Over the past week, the Federal Aviation Administration announced that it approved the 787’s redesigned battery system and is allowing the plane to return to service after the government’s three-month long grounding of the aircraft. Airlines will get instructions over the next week on how to modify the planes, along with a final directive allowing 787s to fly. The decision will allow the Dreamliner’s 8 current operators to restart flights over the next several weeks as batteries are replaced and pilots recertified. The reworked battery includes increased insulation to contain overheating, a steel case to prevent the spreading of fire, and vent tube to direct any possible fumes outside the fuselage. Boeing noted it expects that the 787 battery issue will have no significant impact to its 2013 financial guidance.
Anaren, Inc. (Up 18.1%) – Shares are up this week after the company announced that it had received a non-binding offer from Vintage Capital Management to acquire Anaren in a cash transaction for $23.00 per share. The company’s Board of Directors announced it plans to consider all strategic alternatives and will review and evaluate the unsolicited offer with financial and legal advisors.
Textron Inc. (Down 11.6%) – Shares were down this week after the company announced that first quarter revenues were flat at $2.9 billion and income from continuing operations dropped 2.5% to $0.40 per share. The company noted business jets were to blame for much of the weak performance.
Prospect Partners acquired Velocity Aerospace Group, a provider of MRO services for commercial, corporate, regional, and helicopter airline carriers through repair stations in Florida and California. Velocity Aerospace plans to add other providers of aviation MRO services to the platform. Terms of the deal were not disclosed.
Bohemia Interactive Simulations acquired TerraSim, a provider of automated terrain generation software for use in interactive simulation systems for defense, emergency, and mission-critical customers. The acquisition accelerates Bohemia’s technical capabilities and will help the company expand to new markets. Terms of the deal were not disclosed.
Haystax Technology acquired Digital Sandbox, a provider of threat and risk analysis, and monitoring software in the National Security and Homeland Security markets. The acquisition extends Haystax Technology’s capabilities and products in public safety, law enforcement, and corporate security markets. Terms of the deal were not disclosed.