The company developed alongside the aviation and defence industry in Linköping, Sweden. Thanks to skilled employees and extensive product development, design, testing, qualification, production and maintenance resources, ACAB is Scandinavia’s leading expert in applied composite technology. ACAB has approximately 55 employees and an annual turnover of around 105MSEK.
(Source: ASD Network)
27 Dec 17. DXC Technology Receives Early Termination of Hart-Scott-Rodino Waiting Period in Connection with Vencore and Keypoint Acquisitions, USPS Merger-Spin-off. DXC Technology (NYSE: DXC) has announced that on Dec. 22, 2017, the U.S. Federal Trade Commission (FTC) granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) with respect to the previously announced pending acquisitions of Vencore Holding Corporation and KeyPoint Government Solutions and their merger combination with DXC