Thu, Feb 11, 2010
New CEO Says Focus Has Been Military, But Civilian Business
Will Not Be Ignored
The new CEO of Bell Helicopter says while military helicopters
and the V-22 Osprey have helped Bell Helicopter ride out the
recession, he will not ignore the civilian side of the business,
which has been hard-hit by the economic downturn.
John Garrison told Wall Street Business Analysts Tuesday that he
wants both the military and civilian segments of the company to
grow.
The Fort Worth Star-Telegram reports that Bell's military
business was much stronger in 2009, as non-military customers
pulled back, cancelled orders, and did not place new ones during
the recession. Commercial helicopters accounted for only 24 percent
of the company's business last year, while military orders made up
39 percent, with the rest attributed to parts and service.
Speaking at a Textron news conference, Garrison said: "We are
executing a balanced business strategy. We're going to grow our
commercial business and military business, and we're going to grow
our support business." Textron is Bell's parent company.
Bell 429
Bell says it has 300 commitments, if not firm orders, to
purchase the new Bell 429 helicopter, and two were delivered last
year. "We're confident we'll be able to grow market share with that
helicopter," Garrison said.
He also said that, even with the recession, military orders and
cost-cutting allowed the company to generate record cash flow. Some
manufacturing was moved to Mexico, and 300 jobs were cut at a plant
in Canada. The company reports a record backlog of orders for the
V-22 Osprey, with production expected to peak at about 40 aircraft
in 2013.
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