Obbligazioni societarie Monitor Bond Industria Aeronautica Worldwide e Linee Aeree Europee

[Imark]

Fitch ratea A+ le nuove emissioni senior unsecured di Boeing in USD. Alcune interessanti indicazioni sulla società nel report di commento alla rating action.

Fitch Expects to Rate Boeing's New Unsecured Notes 'A+'

10 Mar 2009 10:49 AM (EDT)

Fitch Ratings-New York-10 March 2009: Fitch Ratings expects to assign 'A+' ratings to The Boeing Company's (BA) planned issuance of new senior unsecured notes (five, 10, and 30 year maturities). Proceeds from the new notes will be used to increase liquidity and for general corporate purposes.

BA's debt ratings are supported by the company's balanced business portfolio (approximately 50% defense and 50% commercial), financial flexibility, competitive positions in both of its main business lines, large backlog, high levels of defense spending, and solid credit metrics. The company's liquidity position and favorable debt maturity schedule also support the ratings. Fitch believes that BA has evolved into a more diverse and lower risk company than it was at the beginning of the last aerospace down cycle that began in late 2001.

Fitch's key concerns for BA include the significant build-up of inventories in 2008, the potential for additional delays in the 787 program, margin levels which are low for the rating category, periodic labor disruptions, and the performance of some programs at both Boeing Commercial Airplanes (BCA) and Integrated Defense Systems (IDS). The pension deficit and several litigation actions are also potential concerns.

Additional concerns related to BCA include the likelihood of production cuts in response to the weak global economy and the susceptibility of the commercial aerospace industry to shocks such as terrorism and disease.

Additional concerns at IDS include a string of major contract competition losses over the past several years and increasing pressure on the Department of Defense (DoD) budget. Fitch also sees risks in the health of the aircraft finance market and portfolio concentration at Boeing Capital Corporation (BCC).

As of Dec. 31, 2008, BA's liquidity position, excluding BCC, was approximately $4.8 billion, consisting of $3.3 billion in cash and investments, and complete availability under $1.5 billion of bank facilities.

BCC also had $305 million of cash and $1.5 billion of bank facility availability as of the end of 2008. While Fitch considers this liquidity position to be solid, it fell by $8.5 billion during 2008 because of significant cash usage attributable to the delays in the 787 and 747-8 programs and the machinists strike.

The resulting inventory build-up drove negative $3.8 billion of free cash flow in 2008 (excluding BCC and after dividends). Some of the inventory build will reverse in 2009, but the bulk of the inventories will not generate cash until 787 deliveries begin, currently scheduled for 2010.

BA's underfunded pension ($8.4 billion deficit compared to a surplus of $4.7 billion at the end of 2007) could affect liquidity in the medium term, but required contributions are manageable in 2009 and 2010. BA has significant financial flexibility in its ability to stop share repurchases, which totaled $7.4 billion over the past three years, but which should be minimal in 2009.

BA is forecasting 480-485 airplane deliveries in 2009, but Fitch's ratings incorporate expectations for production cuts later in 2009 and into 2010.

Fitch believes that BA could maintain its current ratings with significant BCA revenue declines assuming the company takes prompt actions to adjust its cost base to lower production levels, as the company did in 2001 and 2002.

Several factors are helping to support BCA's production rates in 2009: overbooking of delivery slots, deferred deliveries from 2008 due to the machinists strike (105 aircraft), and a large backlog (3,633 at the end of February).

The 787 has become an increasingly important credit issue, and Fitch could revise the Rating Outlook to Negative if there are additional delays or problems. First flight is now scheduled for the second quarter, and first delivery is projected for the first quarter of 2010, almost two years late. There is still risk in this program, including flight testing, certification, and delivery ramp up. However, if 787 deliveries start in 2010, they will help offset possible delivery declines of other models, and in the longer term the 787 could develop into a very competitive product.

Fitch expects BCC's portfolio to rise in the next several years because of weakness in other sources of aircraft finance. BA currently forecasts $1 billion of new financing at BCC in 2009, but Fitch expects this to be higher, which could require some capital contributions from the parent and debt issuance at BCC. Fitch estimates that BCC has the financial strength to finance up to 10% of BA's deliveries over an 18 month period without affecting the current ratings, although this level of financing could combine with other factors to cause a review of the outlook or ratings. Fitch will also focus on the terms of financing transactions in assessing the impact on BA/BCC's credit quality.

In 2008 BA's leverage (total gross debt-to-EBITDA), excluding BCC, was 0.6 times (x), compared with 0.5x at the end of 2007. Interest coverage in 2008 was 22.1x, compared with 25.1x in 2007. Fitch projects that BA's leverage will remain under 1.0x in 2009, including the impact of the company's proposed debt issuances. The preceding calculations exclude BCC by accounting for the subsidiary using the equity method, and non-recourse debt at BA is also excluded.

Fitch currently rates BA and BCC as follows: --Issuer Default Rating (IDR) 'A+';
--Senior unsecured debt 'A+';
--Bank facilities 'A+';
--Short-term IDR 'F1';
--Commercial paper programs 'F1'.

The Rating Outlook is Stable. The ratings cover approximately $7.5 billion of debt ($3.86 billion at BA, including approximately $380 million of non-recourse debt, and $3.65 billion at BCC). BCC's ratings are linked to BA's ratings due to the existence of a support agreement and other factors such as an operating agreement and transactional support provided to BCC by BA.

 

[mostromarino]

By Shweta Jain on Monday, March 16, 2009
Emirates business 24/7
Snubbing reports about Emirates delaying deliveries of some of its Airbus A380 aircraft on order due to technical and financial concerns, the airline said it is on track to receive seven of the superjumbos by the end of the financial year ending March 31, 2010.
"We have no plans to cancel any orders. The deliveries are as per the schedule," an Emirates spokesperson told Emirates Business.
The airline is due to take deliveries of two A380s in April, two in November, one in January and two in March 2010. It has already got into service four of the 58 ordered superjumbos.
Confirming the same, Airbus' Middle East President, Habib Fekih, said Emirates is due to receive its fifth A380 in April as planned and the aircraft is already financed.
"There have been no cancellations from their side. Airbus also has not altered any delivery scheduled for A380," he told Emirates Business.
Quoting an Airbus source, news agency AFP reported on Thursday that Emirates was seeking a delay in the delivery of several of the double-decker jets because of financing difficulties.
Emirates has also submitted a list of concerns to Airbus over the technical glitches faced by A380 forcing the airline to delay and cancel some of its flights.
The German weekly Der Spiegel said on Saturday that Emirates in February gave Airbus officials a 46-page report listing its complaints, including burned electric cables, missing cabin fittings and engine defects.
It also said that the planes have lost 500 hours of flying time due to grounding to deal with problems.
"We recently met with Airbus executives to give them feedback on the A380's reliability performance, including various technical issues which we had identified during our operations. These were presented at the meeting, and the paper mentioned by Der Spiegel [the German weekly] are the presentation slides," the Emirates spokesperson clarified.
"Technical issues are expected with new aircraft - particularly one that uses many new technologies. Naturally, as the airline operator, we want these to be resolved as soon as possible," the spokesperson added, further clarifying that the two events are not linked.
"We had a routine meeting with Airbus to discuss aircraft delivery positions down the line. Like all airlines, Emirates continues to assess all options for its fleet and route operations," the spokesperson said.
Airbus' spokesperson in Toulouse, France, Justin Dubon, said: "Aircraft financing is a customer issue and delivery schedules are agreed with the customer. For this year (2009) Airbus plans to deliver 18 A380s as originally planned."
Airbus, on the other hand, said yesterday it was taking very seriously the issues Emirates had raised about its A380 superjumbos and was working on solving any problems, according to a Reuters report.
It quoted an Airbus spokeswoman as saying: "We take the criticism and the feedback from Emirates very seriously. We have a lot of minor, unrelated issues. We are working with them to solve the issues as quickly as we can."
The airline spokesperson added: "Emirates has a good relationship with Airbus and we continue to work closely with them to address these technical matters. Airbus is pulling out all stops to sort things out. Our confidence in the A380 remains unchanged. It is an excellent aircraft, and feedback from our customers thus far has been very positive."
Airbus' Fekih, meanwhile, said the European plane manufacturer is currently reviewing its long-term deliveries and it would continue to do so. "We have technical reviews every month. It is a normal procedure. And we are just having one with Emirates like we would have with any other A380 customer, such as Qantas," he pointed out.
Emirates currently has a fleet of 129 wide-bodied aircraft. By the end of the 2008-09 financial year (ending March 31, 2009), that figure will stand at 132.
The airline plans to launch Airbus A380 flights between Dubai and Singapore in December this year, with the initial schedule running four times weekly, making it Emirates' first A380 service to Southeast Asia.
Plans are also afoot to launch the superjumbo on its South Korea (Seoul) route, in November 2009, marking it as Emirates' first A380 service to North East Asia. The airline already flies A380s to New York and London, having recently added Sydney and Auckland routes.

 

[yellow]

Interessante :

17.03.09 17:14 - Lufthansa: prezza bond da 850 mln euro

LONDRA (MF-DJ)--Lufthansa ha prezzato il suo bond da 850 milioni di euro con scadenza quinquennale.

Lead manager dell'operazione sono Deutsche Bank, Jp Morgan Chase e Societe Generale.

L'emissione con cedola al 6,75% ed e' stata prezzata a 99.555.

Lo spread e' di 410 punti base sopra il mid-swap.

 

[Imark]

Ancora sul primo ordine per i CSeries di Bombardier, dal WSJ online, con molti dettagli... la messa in produzione, sempre che non vi siano ritardi è prevista solo nel 2013, e per allora si saprà già se Bombardier sarà o meno sopravvissuta alla crisi senza ristrutturare il debito...

Anche se sulla operatività del progetto si giocano cospicui contributi al finanziamento del suo sviluppo resi disponibili soprattutto dallo Stato canadese.

Come dire, la partita si giocherà altrove, ed in particolare sulla tenuta del backlog per certi modelli e sul buon andamento della divisione del trasporto terrestre, sulla quale si vedrà se andranno a buon fine i progetti mirati nel bienni corrente ad elevare il margine di profitto sul fatturato sopra il 6%.

MARCH 11, 2009, 11:22 A.M. ET

UPDATE: Bombardier Stk Soars On Lufthansa CSeries Order


(Updates throughout with comments from analysts.)
By Andy Georgiades

Of DOW JONES NEWSWIRES

TORONTO (DOW JONES)--Shares of Bombardier Inc. (BBD.B.T) took off Wednesday after the company said Deutsche Lufthansa AG (LHA.XE), the launch customer for the CSeries aircraft program, has signed a firm purchase order for its CSeries aircraft. Overnight, Bombardier said it had signed a firm - and long-awaited - purchase agreement for 30 CS100 single-aisle aircraft, to be operated by Lufthansa's Swiss International Air Lines unit. The agreement includes an option for 30 additional CSeries aircraft.

The deal is valued at $1.53 billion based on the list prices.

In Toronto Wednesday, Bombardier is up 29 Canadian cents, or 11%, to C$2.88 on about 10.8 million shares. Despite the jump, the stock is still down about 35% this year and 2.7% this month.

The market had been full of doubts about the deal going through, given that the letter of interest was signed in July and the global economy had slid into recession. The Montreal-based company had been expected to announce its first firm order for the CSeries from Lufthansa by the end of January.

The agreement marks the first firm order for the plane and isn't expected to be the last.

"This is clearly a significant positive milestone for the CSeries program and puts to rest concerns that the Lufthansa LOI announced at the Farnborough Airshow...would not materialize," said GMP Securities analyst Marko Pencak in a note. He added that the deal equals about $51 million a plane, but that launch customers typically benefit from substantial discounts.

The Lufthansa deal is seen as a vote of confidence from a major international air carrier, and also is expected to lead to contracts with other airlines.

"The fact the order is with Lufthansa, a first-rate airline, is important to the credibility of the plane," wrote Richard Stoneman of Dundee Securities in a note. "The program is important to Bombardier as it establishes a growth profile for their aerospace group in the next decade," he said, adding that Bombardier anticipates building more than 100 aircraft a year representing $5 billion in revenue annually at full production.

The CSeries was launched last year, and is expected to enter service in 2013. Stoneman says it's advertised as a plane that offers lower carbon emissions and "dramatic" fuel savings.

In a note from Desjardins Securities, analyst Benoit Poirier said he views this firm commitment as positive news "especially since it was announced yesterday that Qatar Airways has ended talks with Bombardier concerning a potential order." Poirier also noted that, according to Flight Global, Mongolia's Eznis Airways has signed a letter of intent for seven aircraft.

CIBC World Markets analyst Chris Murray said the CSeries will replace existing Avro RJ100 planes, and estimated that there are about 2,700 aircraft worldwide that are similar to the RJ100s that will need replacement due to age and operating costs.

"While the announcement was expected for some time, the firmed order significantly reduces the program risk, removes an additional overhang on Bombardier shares and should help with additional aircraft sales," he wrote, adding that comments from other potential customers, namely AIG Inc.'s (AIG) International Lease Finance Corp., the big aircraft lessor, indicated that sufficient demand from reputable customers would be a precursor to placing their own orders.

Analyst Stoneman noted that aerospace is a cyclical business, and forecast Bombardier's business-jet group will sees deliveries decline by 15% and prices decline 10% over the next couple of years. "A strong backlog, particularly for the Global Series, should mitigate some of the pain over the next year," he wrote.

Stoneman kept his buy rating and C$7 target on Bombardier's stock

 

[Imark]

Intanto, per quei business jets che avevano costituito la parte più succosa in termini di profitto per Bombardier in anni recenti, si prospettano tempi grami, e qualche analista rivede al ribasso future consegne e prezzi sulla scorta di quanto annunciato dai concorrenti, sebbene questi ultimi abbiano un focus maggiore sul mercato USA, circostanza che in questa fase decisamente non premia.

In particolare, l'analista sentito dalla Canadian Press ipotizza una riduzione delle consegne nell'ordine del 25% nel 2009, contro il 10% annunciato in precedenza da Bombardier.

Bombardier expected to lower its business jet delivery forecasts, says analyst

2 days ago

MONTREAL — The financial crisis and an oversupply of used aircraft should force Bombardier Inc. to further reduce its deliveries of business jets over the next two years, an industry analyst said Tuesday.

Cameron Doerksen of Versant Partners said he expects deliveries will decline by 25 per cent this year, compared to Bombardier's earlier forecast of a 10 per cent drop.

He forecasts that total business jet deliveries will fall to 180 planes from 239 last year. Deliveries will decline further next year to 144, representing a 40 per cent drop from the peak deliveries in fiscal 2009.

The Montreal-based airplane and train manufacturer said last month that it plans to eliminate 1,360 jobs (excluding hires for its new CSeries aircraft) and expected to deliver 215 business aircraft this year.

Deliveries of large business jets had previously been thought to be steady despite the economic downturn.

But Gulfstream, which competes against Bombardier in mid-size and large business jets, sent up a "major red flag for Bombardier" when it recently reduced its forecast for large plane deliveries by 22 per cent.

"Given that Gulfstream has generally been fairly conservative in increasing production rates, and also has a strong backlog, it stands to reason that Bombardier will be affected by the same forces," Doerksen wrote in a report.

Among the models that could be affected are Bombardier's Global Express, a transcontinental aircraft in service since 1996.

Company spokeswoman Danielle Boudreau said it will provide a business update on April 2 when Bombardier releases its fourth-quarter results.
"We continue to closely monitor all key market indicators because it's a challenging period," she said in an interview.

UBS analysts David Strauss and Fadi Chamoun recently also lowered their industry forecast for deliveries amid surveys of increasing availability of used aircraft and plummeting business jet flight activity.

They said deliveries will fall in 2010 to lows not experienced since 2003. Overall deliveries will be down 44 per cent, with small and mid-sized planes decreasing by 52 per cent and large aircraft off 29 per cent.

Total deliveries will be between 550 and 600, well below 800 that would be considered normal.

"We believe the current market is characterized by too much supply, plummeting pricing and tight financing with our key indicators and contacts not yet signalling a bottom."

UBS expects Bombardier deliveries will fall by 22 per cent in 2009, by another 14 per cent in 2010 and a further 11 per cent in 2011.

Bombardier's shares have taken a beating this year, falling to a low of $2.22 on the Toronto Stock Exchange, down 75 per cent for the 52-week high of $8.97. They traded at $2.90 Tuesday, a drop of three cents or one per cent from the previous day.

Doerksen said the shares are undervalued and may have approached a bottom, adding that a weak fourth-quarter may disappoint some investors.
He expects Bombardier will report earnings of 12 cents per share on $5.3 billion of revenue, below the 14 cents consensus of analysts.

At $2.22 per share, Bombardier's value reflects solely the contribution of its transportation division, whose profit margin is increasing and expected to reach six per cent by the end of fiscal 2010, Doerksen said.

 

[Imark]

La forte posizione di liquidità di cui dispongono le 5 maggiori società europee del comparto aeronautica e difesa nonché il leverage contenuto (o giustificato da specifiche operazioni di acquisizione come nel caso di Finmeccanica e dunque non strutturale) ed il progressivo miglioramento dei margini operativi per molte di esse giustifica un outlook compartimentale stabile secondo Fitch.

European A&D Companies Strong Liquidity to Buffer Challenging Environment

18 Mar 2009 6:00 AM (EDT)


Fitch Ratings-London-18 March 2009: Fitch Ratings says today that the strong liquidity positions displayed by the five largest European aerospace and defence companies will act as solid buffers in an increasingly challenging economic environment and underpin the stable outlook the agency has on the sector.

"European aerospace and defence companies continue to stand out among industrial corporates for their strong balance sheets, solid free cash flow generation and unfettered access to the capital markets," says Tom Chruszcz, Director in Fitch's European Industrials team. "While market conditions, particularly in the commercial aerospace segment, are likely to deteriorate further over the course of 2009, these companies are unlikely to experience difficulties funding debt requirements in the short term as it is seen as a relative safe haven by investors."

Average levels of gross cash and cash equivalents held at year-end (December) 2008 among the five companies rated publicly by Fitch - Rolls-Royce plc ('A-'(A minus)/Stable/'F2'), Thales SA ('A-'(A minus)/Stable/'F2'), European Aeronautic Defence and Space Company NV (EADS, 'BBB+'/Stable/'F2'), BAE Systems plc ('BBB+'/Stable/'F2') and Finmeccanica SpA ('BBB'/Positive/'F2') - were over EUR3bn, up from EUR2.8bn at year-end 2007.

Rolls-Royce and EADS had sizeable net cash positions at year-end 2008, while BAE Systems and Thales had negligible net debt levels (net leverage of 0.1x and 0.3x, respectively). Finmeccanica's net debt position of EUR4.1bn (net leverage of 2.6x) was driven by its partly debt-funded EUR3.3bn acquisition of DRS Technologies, Inc. in Q408.

Furthermore, all five companies continued to generate positive free cash flow (FCF) in 2008, which boosted their cash positions.

The average level of FCF to revenue in 2008 was 4.4%, and while this was lower than the 2007 level of 6.3% as a result of increased dividend payments and some working capital build-up, it remained at an acceptable level. Stable cash flow generation was driven by improved earnings at all companies, which resulted from favourable demand dynamics throughout most of the year as well as efficiency improvements.

With the exception of Thales, which achieved an EBITDA margin of 9.6%, the same as in 2007, all the companies' EBITDA margins improved in 2008, marking a continuation of the prior year's trend.

Whilst Fitch expects market conditions in the commercial aerospace segment to deteriorate further throughout 2009, which is likely to put some pressure on companies' earnings margins and cash flow generation capabilities, the agency does not envisage a significant worsening of balance sheets or liquidity positions.

Commercial aerospace backlogs remain at very high levels, and even in the event of an acceleration in order cancellations or deferrals, which is anticipated over the coming 12 - 18 months in view of the breadth of the global economic downturn, they will act as a stabilising factor.

Another source of the present credit rating stability is the companies' exposure to the defence industry. While defence budgets in most countries remain tight, the long-term and non-cyclical nature of defence contracts, as well as the low counterparty risk, means that the defence segment provides added revenue and earnings transparency.

All these factors lead Fitch to believe that credit ratings are not likely to come under pressure from non company-specific events.

 

[lorenzo63]

Air France .. in rosso

Prevista una perdita di 200 milioni di euro...
La IATA prevede, per le comagnie europee, uina perdita globale simata di un miliardo di euro...

A month ago Air France-KLM predicted a profit in the year to March 31. Now it expects a €200 million ($270.4 million) loss.

The reason: Passenger numbers slumped 8% year-on-year in February and, most worrying, high-margin business travel has slumped.

British Airways, a rare airline that breaks down its passenger numbers, saw premium traffic fall 20% year-to-year in February
The problems are compounded by the lingering effects of last summer's high fuel prices. Thanks to Air France's remaining fuel hedges, it will pay $67 a barrel for almost half its jet fuel in the coming year, despite a market price below $60. Meanwhile, the euro's strength means Air France won't get the full benefit from lower prices on the portion that isn't hedged. Fuel represented a quarter of the airline's costs between April and December 2008.

The outlook for the sector is grim all round. The International Air Transport Association predicts Europe's airlines will lose $1 billion in 2009, as passenger demand falls 6.5%.

Air France does at least have an estimated 400 million cash cushion to see it through the downturn. And the shares trade on a paltry 0.2 times revenue, well below the 0.4 times seen during the 2001-2003 slump.

But with no immediate hope of recovery, the shares are likely to remain grounded for some time

 

[lorenzo63]

Un F22 Raptor è caduto..

E' caduto un' esemplasre del + costoso aereo da caccia in servizio al mondo ... ogni esemplare costa 143 milioni di dollari ... è prodotto dalla Boeing..ed è sotto esame per via degli annunciati tagli al bdg..ed è pure il secondo che cade...


An Air Force F-22 Raptor, the service's most advanced and expensive fighter, crashed Wednesday morning in the desert near Edwards Air Force Base in Southern California, killing the pilot.

The pilot, David Cooley, 49, worked for Lockheed Martin Corp., the plane's manufacturer. He was a 21-year veteran of the Air Force and had been with Lockheed since 2003. The cause of the crash is being investigated by the Air Force.

The plane was on a test flight and went down at 10 a.m. about 35 miles northeast of the base. Lockheed and the Air Force jointly test the F-22.

It is the second time an F-22 has crashed. In December 2004, an F-22 crashed at Edwards during a test flight, with the pilot safely ejecting, according to the Air Force.

The twin-engine jet is generally regarded as the world's dominant fighter because of its maneuverability, speed and advanced electronics systems. It is designed to be able to sneak into another country's airspace and attack other planes, as well as ground targets. The plane's sensors also give it an edge that other fighters lack. Boeing Co. is a major subcontractor. United Technologies Corp.'s Pratt & Whitney makes the plane's engines.

The F-22 became combat-ready for the Air Force at the end of 2007.

Though it has flown overseas, it has not conducted missions over Iraq or Afghanistan and has been criticized by Defense Secretary Robert Gates for not being useful in current combat missions against insurgents.

The Pentagon is currently weighing whether to continue production of the plane past the 183 aircraft planned and a decision is expected next month with the 2010 budget. The Air Force badly wants additional jets, but has not publicly detailed how many more. So far, the Air Force has 134 F-22s. The cost per aircraft is $143 million

 

[lorenzo63]

Buone notizie invece per il 777

CHICAGO (Dow Jones)--Boeing Co.'S (BA) commercial airplanes unit this week reported one new order from an unidentified customer for its 777 aircraft.

The aerospace company said on its Web site that no orders were canceled during the weekly period that ended Tuesday.

So far this year, Boeing has taken 23 new orders for commercial aircraft, while 32 orders have been canceled by airline customers.

The company has booked four new orders for the 777, with no cancellations in 2009.

Earlier this week, FedEx Corp. (FDX), Boeing's biggest customer for its new 777 freighter, said it might defer an order for 30 new aircraft if new legislation is passed that changes regulatory oversight for the freight-carrier. FedEx said a proposed new bill in Congress would make it easier for labor unions to organize workers.

The airline industry is worried that falling passenger traffic, due to the weak global economy, and tight credit markets for aircraft lending will force more airlines to cancel orders with Boeing and rival Airbus.

So far this year, Boeing has said all of its customers can get financing for deliveries in 2009, and Boeing doesn't plan to cut aircraft production this year. But with Boeing's net new orders in negative territory so far in 2009, the peak of the ordering boom is over, and Boeing has said it's too soon to predict what the commercial aircraft market will look like in 2010.

Earlier this year, Boeing said it would cut some jobs this year, but remained confident the strong market for new, fuel efficient aircraft would keep production lines rolling for the next five years or more

 

[lorenzo63]

(CNCN) Bombardier Announces Three Key European Suppliers for CSeries Aircraft Program

Alenia Aeronautica will provide the horizontal and vertical stabilizers, fully equipped with hydraulic, electrical and flight control systems, lights and antennas.
Fokker Elmo will be responsible for the design and production of the entire wiring and interconnection system. Additionally Fokker Elmo will design and produce all flight test and instrumentation wiring required during the certification of the CSeries aircraft.
Goodrich Actuation Systems will be responsible for the design and production of the flap and slat actuation systems for the CSeries aircraft. A critical system for take-off and landing, the flap system is installed on the wing and increases both lift and drag, while the slat system adds lift and helps maintain smoother airflow.
"Adding three major suppliers to the CSeries aircraft team moves Bombardier's development of the program forward in a significant way," said Benjamin Boehm, Vice-President, Programs, Bombardier Commercial Aircraft. "CSeries aircraft customers will benefit from the extensive experience of our suppliers in providing top-notch aeronautical systems and components."
"We are currently reviewing quotations and proposals from a wide range of potential suppliers, including other European suppliers. Bombardier's Belfast operation in the UK is developing and producing the advanced composite wings for the CSeries aircraft, and we are confident that European suppliers will play an important role on the program, as is the case on other Bombardier programs," he added.
On March 11, 2009, Bombardier and European airline Deutsche Lufthansa AG announced the signing of a firm purchase agreement for 30 CSeries model CS100 aircraft with options on an additional 30 CSeries aircraft. The 110-seat and 130-seat CSeries family of aircraft - including the CS100 and CS300 aircraft models - brings unmatched passenger comfort, performance, and operating economics, benefiting from the latest technological advancements, including: fourth-generation aerodynamics; increased use of composites and advanced aluminium alloys in structures; the very latest in system technologies, such as fly-by-wire, electric brakes, and a next-generation engine - the Pratt & Whitney PurePower(TM) PW1000G engine.
At time of entry into service in 2013, the CSeries family of aircraft will be the greenest single-aisle aircraft in its class. These game-changing aircraft will emit 20(i) per cent less CO2 and 50(i) per cent less NOx, fly four(i) times quieter, and deliver dramatic energy savings - 20(i) per cent fuel-burn advantage as well as 15(i) per cent improved cash operating costs versus current in-production aircraft of similar size. The CSeries aircraft will set a new benchmark in the industry, consuming as little as two litres of fuel per passenger per 100 kilometres in its more dense seating layouts(i).
Previously announced key suppliers
Bombardier previously selected the following suppliers for the CSeries aircraft program:
C&D Zodiac for the design and production of the aircraft's interior package, which includes the seats, interiors (including the linings, monuments, bins, galleys and lavatories), oxygen system, lighting system, insulation system, waste system and the water system;
Rockwell Collins as the supplier for the aircraft's avionics system. Tailored specifically for the CSeries aircraft, its fully integrated flight deck capability will provide flexibility, high reliability and low life cycle costs without compromise on the aircraft's performance;
Parker Hannifin Corporation, through its Aerospace Group, for the design and production of the CSeries airliner's fully integrated fuel and hydraulics systems;
Liebherr-Aerospace Toulouse SAS for the design and production of the aircraft's Air Management System, which includes the environmental control and cabin pressure control system;
Shenyang Aircraft Corporation (SAC), a subsidiary of the state-owned aviation industrial entity China Aviation Industry Corporation (AVIC), will supply the centre fuselage on the CSeries aircraft.
About Alenia Aeronautica
Alenia Aeronautica, a Finmeccanica Company, is the largest Italian aeronautic player which operates world-wide in the commercial and military aviation, unmanned aerial vehicles and aerostructures. Alenia Aeronautica also coordinates the activities of Alenia Aermacchi and Alenia Aeronavali - wholly owned companies - respectively active in the design and manufacturing of military trainer aircraft and in the overhaul, maintenance and modification of military and civil aircraft.
About Fokker Elmo
Fokker Elmo is a Stork Aerospace operating company and internationally recognized as a prime specialist in electrical interconnection systems for aircraft and aircraft engines. The company holds a number two market position. Fokker Elmo owns facilities in The Netherlands, China, USA and Turkey.
Stork Aerospace develops and produces advanced structures and electrical systems for the aerospace industry, and supplies integrated maintenance services and products to aircraft owners and operators.
About Goodrich Actuation Systems
Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to aerospace, defense and homeland security markets. With one of the most strategically diversified portfolios of products in the industry, Goodrich serves a global customer base with significant worldwide manufacturing and service facilities.