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GKN Aerospace, Marshall, and Parker Aerospace join forces to explore liquid hydrogen fuel systems for zero emission aircraft
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June 12, 2019 | International, Aerospace
AeroVironment Acquires VTOL UAS Developer Pulse Aerospace, LLC for $25.7 Million to Strengthen Family of Small Unmanned Aircraft Systems
- Pulse's complementary Vertical Takeoff and Landing (VTOL) product family strengthens AeroVironment's leading family of fixed-wing small unmanned aircraft systems (UAS)
- Acquisition expands total addressable market by increasing mission capabilities of AeroVironment family of systems
- Pulse Aerospace receives multi-year contract award with a maximum value of more than $13 million from undisclosed defense customer for Vapor VTOL unmanned systems, spares and services
- Acquisition expected to be accretive to AeroVironment earnings by the third full year of operations
SIMI VALLEY, Calif.--(BUSINESS WIRE)--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems (UAS) for both defense and commercial applications, today announced it has acquired Pulse Aerospace, LLC, a developer and supplier of small VTOL UAS, for $25.7 million in cash, including milestone-based earn-out payments of $5 million. AeroVironment financed the transaction entirely from available cash on hand.
Pulse Aerospace is a leading developer of small VTOL UAS technology in the United States. Pulse's HeliSynth™ technology brings flight control, payload, and endurance capabilities to market at attractive price points for both defense and commercial end markets. Pulse recently received a multi-year contract award with a maximum value of more than $13 million from an undisclosed defense customer for its Vapor unmanned VTOL systems, spares and services.
AeroVironment expects the transaction to be accretive to its earnings by the third full year of operations.
“The talented Pulse Aerospace team has created a solution set that is unique and will expand our family of unmanned systems by addressing increasing demand from our customers for small VTOL solutions,” said Wahid Nawabi, AeroVironment's president and chief executive officer. “This transaction brings together two highly complementary companies in terms of products, markets and culture, and will better position AeroVironment to grow our share of the small UAS market. The team at Pulse Aerospace shares our focus on disruptive innovation and we welcome them to AeroVironment. Together, we will deliver even more capability to our customers in the United States and more than 45 allied countries around the world.”
“We are excited to join together to realize the full benefits of this transaction as we employ key, future-defining technologies such as robotics, sensors, software analytics and connectivity. Additionally, we look forward to gaining access to the strong technical talent pool in the Lawrence, Kansas area to help achieve our long-term growth objectives,” Nawabi added.
“AeroVironment's global market presence dramatically increases the reach of Pulse's VTOL UAS technology,” said Aaron Lessig, Pulse Aerospace, LLC's chief executive officer. “Pulse's offering expands AeroVironment's mission capabilities with increased payload capacity, which broadens customer use cases. We look forward to growing AeroVironment's share of the global unmanned systems market together.”
In connection with the transaction, Pulse Aerospace's Lawrence, Kansas facility will become AeroVironment Innovation Center - Midwest, with a focus on small VTOL unmanned aircraft and mission planning solutions.
About AeroVironment, Inc. (AV)
AeroVironment (NASDAQ: AVAV) provides customers with more actionable intelligence so they can proceed with certainty. Based in California, AeroVironment is a global leader in unmanned aircraft systems and tactical missile systems, and serves defense, government and commercial customers. For more information visit www.avinc.com.
Safe Harbor Statement
Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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January 14, 2019 | International, Aerospace
Airbus joins forces with Lockheed to step in Boeing’s backyard
CLÉMENT CHARPENTREAU One company's demise is another one's opportunity. Or in this case, two companies. Lockheed Martin and Airbus signed a memorandum of agreement to “jointly explore opportunities to meet the growing demand for aerial refueling for US defense customers.” The manufacturers are taking advantage of the difficulties encountered by Boeing's KC-46A Pegasus. It was Airbus (partnered with Northrop Grumman at the time) that initially won the KC-X tender launched by the Pentagon for a new refueling system to equip the United States Air Force. With its A330 MRTT already in production, the European manufacturer was way ahead of its American rival whose KC-46 “Pegasus” was still on the drawing board. However, political concerns invited themselves into the acquisition process, and after several years of lobbying, the contract was eventually taken away from Airbus and given to Boeing. 179 aircraft were ordered, with the first aircraft to be delivered around May 2016, and the following 17 by 2017. But since then, the KC-46 program had a bumpy flight, and the USAF is still waiting for its planes. The development of the tanker exceeded the initial forecast by $3 billion (which hints at a deliberate underestimation to win the contract over Airbus), and the delivery has been constantly delayed. The last precise deadline in date, October 2018, was finally postponed to “a little later” by Air Force Secretary Heather Wilson in an interview to Bloomberg. In March 2018, Wilson commented on the matter in front of the Congress: “One of our frustrations with Boeing is they're much more focused on their commercial activity than on getting this right for the Air Force and getting these aircraft to the Air Force”. As Boeing was contractually obliged to deliver 18 planes and 9 refueling pods by October 2018, it will now face financial penalties. The KC-46 is currently ongoing certification with the FAA. Boeing's struggle comes as a perfect opportunity for Airbus and Lockheed Martin to offer their services to the USAF and its allies, both in the short and long term. “These may range from ways to support critical near-term air-refuelling needs, such as a fee-for-service structure to conceptualizing the tanker of the future,” they said in a common press release. In the coming twenty years, the USAF will need two new types of refueling aircraft. The programs should be respectively known as KC-Y, to replace the gigantic KC-10s, and KC-Z, a stealth tanker. This new partnership could allow Airbus to put its A330MRTT on the table once more, in a version adapted to the needs of the USAF that would use Lockheed Martin's competence in the matter. The tanker is now operated by six air forces around the world, and has already seen some actions. While awaiting for the KC-Y tender to begin, Airbus could offer a leasing service to the USAF, in a similar way as AirTanker is already doing for the Royal Air Force with its ten Airbus Voyagers (A330 MRTT). With Lockheed Martin as a partner, Airbus could set a foot in the U.S. defense industry... for good this time. https://www.aerotime.aero/clement.charpentreau/22151-airbus-joins-forces-with-lockheed-to-step-in-boeing-s-backyard