Boeing's VP of Business Strategy & Marketing, Mike Bair, stated the company is leaning towards developing an all-new B737 replacement before moving to improve the B777 family. Boeing’s new narrowbody aircraft would be wider than the B737 and seat 150-220 and is expected to be ready to enter service on 2019/20. Boeing could then move to develop new wings and fit new engines to the B777.
BBA Aviation proposed to place up to 9.99% of its existing issued ordinary share capital. Net proceeds of the placing are proposed to be used as follows:
- Financing of the aggregate investment of approximately USD80 million for new acquisitions;
- Providing flexibility to continue BBA Aviation’s consolidation strategy;
- Enhancing the company’s ability to access debt markets.
The company also announced that it has agreed to acquire GE Aviation Systems’ fuel measurement business for a cash consideration of USD62.5 million on a cash and debt free basis and that it has acquired a business and general aviation fixed-based operation at Bozeman from Yellowstone Jet Centre LLC for cash consideration of USD10.5 million. BBA Aviation will also make a further investment of approximately USD7.0 million in working capital and fixed assets
Selected Aerospace daily share price movements (% change): 02-Mar-2011