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Commercial Air Sales Turn EADS Back to Profitability

Sales of their Airbus commercial airliners has somewhat tempered EADS (EADS:P) feelings about losing the KC-X contract to rival Boeing (BA). In the last year thanks to large orders the European aerospace company returned to profitability after a few years of struggles.

Revenue in 2010 was over $60 billion and the company earned a profit of around $1.5 billion. The company has also been able to increase its cash holdings dramatically with an eye on expanding U.S. defense business through acquisitions.

Boeing and EADS unlike other large defense contractors do have the commercial aviation market to help temper ups-and-downs in military spending. They are though soon to be facing more competition from companies like China’s CAI who especially want to enter there own domestic airline market.

EADS has carefully looked at different potential acquisitions in the U.S. to help grow its nascent defense work there. Certainly they now have the necessary funds to do even a rather large one although something like buying Northrop Grumman’s (NOC) shipbuilding group would seem a little too large and ambitious. EADS will most likely target a medium sized defense contractor who provide services or limited hardware.

Chromalloy Crosses One-Year Milestone on Northrop Grumman KC-10 Contractor Logistic Support Team — Press Release

Chromalloy Crosses One-Year Milestone on Northrop Grumman KC-10 Contractor Logistic Support Team

U.S. Air Force Saving Millions with Non-OEM Engine Services That Deliver Improved Performance, Reduced Fuel Consumption

PR Newswire

ORANGEBURG, N.Y., Feb. 15, 2011

ORANGEBURG, N.Y., Feb. 15, 2011 /PRNewswire/ — Chromalloy announced today that it has crossed the one-year milestone as a member of the Northrop Grumman team on the KC-10 Extender Logistics Support program, overhauling 48 CF6-50C2 aircraft engines in the initial program year while meeting turnaround time requirements and improving engine performance.

The contract provides support for the U.S. Air Force KC-10 refueling fleet of 59 aircraft. Under the $540 million, six year contract with up to three incentive years that commenced in 2010, Chromalloy, with team member MTU Maintenance, is overhauling and repairing a fleet of 204 engines and an additional 77 auxiliary power units that provide energy for secondary electrical systems.

“Chromalloy is servicing the CF6 engine fleet and replacing worn parts using proprietary Designated Engineering Representative repairs and Parts Manufacturer Approval components,” said Armand F. Lauzon, Jr., President. “Our FAA-certified DER repairs and PMA components have flown successfully for years in commercial airliners and now are delivering the same savings and performance improvement to the KC-10 fleet.

“When compared with the previous contract we are pleased that the U.S. Air Force is saving more than $1 million per engine shop visit,” Lauzon added.

The Air Force service contract represents a first within the Department of Defense because it is the first major program to provide blanket approval for the use of FAA-approved alternative – or non-OEM – parts and repairs.

Use of FAA-approved parts and repairs developed for the commercial CF6-50 engine that has been in service for more than 40 years allows Chromalloy and MTU to deliver cost and engine performance benefits with every overhauled engine.

Approximately $500,000 of savings per engine is attributable to the use of alternative parts and repairs.

In addition, each of the 48 engines was delivered with Exhaust Gas Temperature margins above the U.S. Air Force threshold requirement, allowing the engines to run longer on wing and increasing the mean time between removal. “The team believes this engine performance will translate to greater savings from significantly increased time on-wing,” Lauzon said.

With 52 sales, repair and manufacturing locations in 17 countries, Chromalloy is the world’s largest independent supplier of technologically advanced repairs, coatings, and FAA-approved replacement parts for turbine airfoils and other critical engine components for commercial airlines, the military and industrial turbine engine applications.

The company’s engineered components and blades are subject to the same FAA requirements and scrutiny as OEM-produced equipment.

Chromalloy’s replacement parts for aircraft engines are FAA certified to meet or exceed the performance, reliability and durability specifications of original equipment manufacturer parts. In support of marine and land-based gas turbines, the company employs identical engineering disciplines used to produce its FAA-certified parts.

The company’s continued investment in research and development of coatings and repair and manufacturing technology has led to the development of electron beam physical vapor deposition with ceramic materials, vacuum plasma, diffused precious metal / aluminide coatings, and vision-guided interactive laser welding and drilling for most advanced turbine engine components, as well as many other advanced technologies. More information is at www.chromalloy.com.

Chromalloy has evolved from a gas turbine parts repair business into the leading independent supplier of advanced repairs, FAA approved replacement parts and maintenance, repair and overhaul for gas turbines used in aviation and land-based applications. Chromalloy serves the airline, military, marine and industrial gas turbine segments with a broad range of services at locations in 17 countries around the globe. Chromalloy is authorized by the FAA and EASA and many other NAAs, and is qualified under ISO and NADCAP. Chromalloy is a subsidiary of Sequa Corporation.

Sequa Corporation is a diversified industrial company with operations in the aerospace, metal coatings and automotive industries. Sequa is a Carlyle Group company. For additional information, visit www.sequa.com.

SOURCE Chromalloy

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