Woodward and Hexcel Corporation announced (06-Apr-2020) they have mutually agreed to terminate their all-stock merger agreement. The termination was approved by the board of both companies, in response to to the increasing impact on both the aerospace and industrial sectors, and global markets broadly, resulting from the health crisis caused by the COVID-19 pandemic. The pandemic has resulted in a need for each company to focus on its respective businesses and has impacted the companies' ability to realize the benefits of the merger during these unprecedented times. Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the agreement. [more - original PR]
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This Summit will discuss regional developments and challenges as we enter a new decade. The event will attract over 150 delegates from leading airline, airport and industry executives across Latin America and the globe.
ACI World issued (03-Apr-2020) an advisory bulletin on airport best practices in response to the effects and impact of the coronavirus. The bulletin provides guidance on accommodating parked aircraft, the maintenance of airside infrastructure, the management of airside operations teams and continuing essential cargo operations. ACI World director general Angela Gittens stated: "Despite the dramatic decline in passenger traffic, many airports remain open for cargo operations and the continuity of the air cargo business is essential for communities, the global economy at large and, for fighting the ongoing pandemic". [more - original PR]
El Al stated (06-Apr-2020) it received verbal advice from Israel's Ministry of Finance that at present the Ministry's position is not to approve an assistance package requested by the carrier. El Al's position is that it requires state support in the near future to cope with the negative impact of the coronavirus crisis. [more - original PR - Hebrew]
CAPA - Centre for Aviation, in a report entitled: 'UK aviation: Loganair seeks state help. Europe's #1 market falls 79%', stated (01-Apr-2020) total UK seat capacity is scheduled to be 1.3 million in the week commencing 30-Mar-2020, compared with 6.3 million in the equivalent week in 2019, according to the latest schedules data from OAG, combined with CAPA Fleet Database seat configurations. UK seats were down 79% year-on-year in the week of 30-Mar-2020, broadly in line with a 78% reduction across all of Europe. [more - CAPA Analysis]
- Halted spending on capital programmes: Some critical projects may move ahead slowly, but most have ceased. This action has reduced capital spending by at least CAD35 million (USD24.8 million);
- Terminal concession rollout programme, which was scheduled over two plus years, will now take longer and may look different to the initial programme presented in 2019;
- Construction of the Alt Hotel Ottawa Airport will be delayed;
- Cut spending on items that are not aligned with regulatory requirements or safety and security needs;
- Enacted a workforce cost and time adjustment programme across the organisation in the interest of avoiding layoffs. [more - original PR]
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- If the first two decades of the century were transformational for the aviation industry, the 2020s will be revolutionary.