10 Aug 2020
North American Newsletter 10 August
Cargojet Announces Strong Second Quarter Results
Cargojet announced its financial results for the second quarter ended June 30, 2020. Total Revenues for the quarter were $196.1 million compared to second quarter 2019 Revenues of $119.1 million. Gross Margin for the quarter was $90.7 million compared to second quarter 2019 Gross Margin of $26.6 million. Cargojet’s domestic revenues benefited from a strong e-Commerce growth driven by the work-from-home economy that were partially offset by lower B2B volumes, as most non-essential businesses were closed in the early part of the Quarter.
Elevate Capital Partners Sells one 757-200 Airframe
Elevate Capital Partners LLC announced 3rd August the sale of one 757-200 airframe (MSN 27971). The aircraft had previously been on lease with Air Astana, which is the flag carrier of Kazakhstan.
Emirates to resume its Airbus A380 service to Toronto
Emirates has announced it will resume its A380 operations to Toronto starting 16 August operating five times weekly, taking its Airbus A380 network to six cities.
GA Telesis Announces Its New “Turbine Vision 2020” Strategy
GA Telesis announced on 30th the commencement of its Turbine Vision 2020 strategy. The new strategy will integrate M&A, greenfield projects, and new OEM alliances with the Company’s vast array of know-how in the area surrounding jet engine technologies. TV 2020 will consolidate all aspects of component, hospital, and complete engine MRO services into integrated offerings, supported with maintenance financing programs. TV 2020 will accelerate the development of its engine component repair business by drawing from its existing robust suite of back-shop capabilities and targeting acquisitions of component MROs focused on jet engine technologies. The Company will also develop a network of globally positioned Special Procedure Aero-Engine Hospitals (SPAHs), and build- out additional engine platform maintenance capabilities at existing MRO units.
GE Veteran Russell Shelton Joins GA Telesis as President of its Engine Strategy Group
GA Telesis announced that former GE Managing Director of Services Sales, Russell Shelton, has joined the company as President of its Engine Strategy Group. Russ will oversee the company’s long-term engine MRO Strategy, coined, Turbine Vision 2020. This will also include the leadership of the company’s Engine Services operation in Finland.
Jetstream Aviation Capital delivers one Saab 340B(F) cargo aircraft to Castle Aviation
Jetstream Aviation Capital LLC announced 7TH August the delivery of one Saab 340B(F) cargo aircraft to Castle Aviation of North Canton, Ohio on August 7, 2020. The aircraft, serial number 340B-253, is the third of a multi-aircraft commitment between Jetstream and Castle, and will be used for ad-hoc cargo charter and Castle's scheduled operations on behalf of a major international logistics integrator.
Triumph Group, Inc. Announces Proposed Private Offering Of Senior Secured Notes
The Triumph Group Inc announced 4th August that it intends to offer $600.0 million aggregate principal amount of senior secured first lien notes due 2024. The Notes will be guaranteed by the same subsidiaries that guaranty certain of Triumph's other indebtedness, including its (i) 5.250% Senior Notes due 2022, (ii) 6.250% Senior Secured Notes due 2024 and (iii) 7.750% Senior Notes due 2025. The Company intends to use the net proceeds from the Notes Offering to repay the loans and other amounts outstanding under and terminate its revolving credit facility and to cash collateralize the letters of credit issued thereunder, to pay accrued interest, fees and expenses, and to increase its available cash for general corporate purposes.
Triumph Group Announces The Sale Of Its Composites Business To Arlington Capital Partners
Triumph Group Inc announced 3rd August a definitive agreement to sell its composites operations to Arlington Capital Partners. Included in the sale are the Triumph Aerospace Structures composites locations in Milledgeville, Georgia and Rayong, Thailand.
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