--- title: A&D Weekly News & Transactions - Week 18 description: The JCP A&D Weekly Report from Monday, May 6th, 2024 covers significant developments in the aerospace and defense industry. image: https://blog.janescapital.com/hubfs/Weekly%20AD%20-%20New/A%26D%20Weekly%20Recap%20-%20Week%2018%20(5.6.24).png --- [![Janes Capital Partners](https://blog.janescapital.com/hs-fs/hubfs/JCP-Logo-Color.png?width=700&height=86&name=JCP-Logo-Color.png "Janes Capital Partners")](https://www.janescapital.com/) [![Janes Capital Partners](https://blog.janescapital.com/hs-fs/hubfs/JCP-Logo-Color.png?width=720&height=89&name=JCP-Logo-Color.png "Janes Capital Partners")](https://www.janescapital.com/) - [Who We Are](https://www.janescapital.com/who-we-are) - [Advisory Services](https://www.janescapital.com/aerospace-defense-advisory-services) - Transactions - [Our Transactions](https://www.janescapital.com/successful-aerospace-defense-ma-transactions) - [Case Studies](https://blog.janescapital.com/case-studies) - Industry Insights - [Key Aerospace & Defense Insights](https://blog.janescapital.com/key-insights) - [A&D Quarterly Reports](https://blog.janescapital.com/quarterly-reports) - [Segment Reports](https://www.janescapital.com/segment-reports) - [A&D Weekly Reports](https://blog.janescapital.com/weekly-ad-news-transactions) - News & Events - [News & Past Events](https://blog.janescapital.com/news-events) - [Upcoming Events](https://www.janescapital.com/aerospace-defense-conferences-networking-events) [Connect with a Banker](https://www.janescapital.com/schedule-a-meeting-1#connect) [Connect with a Banker](https://www.janescapital.com/schedule-a-meeting-1#connect) - [Who We Are](https://www.janescapital.com/who-we-are) - [Advisory Services](https://www.janescapital.com/aerospace-defense-advisory-services) - Transactions - [Our Transactions](https://www.janescapital.com/successful-aerospace-defense-ma-transactions) - [Case Studies](https://blog.janescapital.com/case-studies) - Industry Insights - [Key Aerospace & Defense Insights](https://blog.janescapital.com/key-insights) - [A&D Quarterly Reports](https://blog.janescapital.com/quarterly-reports) - [Segment Reports](https://www.janescapital.com/segment-reports) - [A&D Weekly Reports](https://blog.janescapital.com/weekly-ad-news-transactions) - News & Events - [News & Past Events](https://blog.janescapital.com/news-events) - [Upcoming Events](https://www.janescapital.com/aerospace-defense-conferences-networking-events) [Connect with a Banker](https://www.janescapital.com/schedule-a-meeting-1#connect) A&D Weekly Reports #### Share this [Share on X](https://x.com/intent/post?url=https://blog.janescapital.com/weekly-ad-news-transactions/05-06-2024&text=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+18) [Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://blog.janescapital.com/weekly-ad-news-transactions/05-06-2024&t=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+18) [Share on LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https://blog.janescapital.com/weekly-ad-news-transactions/05-06-2024&t=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+18) # A&D Weekly News & Transactions - Week 18 by **[Stephen Perry](https://blog.janescapital.com/weekly-ad-news-transactions/author/stephen-perry)** ![](https://blog.janescapital.com/hubfs/Weekly%20AD%20-%20New/A%26D%20Weekly%20Recap%20-%20Week%2018%20(5.6.24).png)   ### Industry Headline News ![NorthropGruman\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/NorthropGruman_Logo.png?width=1280&height=1280&name=NorthropGruman_Logo.png) **Northrop Grumman secured a $7 billion contract for comprehensive maintenance and upgrades of the B-2 fleet** *May 3, 2024 -* Turkish Airlines is in talks with both Airbus and Boeing to purchase 235 aircraft as part of its ambitious expansion plans, aiming for nearly 600 new planes. Turkish Airlines emphasized a balanced approach between Airbus and Boeing, waiting for Boeing's issues to resolve before finalizing decisions, while also exploring potential partnerships with Rolls-Royce for maintenance and supply chain activities in Turkey. [(MENAFN)](https://menafn.com/1108177334/Turkish-Airlines-In-Talks-With-Airbus-Boeing-To-Buy-235-Planes) Northrop Grumman secured a $7 billion contract for comprehensive maintenance and upgrades of the B-2 fleet May 3, 2024 - Turkish Airlines is in talks with both Airbus and Boeing to purchase 235 aircraft as part of its ambitious expansion plans, aiming for nearly 600 new planes. Turkish Airlines emphasized a balanced approach between Airbus and Boeing, waiting for Boeing's issues to resolve before finalizing decisions, while also exploring potential partnerships with Rolls-Royce for maintenance and supply chain activities in Turkey. (MENAFN) ![Airbus\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Airbus_Logo.png?width=1280&height=1280&name=Airbus_Logo.png) **Airbus is seeking financial compensation from Spirit AeroSystems to absorb money-losing operations** *May 2, 2024 -* Talks are underway, addressing issues such as compensation and the logistics of separating Airbus's business from Spirit. Boeing, looking to acquiring Spirit to boost 737 MAX production, faces challenges in negotiating with Airbus, which accounts for a significant portion of Spirit's revenue. [(Reuters)](https://www.reuters.com/markets/deals/airbus-called-compensation-take-money-losing-spirit-operations-sources-say-2024-05-02/) Airbus is seeking financial compensation from Spirit AeroSystems to absorb money-losing operations May 2, 2024 - Talks are underway, addressing issues such as compensation and the logistics of separating Airbus's business from Spirit. Boeing, looking to acquiring Spirit to boost 737 MAX production, faces challenges in negotiating with Airbus, which accounts for a significant portion of Spirit's revenue. (Reuters) ![RTX\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/RTX_Logo.png?width=1280&height=1280&name=RTX_Logo.png) **Chris Calio has taken over as the new chief executive of RTX, succeeding Greg Hayes, and now serves as executive chairman** *May 2, 2024 -* RTX will focus on boosting weapons production amidst rising demand due to the conflict in Ukraine, while also addressing challenges like material defects in Pratt & Whitney's engines. Calio aims to de-emphasize RTX's role in space contracting and shift towards component supply for satellite contracts. [(Breaking Defense)](https://breakingdefense.com/2024/05/chris-calio-takes-helm-of-rtx-as-new-chief-executive/) Chris Calio has taken over as the new chief executive of RTX, succeeding Greg Hayes, and now serves as executive chairman May 2, 2024 - RTX will focus on boosting weapons production amidst rising demand due to the conflict in Ukraine, while also addressing challenges like material defects in Pratt & Whitney's engines. Calio aims to de-emphasize RTX's role in space contracting and shift towards component supply for satellite contracts. (Breaking Defense) ![Bombardier\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Bombardier_Logo.png?width=1000&height=1000&name=Bombardier_Logo.png) **Bombardier's President and CEO Éric Martel anticipates achieving the company's 2025 objectives of 150 deliveries and $9 billion in revenues** *May 1, 2024 -* Martel outlined plans for organic growth in various sectors and discussed the potential for acquisitions to support business aviation expansion. The company's strategic focus on executing plans flexibly and creatively has yielded positive results. [(AIN)](https://www.ainonline.com/aviation-news/business-aviation/2024-05-01/bombardier-pace-2025-goals-sees-balanced-growth?utm_content=291894597&utm_medium=social&utm_source=linkedin&hss_channel=lcp-389487) Bombardier's President and CEO Éric Martel anticipates achieving the company's 2025 objectives of 150 deliveries and $9 billion in revenues May 1, 2024 - Martel outlined plans for organic growth in various sectors and discussed the potential for acquisitions to support business aviation expansion. The company's strategic focus on executing plans flexibly and creatively has yielded positive results. (AIN) ![Embraer\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Embraer_Logo.png?width=500&height=500&name=Embraer_Logo.png) **Embraer is exploring the development of a new passenger aircraft to compete directly with Airbus and Boeing** *May 1, 2024 -* The project is considering either a narrow-body passenger plane or a long-range business jet, with a business case expected to be finalized by the end of next year. This potential move would mark a significant shift for Embraer, since it has been known for its regional jets and executive aircrafts. [(Financial Times)](https://www.ft.com/content/dbcac8f2-ede8-46ff-982f-a30a144300ee) Embraer is exploring the development of a new passenger aircraft to compete directly with Airbus and Boeing May 1, 2024 - The project is considering either a narrow-body passenger plane or a long-range business jet, with a business case expected to be finalized by the end of next year. This potential move would mark a significant shift for Embraer, since it has been known for its regional jets and executive aircrafts. (Financial Times) ![Joby Aviation](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Joby%20Aviation.png?width=500&height=500&name=Joby%20Aviation.png) **Joby Aviation, with support from Toyota, is expanding its Pilot Production for its eVTOL aircraft at Marina Municipal Airport in California** *Apr. 30, 2024 -* The company recently unveiled its second production prototype aircraft during a groundbreaking event and is advancing with assembly of two more aircraft at the same site. Joby is targeting an output of 500 aircraft per year, and plans to commence air taxi services by 2025. [(AIN)](https://www.ainonline.com/aviation-news/futureflight/2024-04-30/joby-expands-early-evtol-aircraft-production-line) Joby Aviation, with support from Toyota, is expanding its Pilot Production for its eVTOL aircraft at Marina Municipal Airport in California Apr. 30, 2024 - The company recently unveiled its second production prototype aircraft during a groundbreaking event and is advancing with assembly of two more aircraft at the same site. Joby is targeting an output of 500 aircraft per year, and plans to commence air taxi services by 2025. (AIN) ![U.S.\_Air\_Force\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/U.S._Air_Force_Logo.png?width=500&height=500&name=U.S._Air_Force_Logo.png) **The Air Force's decision to reduce the number of MH-139A Grey Wolf helicopters from 80 to 42 has led to a cost overrun known as a critical Nunn-McCurdy breach** *Apr. 30, 2024 -* This breach, reported to Congress in April, is tied to the decreased procurement quantity, resulting in a higher per-helicopter cost. The Air Force hopes to address this breach by potentially restoring more MH-139s in its budget, pending approval. [(Defense News)](https://www.defensenews.com/air/2024/04/30/grey-wolf-helicopter-cuts-lead-to-cost-overrun-breach/) The Air Force's decision to reduce the number of MH-139A Grey Wolf helicopters from 80 to 42 has led to a cost overrun known as a critical Nunn-McCurdy breach Apr. 30, 2024 - This breach, reported to Congress in April, is tied to the decreased procurement quantity, resulting in a higher per-helicopter cost. The Air Force hopes to address this breach by potentially restoring more MH-139s in its budget, pending approval. (Defense News) ![Boeing\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Boeing_Logo.png?width=3840&height=3840&name=Boeing_Logo.png) **Glass Lewis, a proxy advisor, has advised shareholders to vote against the reelection of three Boeing directors, including CEO Dave Calhoun** *Apr. 23, 2024 -* This recommendation comes from dissatisfaction with the company's efforts to improve its safety culture and the board' s oversight being a point of concern. (Reuters) Glass Lewis, a proxy advisor, has advised shareholders to vote against the reelection of three Boeing directors, including CEO Dave Calhoun Apr. 23, 2024 - This recommendation comes from dissatisfaction with the company's efforts to improve its safety culture and the board' s oversight being a point of concern. (Reuters) ![Embraer\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Embraer_Logo.png?width=500&height=500&name=Embraer_Logo.png) **Embraer is preparing for substantial growth in 2024 by investing $390m and hiring 900 more employees** *Apr. 29, 2024 -* The company's CEO emphasized a focus on efficiency and innovation to capture potential in various market segments and promote sustainable aviation. Embraer aims to increase exports of high-value products and create thousands of skilled jobs in Brazil through these initiatives. [(AIN)](https://www.ainonline.com/aviation-news/business-aviation/2024-04-29/embraer-gears-more-growth-2024?utm_medium=AIAA_Website&utm_source=rasa_io&utm_campaign=Industry_News) Embraer is preparing for substantial growth in 2024 by investing $390m and hiring 900 more employees Apr. 29, 2024 - The company's CEO emphasized a focus on efficiency and innovation to capture potential in various market segments and promote sustainable aviation. Embraer aims to increase exports of high-value products and create thousands of skilled jobs in Brazil through these initiatives. (AIN) ### Weekly Transaction Review | **No.** | **Parties Involved** | **Transaction Metrics** | **Location** | **Segment** | | | | --- | --- | --- | --- | --- | --- | --- | | | **Target \[Parent\]** Acquirer \[Parent\] | Price ($M) | Price/ Revenue | Price/ EBITDA | Target | Target | | 1 | **Trinity Aerospace** AEFP Group \[Emko Capital\] | - | - | - | Mississauga, Canada | Machined & Cast Parts | | 2 | **Intelsat S.A.**SES S.A. | $5,000.0 | 2.3x | 5.5x | Luxembourg city, Luxembourg | Satellite, Satellite Services & Space Systems | | 3 | **Willbrook Solutions** Special Aerospace Services \[Godspeed Capital\] | - | - | - | Huntsville, AL | Government Services, IT Services and Software | | 4 | **Condor S.A. Indústria Química** EDGE Group | - | - | - | Nova Iguaçu, Brazil | Special Defense Systems and Services | | 5 | **Bren-Tronics** EnerSys Advanced Systems | $208.0 | 2.1x | 8.7x | Commack, NY | Defense Electronics | | 6 | **2 Twelve Solutions** Bridge Core \[NewSpring Capital\] | - | - | - | Springfield, VA | Government Services, IT Services and Software | | **No.** | **Target Descriptions** | | --- | --- | | 1 | Trinity Aerospace is a producer of sheet metal and machined detail parts and assemblies. The company specializes in parts development, parts manufacturing/processing, and after sales support. Additionally, the company provides turnkey solutions for aircraft parts and assemblies to OEMs, airlines and MROs. | | 2 | Intelsat is a provider of voice, data, and video services via satellite worldwide. Through capacity on 52 satellites plus 62 owned and leased earth station and teleport facilities, the company offers wholesale internet, broadcast, telephony and corporate network solutions to leading service providers in more than 200 countries and territories worldwide. | | 3 | Willbrook Solutions is a provider of end-to-end systems engineering solutions to private sector and U.S. federal government aerospace, defense, and intelligence markets. The company has performed advanced studies and analysis in missile design and modeling for missile systems from targets to interceptors, low orbit, and geosynchronous satellite delivery systems.features. | | 4 | Condor is a manufacturer of tear gas and other non-lethal weapons for private sector and international government defense and law enforcement markets. The company's additional non lethal weapons technologies include controlled impact rubber ammunition, smoke grenades, explosive and smoke hand grenades, pyrotechnics, and others. | | 5 | Bren-Tronics is a manufacturer of military batteries and charger systems. The company provides custom batteries for instrumentation, oceanographic applications, security, communications, aerospace as well as specialized and unique situations where a portable power source is required. | | 6 | 2 Twelve is a provider of rapid prototyping and digital transformation solutions for private sector and U.S. federal government defense markets. The company's E3 Lab solutions portfolio is built on multi-OS and multi-hypervisor integrated into multi-cloud, is designed with open standards to conform with commercial / financial regulated environments and DoD / Federal zero-trust multi-cloud architecture. | ### Selected Janes Capital Partners A&D Experience ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Schatz%20Bearing%20Arxis%20(2).jpg) [Arxis Acquires Schatz Bearing Corporation](https://blog.janescapital.com/news-events/arxis-acquires-schatz-bearing-corporation) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/TDG%20Undisclosed%202.jpg) [TransDigm Group Acquires an Undisclosed Provider of Proprietary Aerospace Instrumentation and Sensing Solutions](https://blog.janescapital.com/news-events/transdigm-group-undisclosed-provider-proprietary-aerospace-instrumentation) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Cook%20Defence%20HEICO-1.png) [Cook Defence Systems Acquired by HEICO](https://blog.janescapital.com/news-events/cook-defence-systems-has-been-acquired-by-heico) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Exo-Anduril-Tombstone.png) [ExoAnalytic Solutions Acquired by Anduril](https://blog.janescapital.com/news-events/exoanalytic-solutions-has-agreed-to-be-acquired-by-anduril) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/ScanfiberComposites.png) [Scanfiber Has Been Acquired by Fjord Defence](https://blog.janescapital.com/news-events/scanfiber-has-been-acquired-by-fjord-defence) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/TDG%20Undisclosed%20Tombstone.png) [TransDigm Group Acquires an Undisclosed Provider of Defense Products](https://blog.janescapital.com/news-events/transdigm-group-undisclosed-provider-defense-electronics) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/OSL%20Terma.png) [OSL Technology Has Been Acquired by Terma A/S](https://blog.janescapital.com/news-events/osl-acquired-by-terma) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/ACC-Arcline.png) [American Casting Company Receives Strategic Investment from Arcline](https://blog.janescapital.com/news-events/janes-capital-partners-advises-american-casting-company-on-its-strategic-investment-by-arcline) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Digital_Barriers_ARC_Group.png) [Digital Barriers Has Been Acquired by TJC-Backed ACR Group](https://blog.janescapital.com/news-events/digital-barriers-has-been-acquired-by-tjc-based-acr-group) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/HTS-BTX%20Precision.jpg) [High Tech Solutions Has Been Acquired By BTX Precision](https://blog.janescapital.com/news-events/high-tech-solutions-acquired-by-btx-precision) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Leichtwerk%20AG%20Rheinmetall.png) [Assets of Leichtwerk AG Acquired by Rheinmetall AG](https://blog.janescapital.com/news-events/assets-of-leichtwerk-ag-acquired-by-rheinmetall-ag) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/ETL%20-%20IRT.png) [ETL Systems has acquired IRT Technologies](https://blog.janescapital.com/news-events/etl-systems-has-acquired-irt-technologies) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/McStarlite-Tombstone-FI.png) [McStarlite Company has been acquired by Standex International Corporation](https://blog.janescapital.com/news-events/mcstarlite-company-acquired-by-standex-international-corporation) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/HEICO%20-%20MC2%20%20Blog%20Tombstone.png) [Mid Continent Controls acquired by HEICO Corporation](https://blog.janescapital.com/news-events/mid-continent-controls-acquired-by-heico-corporation) Read More ![](https://blog.janescapital.com/hubfs/Raptor%20Tombstone%20-%20JCP%20Website-1.png) [TransDigm Group Acquires Raptor Scientific](https://blog.janescapital.com/news-events/transdigm-group-acquires-raptor-scientific) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Sentient-Shield_AI_Tombstone_400x400.png) [Sentient Vision Systems Acquired by Shield AI](https://blog.janescapital.com/news-events/sentient-vision-systems-acquired-by-shield-ai) Read More Load More Transactions ### Janes Capital Partners Team Contact Information ![Picture2-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Picture2-1.jpeg?width=960&height=960&name=Picture2-1.jpeg) #### Stephen Perry *Managing Director* [Email Stephen](mailto:sperry@janescapital.com)[(949) 769-3323 x6901](tel:9497693323) ![Ken-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Ken-white-1-1.png?width=960&height=960&name=Ken-white-1-1.png) #### Ken Fukumoto *Director* [Email Ken](mailto:kfukumoto@janescapital.com) [(949) 769-3323 x6904](tel:9497693323) ![Chris-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Chris-white-1-1.png?width=1200&height=1200&name=Chris-white-1-1.png) #### Chris Reinecke *Vice President* [Email Chris](mailto:cwreinecke@janescapital.com) [(949) 769-3323 x6905](tel:9497693323) ![Bruce-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Bruce-white-1-1.png?width=1200&height=1200&name=Bruce-white-1-1.png) #### Bruce Renner *Analyst* [Email Bruce](mailto:brenner@janescapital.com) [(949) 769-3323 x6906](tel:9497693323) ### Subscribe to A&D Weekly #### Share this [Share on X](https://x.com/intent/post?url=https://blog.janescapital.com/weekly-ad-news-transactions/05-06-2024&text=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+18) [Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://blog.janescapital.com/weekly-ad-news-transactions/05-06-2024&t=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+18) [Share on 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