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Category Archives: Aerospace

B/E Aerospace Flies in New Direction, Explores Sale

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NEW YORK (The Deal) --High-flying aircraft interiors manufacturer B/E Aerospace (BEAV) late Sunday said it has hired Citigroup and Shearman & Sterling to help it explore options, including a potential sale.

The surprise move, which included canceling B/E's scheduled Monday investor day, caught analysts and investors off-guard. Company chairman and CEO Amin Khoury weeks ago on a quarterly investor call implied B/E was looking to buy and not sell, saying it had signed letters of intent to acquire two manufacturing businesses.

Wellington, Fla.-based B/E, a maker of fasteners, seating and other equipment for commercial and business jets, said it would explore options including a possible sale of the company, a spin-off of select businesses and other moves, but gave few details.

The seemingly quick change in direction raises questions about whether B/E was recently approached by a potential suitor, or perhaps reacting to an activist investor who might want to change aspects of the business. Indeed, a split of B/E might be more likely than an outright takeover.

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B/E Aerospace Flies in New Direction, Explores Sale

Ball Aerospace Announces Senior Leadership Changes

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Ball Aerospace & Technologies Corp. has announced severalleadership changes in the company's Finance, Communications and Human Resources divisions.

- Bill Unger, vice president of Finance at Ball Aerospace, will join the Ball Corporation North American beverage packaging business as vice president, Finance.

- Alison Medbery, director of Project Controls at Ball Aerospace, has been promoted to vice president, Finance, Ball Aerospace.

- Tom Deany, vice president for Human Resources at Ball Aerospace, has been named vice president, Communications, Ball Aerospace.

- Vikki Schiff, director of Human Resources Operations at Ball Aerospace, has been promoted to vice president for Human Resources, Ball Aerospace.

"Our leadership includes many company veterans with top-notch talent and considerable experience, which gives us great stability and flexibility to meet company needs," said Rob Strain, president of Ball Aerospace.

Unger has been vice president of Finance at Ball Aerospace for eight years. He will fill a similar role forBall Corporation's North American beverage packaging business.

Medbery joined Ball Aerospace in 1995. She was most recently director of Project Controls and has also served in financial analysis and cost accounting roles. She holds a bachelor's degree in business administration/accounting from Colorado State University.

Deany joined Ball Aerospace in 2006 and was named vice president for Human Resources in 2010. Deany earned a law degree, a master's degree in labor and industrial relations, and a bachelor's degree in business/marketing from the University of Illinois.

Schiff has been with Ball Aerospace since 2005 and as director of Human Resources Operations has managed the company's legal and compliance issues, as well as policy and procedure administration. She holds a bachelor's degree in business administration from Florida State University.

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Ball Aerospace Announces Senior Leadership Changes

B/E Aerospace Hires Advisers to Study Options Including Sale

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B/E Aerospace Inc. (BEAV), the maker of seats for commercial and business jets, hired financial and legal advisers to study its options, including a sale, and canceled an investor meeting set for today.

Citigroup Inc. (C) and Shearman & Sterling LLP will assess alternatives, also including a sale or spinoff of some businesses, said B/E, which has a market value of about $9.4 billion. No decision has been made and the boards explorations may end with no deal, the Wellington, Florida-based company said yesterday in a statement.

This is a U-turn from April 23, when Chairman and Chief Executive Officer Amin Khoury said B/E signed important letters of intent to acquire two additional synergistic manufacturing businesses, without identifying the targets. Khoury also said on that call that first-quarter results were the best in the companys 27-year history.

Its unclear what changed since the April 23 conference call, said Howard Rubel, an analyst at Jefferies LLC who recommends buying the shares. They seem to have gone in another direction; from the idea of buying to selling or finding another option to create value.

B/E is an attractive company, which has grown the business much faster than the market, said Rubel, who declined to speculate on who could be the potential buyers.

A spokesman didnt respond to a call and e-mail sent yesterday, outside of regular business hours.

Besides aircraft seats, B/E makes cooking equipment and security devices. Boeing Co. is its largest customer, according to data compiled by Bloomberg. B/Es net income for the period jumped 21 percent to $109 million from the year-earlier quarter, while revenue rose 20 percent to $1.01 billion.

``Interiors are big and profitable these days, both for record new build numbers, extensive retrofits and a focus on premium passengers,'' said Richard Aboulafia, an analyst at Fairfax, Virginia-based aerospace consultant Teal Group.

In the past five years, B/E has spent $1.6 billion in eight acquisitions, according to data compiled by Bloomberg.

B/E stock rose less than 1 percent to $88.96 on May 2. The shares 40 percent gain in the past 12 months has topped the 37 percent advance for the Standard and Poors Supercomposite Aerospace & Defense Index.

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B/E Aerospace Hires Advisers to Study Options Including Sale

HAL sets up Faculty Chair at IIT-Kgp

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Aerospace major Hindustan Aeronautics Limited (HAL) has collaborated with IIT-Kharagpur to set up a Faculty Chair at the premier institute to conduct applied research and tackle multi-disciplinary problems in the field of aerospace technology and its applications.

An Memorandum of Understanding (MoU) was signed last week in this regard by Bangalored-based HAL with the institute's department of aerospace engineering, Director, IIT Kharagpur P P Chakrabarti said.

The HAL Chair will be responsible for carrying out research in various areas related to aerospace technologies, facilitating technical consultancy, training programs and addressing other mutually agreed activities relevant to HAL.

The chair will also initiate new academic training programmes, identify and initiate specific research and development at IIT-KGP in the specific technical areas and provide technical consultancy to HAL.

It would also facilitate development of training programmes and training modules including mentoring and coaching of HAL personnel for knowledge update and capacity building, he added.

The intention is to promote R&D and academic work in new and emerging technologies in aerospace industry focusing in the field of radar, electronic warfare, avionics and aerospace systems.

"A strong research base already exists at IIT-Kharagpur, in areas of direct relevance to the future programmes of HAL and this tie-up will be mutually beneficial," Chakrabarti said.

HAL has already established three chairs at IIT-Roorkee, IIT-Kanpur and the National Law School of India University (NLSIU) in Bangalore.

It is also planning to establish a Chair at IIT-Bombay shortly, sources said.

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HAL sets up Faculty Chair at IIT-Kgp


  1. Aerospace