All eyes were on Boeing at the Dubai Air Show this week as the Company officially launched its 777X line of aircraft and subsequently receiving orders totaling nearly $100 billion. The 777X, which boasts greater fuel efficiency from its carbon-fiber wings, is the largest single commercial launch by value in the history of the aerospace industry. As expected, the Gulf Arab region’s “Big Three” of Emirates Airline, Etihad Airways, and Qatar Airways were the most active suitors at the event. Airbus also had an impressive showing at the show, netting an estimated $50 billion in orders.
Debate over the potential cut of the Air Force’s A-10 Thunderbolt program continues to build as 33 lawmakers recently issued a letter to the U.S. Secretary of Defense and Chairman of the Joint Chiefs of Staff to reconsider and hold off on plans to cut the entire A-10 fleet. The letter, signed by 13 senators and 20 representatives, expressed deep concern about retiring the fleet, and called for more scrutiny to the Air Force’s budget plans moving forward. Additionally, Senators Kelly Ayotte (R-N.H.), one of the more vocal supporters of the A-10 program, and Roy Blunt (R-Mo.), have curated an amendment to the National Defense Authorization Act that would prohibit and delay the discontinuation of the fleet until the year 2021, when the A-10’s replacement, the F-35A, is expected to be fully ready and operational.
Booz Allen Hamilton announced the closing of their previously announced secondary public offering of Class A common stock shares by an affiliate of the Carlyle Group. The offering sold approximately 12.7 million shares of common stock to underwriters at $17.00 per share. Carlyle now owns approximately 58.3% of the outstanding Class A common stock.
QinetiQ Group Plc (Up 10.3%) – Shares were up this week after the Company’s North America business won a position on the Department of Homeland Security’s EAGLE II vehicle to provide information technology services to meet security and communication goals.
The Jordan Company acquired J.F. Lehman and Company’s ACR Electronics, Inc., a provider of safety and survival solutions to aviation, marine, military, and outdoor customers. Terms of the deal were not disclosed.
NewSpring Capital and Plexus Capital acquired Northeast Ship Repair, Inc., a provider of large vessel maintenance, repair, and overhaul services for U.S. Government and commercial customers. Terms of the deal were not disclosed.
Palm Beach Capital acquired a 60% majority stake of Neff Capital Management’s CTS Engines, LLC, a provider of aircraft engine maintenance, repair, and overhaul services for jet engine owners and operators worldwide. Terms of the deal were not disclosed.
Apprio Inc. acquired Professional Consulting Solutions, Inc., a provider of quality training, organizational development, and human capital consulting services to the Federal Government. Terms of the deal were not disclosed.