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Boeing has offered striking machinists a 35% pay increase over four years to end a strike that began on September 14, halting production of key aircraft
Oct. 19, 2024 - While the offer includes bonuses and improved retirement contributions, it falls short of union demands for a 40% raise and the reinstatement of a defined-benefits pension. The strike has strained Boeing's finances, leading to potential layoffs, and drawn government attention due to the company's critical role in the U.S. economy. (BBC)
Oct. 19, 2024 - While the offer includes bonuses and improved retirement contributions, it falls short of union demands for a 40% raise and the reinstatement of a defined-benefits pension. The strike has strained Boeing's finances, leading to potential layoffs, and drawn government attention due to the company's critical role in the U.S. economy. (BBC)
Spirit AeroSystems is furloughing 5% of its U.S. workforce, as a Boeing machinist strike stretches into its sixth week, impacting production of 777 and 767 aircraft parts
Oct. 18, 2024 - If the strike extends beyond November, Spirit may implement further layoffs. The ongoing strike and delays in Boeing's 777X and 767 programs are adding financial pressure on both companies, with Boeing planning to raise liquidity and Spirit considering deeper cuts. (CNBC)
Oct. 18, 2024 - If the strike extends beyond November, Spirit may implement further layoffs. The ongoing strike and delays in Boeing's 777X and 767 programs are adding financial pressure on both companies, with Boeing planning to raise liquidity and Spirit considering deeper cuts. (CNBC)
Northrop Grumman will double its rocket motor production to 14,000 units annually to help the Pentagon replenish stockpiles depleted by aid to Ukraine and prepare for future conflicts
Oct. 17, 2024 - The company has invested heavily in expanding its production facilities and supply chain to meet rising demand, with competition growing from new entrants like Ursa Major and Anduril. As Northrop collaborates with the U.S. government and partners, it also anticipates market consolidation, with only some new suppliers likely to succeed long-term. (Defense One)
Oct. 17, 2024 - The company has invested heavily in expanding its production facilities and supply chain to meet rising demand, with competition growing from new entrants like Ursa Major and Anduril. As Northrop collaborates with the U.S. government and partners, it also anticipates market consolidation, with only some new suppliers likely to succeed long-term. (Defense One)
Raytheon's subsidiary under RTX has agreed to pay over $950M to settle U.S. Department of Justice and SEC investigations into foreign bribery and export control fraud
Oct. 16, 2024 - The company admitted to bribing Qatari officials for defense contracts and defrauding the U.S. Defense Department in relation to military systems, including the Patriot missile. As part of the settlement, Raytheon will implement compliance improvements and cooperate with an independent monitor for three years. (CNBC)
Oct. 16, 2024 - The company admitted to bribing Qatari officials for defense contracts and defrauding the U.S. Defense Department in relation to military systems, including the Patriot missile. As part of the settlement, Raytheon will implement compliance improvements and cooperate with an independent monitor for three years. (CNBC)
Airbus Defence and Space plans to cut up to 2,500 jobs due to ongoing challenges, including financial losses and a rapidly changing business environment
Oct. 9, 2024 - Despite recent improvements in operational performance, CEO Mike Schoellhorn emphasized the need for the company to become "faster, leaner, and more competitive" amid evolving warfare technology and cost pressures. The company has started discussions with social partners regarding the job reductions. (Aero Time)
VSE Corporation announced its acquisition of Kellstrom Aerospace, aiming to enhance its presence in the commercial aerospace engine aftermarket
Oct. 15, 2024 - The $200 million deal is expected to close by the end of 2024, expanding VSE's OEM partnerships, international reach, and technical services. The integration is projected to generate synergies, boosting Kellstrom’s adjusted EBITDA margins and supporting VSE’s long-term growth strategy. (VSE Corp)
Oct. 15, 2024 - The $200 million deal is expected to close by the end of 2024, expanding VSE's OEM partnerships, international reach, and technical services. The integration is projected to generate synergies, boosting Kellstrom’s adjusted EBITDA margins and supporting VSE’s long-term growth strategy. (VSE Corp)
Boeing's recent fundraising efforts, including raising up to $25B and securing a $10B credit line, signal significant restructuring
Oct. 15, 2024 - These moves suggest the company's future as a single aerospace and defense conglomerate entity is uncertain, as its CEO focuses on core areas and potentially cutting underperforming divisions. Boeing’s future could mirror companies like General Electric, focusing more narrowly on its most profitable business segments. (Aviation Week)
Oct. 15, 2024 - These moves suggest the company's future as a single aerospace and defense conglomerate entity is uncertain, as its CEO focuses on core areas and potentially cutting underperforming divisions. Boeing’s future could mirror companies like General Electric, focusing more narrowly on its most profitable business segments. (Aviation Week)
Centerbridge Partners will acquire Precinmac LP, a precision components manufacturer from a group of investors, including Bain Capital and Pine Island Capital Partners
Oct. 14, 2024 - The deal is expected to close by Q4 2024, aims to leverage Precinmac’s operational strengths and expand its growth under new ownership. Financial terms were not disclosed. (City Biz)
Oct. 14, 2024 - The deal is expected to close by Q4 2024, aims to leverage Precinmac’s operational strengths and expand its growth under new ownership. Financial terms were not disclosed. (City Biz)
