Ian Corrigible
21st Nov 2005, 22:15
Bell Helicopter and AgustaWestland announce realignment of Joint Venture
Bell/Agusta Aerospace Corp. Nov. 21st
Bell Helicopter and AgustaWestland today announced a realignment of their joint venture, Bell Agusta Aerospace Company LLC (BAAC). Effective upon regulatory and other necessary approvals, Bell is selling its 25% interest in the AB139 medium twin helicopter program to AgustaWestland.
AgustaWestland will assume 100% ownership of all aspects of the AB139 program going forward. In return for its 25% interest, Bell will receive payments to reflect its value in the program. Specific terms of this transaction are undisclosed.
In addition, the realignment allows AgustaWestland to confirm the ability to increase its economic interests in the BA609 civil tiltrotor aircraft, which will remain within BAAC, from the original 25% to a maximum of 40% by increasing its investments during the development phase.
"Consolidating ownership of the AB139 will provide a single face to the customer, leading to increased sales and greater customer satisfaction related to follow-on support services," said AgustaWestland Chief Executive Officer Giuseppe Orsi.
Bell Helicopter Chief Executive Officer Michael Redenbaugh commented, "Bell and Agusta have been partners on numerous programs since 1952, and indeed this partnership continues today on the BA609. In addition, we remain partnered on other exciting programs such as the 412 helicopter and the U.S. Presidential fleet of US101s."
BAAC is a joint venture corporation that markets and supports the BA609 civil tiltrotor. The BA609, the world's first civil tiltrotor aircraft, features extended range and speed compared to traditional VTOL aircraft.
Bell/Agusta Aerospace Corp. Nov. 21st
Bell Helicopter and AgustaWestland today announced a realignment of their joint venture, Bell Agusta Aerospace Company LLC (BAAC). Effective upon regulatory and other necessary approvals, Bell is selling its 25% interest in the AB139 medium twin helicopter program to AgustaWestland.
AgustaWestland will assume 100% ownership of all aspects of the AB139 program going forward. In return for its 25% interest, Bell will receive payments to reflect its value in the program. Specific terms of this transaction are undisclosed.
In addition, the realignment allows AgustaWestland to confirm the ability to increase its economic interests in the BA609 civil tiltrotor aircraft, which will remain within BAAC, from the original 25% to a maximum of 40% by increasing its investments during the development phase.
"Consolidating ownership of the AB139 will provide a single face to the customer, leading to increased sales and greater customer satisfaction related to follow-on support services," said AgustaWestland Chief Executive Officer Giuseppe Orsi.
Bell Helicopter Chief Executive Officer Michael Redenbaugh commented, "Bell and Agusta have been partners on numerous programs since 1952, and indeed this partnership continues today on the BA609. In addition, we remain partnered on other exciting programs such as the 412 helicopter and the U.S. Presidential fleet of US101s."
BAAC is a joint venture corporation that markets and supports the BA609 civil tiltrotor. The BA609, the world's first civil tiltrotor aircraft, features extended range and speed compared to traditional VTOL aircraft.