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☆ A tiny investment firm claims Boeing 'hoodwinked' it into buying a failing supplier — more than a year after Boeing claimed it was 'held hostage' over the same deal
▼ + stars: | 2024-02-11 | by ( Pete Syme | ) www.businessinsider.com time to read: +4 min

Ten Oaks Management accused Boeing of "conning" it into buying a failing supplier, in a counterclaim. But when it assumed control of Astech, Boeing alleges it was "held hostage" by the family office and subject to a "bait and switch." AdvertisementHowever, Ten Oaks hit back with a counterclaim last Friday, saying it was duped into buying Astech by Boeing. The complaint says Boeing's contract with Astech was "lopsided" and leading it into bankruptcy because the pricing didn't even cover manufacturing costs. Another Boeing supplier, Spirit AeroSystems, is also facing scrutiny because it builds the Max 9 fuselage.

Persons: —, Astech, Max, Mike Whitaker Organizations: Oaks Management, Boeing, Service, Business, Ten Oaks Management, KC, Court, Ten Oaks, Ten, Boeing KC, US Air Force Ten Oaks, Alaska Airlines, National Transportation Safety, Federal Aviation Administration Locations: Carolina, Delaware, Astech

☆ GKN Aerospace-owner Melrose lifts 2023 profit expectations
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Hannah McKay/File Photo Acquire Licensing RightsNov 16 (Reuters) - British aerospace supplier Melrose (MRON.L) said on Thursday it expected 2023 profit to be 7% higher than its previous expectations, partly driven by stronger aftermarket demand and improved pricing. The owner of GKN Aerospace, which counts Airbus (AIR.PA) and Boeing (BA.N) as its top customers, said trading and margin performance during the four month ended Oct. 31 was better than its previous expectations. Melrose, which spun off its auto and other businesses in April to become a pure-play aerospace supplier, now expects an adjusted core profit of 680 million pounds to 700 million pounds ($842.5-$867.2 million) for the year ending Dec. 31. In September, Melrose flagged a potential cash hit of about 200 million pounds through 2026 after Pratt & Whitney parent RTX (RTX.N) warned of grounding of some engine variants for quality checks. GKN Aerospace has a 4% programme share on the GTF PW1100G variant impacted by this issue.

Persons: Hannah McKay, Pratt & Whitney, Yadarisa Shabong, Aby Jose Koilparambil, Savio D'Souza Organizations: REUTERS, Melrose, GKN Aerospace, Boeing, Pratt &, Thomson Locations: GKN, Redditch, Britain, British, Bengaluru

☆ US Air Force's new B-21 Raider "flying wing" bomber takes first flight - Reuters witness
▼ + stars: | 2023-11-10 | by ( Mike Stone | ) www.reuters.com time to read: +3 min

However, the Air Force has kept other price information classified, "which makes validating the proposed cost difficult," the Congressional Research Service said in a 2021 report. The Air Force plans to buy at least 100 of the planes and begin to replace B-1 and B-2 bombers. Ann Stefanek, an Air Force spokesperson said, "The B-21 Raider is in flight testing. Flight testing is a critical step in the test campaign managed by the Air Force Test Center and 412th Test Wings B-21 Combined Test Force." In early 2022, the Air Force further delayed it until 2023.

Persons: David Swanson, Ann Stefanek, Lockheed Martin, Northrop, Mike Stone, Valerie Insinna, Franklin Paul Organizations: United States Air, Northrop, Air Force, REUTERS, U.S, Air Force's, Northrop Grumman, Congressional Research Service, Pentagon, Air Force Test Center, Force, Boeing, Lockheed, Pratt, Whitney, Collins Aerospace, GKN Aerospace, BAE Systems, Franklin Paul Our, Thomson Locations: Palmdale , California, U.S, Washington

☆ UK stocks fall as real estate shares drop; economic data on tap
▼ + stars: | 2023-11-06 | by ( Shubham Batra | ) www.reuters.com time to read: +2 min

REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies Real estate shares top losersMelrose surges after unit signs deal with GE AerospaceFTSE 100 down 0.1%, FTSE 250 off 0.4%Nov 6 (Reuters) - UK stocks inched lower on Monday led by a drop in shares of real estate investment trusts, while investors awaited key economic data to assess the strength of the British economy. The commodity-heavy FTSE 100 (.FTSE) edged 0.1% lower, while the mid-cap index FTSE 250 (.FTMC) fell 0.4% after logging its best week in a year on Friday. Shares of real estate investment trusts (.FTNMX351020) shed 1.2% after the index tracking real estate stocks rose sharply last week. Other economic data this week includes housing prices, construction and services activity for October. Reporting by Shubham Batra in Bengaluru; Editing by Varun H K and Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Sanjay Raja, Andrew Bailey, Shubham Batra, Varun, Eileen Soreng Organizations: London Stock Exchange Group, City of, REUTERS, Real, Melrose, GE Aerospace FTSE, Aerospace, Melrose Industries, GKN Aerospace, GE Aerospace, Deutsche Bank, Bank of England, Wizz, Ryanair, JD Sports, Citigroup, Thomson Locations: City, City of London, Britain, Irish, Bengaluru

☆ WE Soda to sell shares in rare London IPO
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 31 (Reuters) - WE Soda, the world's largest producer of natural soda ash, said on Wednesday it planned to list shares on the London stock exchange, in a boost for Britain's flagging initial public offering (IPO) market. The UK-based company, which produces soda ash for a variety of uses including glass manufacturing, is considering applying for admission to trade on the premium segment of the London Stock Exchange (LSE). Though proceeds raised in London IPOs fell 90% last year, according to research by consultancy EY, the British capital has seen some activity in recent months. Earlier in May, Admiral Acquisition (ADMR.L), a special purpose acquisition company (SPAC) founded by veteran dealmaker Martin E. Franklin, raised $550 million in a London flotation. In April, Melrose Industries (MRON.L) listed the former automotive division of British engineer GKN under the name Dowlais (DWL.L) on the LSE.

Persons: Goldman Sachs, Morgan Stanley, London IPOs, EY, dealmaker Martin E, Franklin, GKN, Pablo Mayo, Jason Neely, Mark Potter Organizations: London Stock Exchange, LSE, Ciner, Press, JPMorgan, BNP, Deutsche Bank, Liberum, European Union, Melrose Industries, Thomson Locations: London, Cambridge

☆ UK's Melrose Industries to focus on aerospace after automotive spin-off
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

The company also said it expects annual revenue between 3.35 billion pounds ($4.23 billion) and 3.45 billion pounds, while analysts are expecting a revenue of 3.4 billion pounds, according to company-compiled estimates. Melrose also said it will not seek acquisitions of "an unrelated industrial business or, in the near term, a material aerospace business," as it shifts its strategy to focus on aerospace. In April, Melrose listed shares in the former automotive division of British engineer GKN on the London Stock Exchange. Newly created Dowlais (DWL.L), which encompasses GKN's Automotive, Powder Metallurgy and Hydrogen businesses, was spun off to existing Melrose shareholders. It is still holding on to GKN's Aerospace division, which manufactures airframe and engine structures and interconnection systems for the aerospace industry.

☆ Bond spat is odd look for Melrose deal machine
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

That process will have to decide, for example, whether the demerger constitutes a transfer of “substantially all” the company’s assets or not. The relevant bonds only amount to 130 million pounds. Redeeming them at par, rather than the current traded price, would only cost just over 20 million pounds. For a company that specialises in dealmaking and careful use of leverage, it all seems more trouble than it's worth. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Northrop Grumman unveils B-21 nuclear bomber for U.S. Air Force
▼ + stars: | 2022-12-02 | by ( Mike Stone | ) www.reuters.com time to read: +2 min

[1/5] Northrop Grumman unveils the B-21 Raider, a new high-tech stealth bomber developed for the U.S. Air Force, during an event in Palmdale, California, U.S., December 2, 2022. REUTERS/David SwansonWASHINGTON, Dec 2 (Reuters) - Northrop Grumman Corp (NOC.N) on Friday rolled out its new B-21 "Raider" jet, the first of a new fleet of long-range stealth nuclear bombers for the United States Air Force. The B-21 was unveiled during a dramatic ceremony at Northrop's Plant 42 in Palmdale, California, offering members of the public the first look at the new bomber. The Air Force planned to buy at least 100 of the planes and begin to replace B-1 and B-2 bombers. More than 8,000 people from Northrop Grumman, industry partners and the Air Force currently work on the program.

☆ American Axle attracts interest from potential suitors - Bloomberg News
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 3 (Reuters) - Automotive supplier American Axle & Manufacturing Holdings Inc (AXL.N) is attracting interest from suitors including London-listed Melrose Industries (MRON.L), Bloomberg News reported on Thursday, citing people familiar with the matter. read moreAmerican Axle is also said to have drawn the interest of other auto parts suppliers including BorgWarner Inc (BWA.N) and Dana Inc (DAN.N) for potential tie-ups or asset deals, the report said. A deal with American Axle could help Melrose Industries' GKN Automotive build scale in the car-parts industry and gain a public listing in New York, the report said. Melrose Industries, which owns British engineer GKN, last month announced its plan to separate GKN Automotive and GKN Powder Metallurgy divisions. read moreAmerican Axle, BorgWarner and Dana did not immediately respond to Reuters' request for comments, while Melrose said, "it does not comment on speculation."

☆ Meet 11 people leading the aviation industry's push to slash emissions and ditch fossil fuels
▼ + stars: | 2022-05-31 | by ( Maia Anderson | ) www.businessinsider.com time to read: +14 min

Experts have estimated that aviation is responsible for nearly 2% of global greenhouse-gas emissions and 2.5% of carbon-dioxide emissions. Some aviation giants, like United, are signing purchase agreements to buy electric aircraft. Today he serves as CEO and chairman of the company, which aims to be a pioneer in electric aircraft. In 2000 he founded Aviation Technology Group, which developed the ATG Javelin very light jet before ceasing operations in 2007. He is also a founding member of the Nordic Network for Electric Aviation.

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