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☆ Boeing prepares layoff notices for thousands of workers as turmoil deepens
▼ + stars: | 2024-10-15 | by ( ) www.nbcnews.com time to read: +5 min

While Su has previously spoken with Boeing and the striking West Coast factory workers’ union, it is her first time in Seattle meeting both sides in person. Roughly 33,000 workers have been on strike since Sept. 13, seeking a 40% wage increase over four years. Boeing will next month send out 60-day notices to thousands of workers including many in its commercial aviation division, meaning those staff will leave the company in mid-January, one source familiar with the matter said. A Boeing spokesperson said the company had shared information with managers including plans for 10% reductions at its commercial unit involving both union and non-union workers. “Boeing just turned its back on 17,000 of its own workers — the same people who carried Boeing through crisis after crisis, year after year,” he said in a statement.

Persons: Julie Su’s, Su, Jon Holden, ”, Brian Bryant, Nick Cunningham, Tim Clark, “, ” Clark Organizations: Boeing, Labor, Department of Labor, International Association of Machinists, Aerospace Workers, ” Boeing, White, Society of Professional Engineering Employees, Aerospace, Rivals, Partners, Alaska Airlines, Emirates, Air Locations: U.S, Seattle, West Coast

SummaryCompanies Aims for aerospace margin of 15-17%Expects medium-term annual operating profit of 2.8 bln stgShares rise 6.5%LONDON, Nov 28 (Reuters) - Rolls-Royce (RR.L) aims to quadruple profit in the next five years by boosting the performance of its jet engines and bearing down on costs in boss Tufan Erginbilgic's masterplan for Britain's most prestigious engineering company. That would be driven by surge in profit margins at its civil aerospace business to 15-17% from 2.5% last year. Agency Partners analyst Nick Cunningham said the targets implied Rolls-Royce was willing to shed revenues in exchange for better profitability. "If so, that is a deeper culture change from Rolls-Royce’s traditional market share optimisation approach of past decades," he said. "We will capture market share every year, but in a profitable way," he said.

Persons: Tufan, Erginbilgic, Nadja Wohlleben, Royce, Nick Cunningham, Rolls, Paul Sandle, Barbara Lewis, Mark Potter Organizations: Royce, Airbus, Boeing, REUTERS, Agency Partners, Trent, Thomson Locations: widebodies, Royce Germany, Dahlewitz, Berlin, Germany

☆ Economics and nature square off in Dubai Airshow jet engine rift
▼ + stars: | 2023-11-17 | by ( Tim Hepher | ) www.reuters.com time to read: +5 min

The head of the world's largest international carrier was speaking in the midst of negotiations to buy dozens of Airbus A350-1000 jets powered by Rolls-Royce's XWB-97 engine, which have foundered for now over maintenance and pricing issues. I happen to be a service," Emirates President Tim Clark told reporters this week. INSURANCE-TYPE DEALSWhile the visible face of engine makers is technology, the way they generate much of their income resembles insurance. Rather than charge for repairs as they arise, engine makers increasingly strike long-term deals priced by the flight hour, agreeing to swallow the cost of planned and unexpected outages. To engine makers it means generating cash as soon as the engine enters service rather than waiting for shop visits.

Persons: Denis Balibouse, Tim Clark, Royce's, Larry Culp, Tufan Erginbilgic, Royce, Clark, Rolls, Nick Cunningham, Tim Hepher, Alexander Cornwell, Pesha Magid, Sarah Young, Rajesh Kumar Singh, David Evans Organizations: Boeing, Emirates, Cointrin Airport, REUTERS, Rights, Airlines, Royce, Airbus, GE Aerospace, Reuters, GE, Agency Partners, Thomson Locations: Cointrin, Geneva, Switzerland, Rights DUBAI, Dubai, India, Gulf

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsROME, Nov 15 (Reuters) - Italy's Leonardo (LDOF.MI) is trimming its stake in U.S. unit DRS (DRS.O) as new CEO Roberto Cingolani looks to expand the state-controlled group with major roles in European defence projects. Two sources at Leonardo confirmed that the DRS deal was part of that strategy. Cingolani, a former government minister who became CEO in May, has embraced the need to create broader European alliances to take advantage of rising defence budgets. It has pointed to its cross-border MBDA European missile company joint venture with Airbus (AIR.PA) and BAE Systems (BAES.L) as a model for the projects. Some analysts expressed surprise that the company was reducing its stake in DRS, acquired 15 years ago in a $5.2 billion deal when the Italian group was known as Finmeccanica.

Persons: Leonardo, Dado Ruvic, Roberto Cingolani, Cingolani, Intesa Sanpaolo, Leonardo's, Nick Cunningham, Giulia Segreti, Armellini, Kirsten Donovan Organizations: REUTERS, Rights, DRS, Global Combat Air, Leopard, Airbus, BAE Systems, Agency Partners, Thomson Locations: U.S, East, Europe, Italy, Britain, Japan, Leonardo's Milan, Italian, Rome

Europe's biggest low-cost carrier said it was placing a firm order for 150 of the largest version of Boeing's narrow-body jet family, known as the 737 MAX 10, with options for another 150. The deal delivers a boost to the 737 MAX, Boeing's best-selling jet whose deliveries have been depressed by a two-year safety crisis and post-COVID disruption. "Boeing wanted us to step up the scale and size of the order even to get the discounts that we [got]." Boeing Chief Executive Dave Calhoun countered during a press conference that no premium was high enough for the jet, in a jovial back-and-forth. On Monday, Reuters first reported that Ryanair was close to a major deal for Boeing jets.

Ryanair said the order would allow it to almost double its traffic to 300 million passengers per year by March 2034 from the 168 million flown to the end of March this year. On Monday, Reuters first reported that Ryanair was close to a major deal for Boeing jets. But its boss pledged not to overpay for the 30 extra seats, telling Reuters in March he could also order more of the existing 200-seat 737 MAX 8200. Ryanair said the deal was worth $40 billion at list prices, though experts note typical discounts run at more than 50%. "Ryanair operates a 737 fleet and is pretty locked in," with Airbus (AIR.PA) sold out for years and China years away from being to supply the West, Agency Partners analyst Nick Cunningham said.

☆ Ryanair set to order jets from Boeing, burying hatchet after price spat
▼ + stars: | 2023-05-09 | by ( Tim Hepher | ) www.reuters.com time to read: +3 min

PARIS, May 9 (Reuters) - Ireland's Ryanair (RYA.I) is set to bury the hatchet with its exclusive supplier and place a multi-billion-dollar order for Boeing jets on Wednesday, ending an 18-month spat over prices. Boeing (BA.N) said it would make a "major announcement" at 1300 GMT, but gave no further details. The 737 MAX sells for up to $131 million at list prices but typical discounts run at more than 50% and details of final pricing are confidential. But the bond between Ryanair and Boeing loosened following the pandemic as low-cost carriers expanded markets. But he has pledged not to overpay for the 30 extra seats, telling Reuters in March he was also looking at more orders of the 200-seat 737 MAX 8200.

☆ Boeing investors seek clarity, realistic goals after a series of setbacks
▼ + stars: | 2022-11-02 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +4 min

The Virginia-based planemaker is trying to emerge from overlapping crises: the pandemic and the grounding of the 737 Max, its best-selling model, after fatal crashes. Boeing last month predicted it would deliver 375 MAX planes this year, lower than a July target of "low 400s." Boeing expects to gradually ramp up the rate to five airplanes per month. REGULATORY HURDLESBoeing is also expected to provide an update on the certification of MAX 7 and MAX 10 planes. The Dallas-based carrier expects no 737 Max 7 deliveries this year and has converted 17 orders for next year to the 737 Max 8.

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