Piaggio Aerospace announced on 19 January that it was re-opening the sale process to acquire the company. (Piaggio Aerospace/Paul Cordwell)
Piaggio Aerospace announced on 19 January that it has formally restarted the process for finding a new owner following the collapse of a potential bid last year.
The company's Extraordinary Commissioner, Vincenzo Nicastro, announced the relaunching of the sale, with formal advertisements being placed in a number of financial news outlets.
“Discussions with a number of counterparties are still ongoing, but we want to be sure we can guarantee a long-term future for the company”, Nicastro said. “That's why we are formally starting the sale process again. But not from scratch: The preparatory work on the data room is already done, while we have set very tight deadlines for the due diligence and bid submission phases in order to speed up the process as much as possible. As always, we will carefully evaluate all the offers that will be submitted,” he added.
Kaman to buy Parker Hannifin's Aircraft Wheel & Brake division
25 May 2022
by Marc Selinger
Parker Hannifin provides wheels and brakes for military aircraft, including the CH-53K King Stallion heavy-lift helicopter that Sikorsky is building for the US Marine Corps. (US Marine Corps/Cpl Yuritzy Gomez)
US-based Parker Hannifin Corporation has agreed to sell its Aircraft Wheel & Brake business to US aircraft parts maker Kaman Corporation for USD440 million to address regulatory concerns about its proposed acquisition of the United Kingdom's Meggitt.
The 23 May announcement came about a month and a half after Parker disclosed it was in the process of finding a buyer for the business. The European Commission said in April that the divestiture is needed to preserve competition, as Parker and Meggitt are both “leading global suppliers of wheels and brakes for a range of aircraft types, including military helicopters and drones”.
The completion of the divestiture is contingent on Parker obtaining approval to acquire fellow motion and control system provider Meggitt, a Parker spokesperson said. The Meggitt purchase, which Parker plans to complete for GBP6.3 billion (USD7.9 billion) in the third quarter of 2022, is under review by UK Secretary of State for Business, Energy, and Industrial Strategy Kwasi Kwarteng and the US Department of Justice.
Fabryka Broni sells Grot rifles to African customer
24 May 2022
by Jakub Link-Lenczowski
PGZ has been awarded a contract by an unnamed East African country for Grot rifles chambered in 7.62×39 mm. (Jakub Link-Lenczowski)
Polish Armaments Group (Polska Grupa Zbrojeniowa: PGZ) announced in a press release on 19 May that it had been awarded a contract by an East African country for Grot rifles chambered in 7.62×39 mm. The company would not disclose the customer‘s name and the contract value.
The firearms, manufactured by PGZ subsidiary Fabryka Broni (FB) 'Łucznik' Radom, will be delivered with under-barrel grenade launchers (UBGLs) and daylight optical sights manufactured by another PGZ subsidiary, Przemysłowe Centrum Optyki (PCO).
expects the 7.62×39 mm Grot rifles to be delivered with 16-inch barrels, telescopic stocks, and 30-round magazines. The weapons can be operated in full-auto and single-shot modes and they have a theoretical rate of fire of 700–900 rds/min.
Naval Group confirms withdrawal from Indian submarine project
24 May 2022
by Jon Grevatt
Naval Group has confirmed to
that it has withdrawn from India's project to procure six new diesel-electric submarines. The programme is a follow-on to the P-75 project in which the French shipbuilder is collaborating with Mazagon Dock on the construction of Kalvari (Scorpène)-class submarines for the Indian Navy (the fourth of which is pictured above).
Naval Group has withdrawn its bid from the Indian Navy's long-deferred Project 75(I) programme to acquire six diesel-electric attack submarines, the company has confirmed.
The French shipbuilder told
on 23 May that it is unable to compete for the INR400 billion (USD5.15 billion) programme because of conditions contained in the project's request for proposals (RFP) document.
The Indian Ministry of Defence (MoD) issued the Project 75(I) RFP in July 2021 and called on two Indian firms – state-owned Mazagon Dock Shipbuilders Limited (MDL) and private-sector Larsen & Toubro (L&T) – to act as ‘strategic partners' and build the submarines in collaboration with a foreign submarine manufacturer.
Podcast recording date: 26 April 2022.
Huw Williams of our EMEA news team chairs a discussion focussed on the Russian invasion of Ukraine featuring Amael Kotlarski, Senior Analyst at Janes, Thomas Bullock, Senior Russia and CIS OSINT Analyst a...