A Southwest Airlines (NYSE:LUV) flight landed safely Saturday morning after being diverted to northern Florida following a major malfunction of one of its two engines during a flight from New Orleans to Orlando.
Photos showed the Boeing 737's (NYSE:BA) engine inlet completely torn away, revealing extensive structural damage to the engine nacelle that hangs underneath the wing.
CFM International, a joint venture between General Electric (NYSE:GE) and Safran (OTCPK:SAFRY), is the sole supplier of engines for the single-aisle 737.
The companies agree to put in place firewalls between Airbus and Arianespace to prevent information flows that could hurt competitors, not to share information about outside companies with each other that does not apply to the daily operation of the business, and to restrict employee mobility between the companies.
The EU decision, which was expected, likely will result in Airbus Safran's payment of ~€150M ($166M) to the French space agency CNES, which holds the 35% stake on behalf of the French government.
GE Aviation and its joint venture companies, including CFM International, a 50-50 joint company between GE and Safran (OTCPK:SAFRY), announced more than $19B in orders and commitments at the Paris Airshow this week.
The announcements include close to 1,000 GE and CFM engines as well as OnPointSM solution agreements for engine maintenance, repair and overhaul.
Facing heavy jet engine demand, Safran (OTCPK:SAFRY) said today it would focus on meeting its production targets before deciding whether to stretch its already record commitments further.
Airbus and Boeing have both agreed to plans with engine makers to raise output of their most popular models by about 20% to 50-52 planes a month by 2017-2018.
They have also begun exploring the margin for further increases to shorten a long waiting list powered by the arrival of new efficient engines such as the LEAP, co-produced by Safran and GE joint venture CFM International.
Looking to bring down its public debt, the French government said it plans to sell a 3.96% stake in aerospace supplier Safran (OTCPK:SAFRY), and may sell as much as a 4.55% stake, depending on investor appetite.
Following the sale, France will still remain Safran’s main shareholder, with a 18.03% stake.
Creating a new joint venture to build a less expensive version of the European satellite launcher Ariane, Airbus (OTCPK:EADSY) and Safran (OTCPK:SAFRY) will combine their space launcher activities under a new JV called Airbus Safran Launchers.
The two will begin building the Ariane 6 rocket in January and expect it to launch in 2020.
Rolls-Royce (OTC:RRCEF) has finalized an initial 25-year deal to form a JV with Safran's (OTCPK:SAFRY) Hispano-Suiza unit to design and develop accessory drive train transmissions for the company's full range of future aircraft engines.
A production plant will be built in a competitive country starting next year, with the aim of starting operations in late 2016 or early 2017.