Tue, Mar 02, 2004
Contractor's Financial Woes Won't Affect Ae270 Program
Ibis Aerospace Ltd.
announced Monday that it expects continued strong support from its
Ae270 primary contractor, Aero Vodochody. The company made a public
statement that Czech authorities are fully behind Aero and its
Ae270 program despite Aero publicized financial woes last week.
Ibis Aerospace Ltd. is a joint venture company consisting of Aero
Vodochody of the Czech Republic and AIDC of Taiwan R.O.C.
Established in 1919, Aero is the largest aerospace concern in the
Czech Republic and is also known as a producer of military
aircraft.
In a statement, company officials claim Aero Vodochody and the
Czech government are fully committed to Ibis Aerospace and its
Ae270 Propjet—scheduled for certification later this year. A
decision by the Czech government was made on February 11, 2004, to
take a more proactive role in the operations at Aero. Under a prior
8-year agreement, signed in 1998, the Czech government stated it
would provide ongoing support of operational requirements at Aero
through 2005. The recent change endorses the Czech
government’s decision to buy out Boeing’s 35.3 percent
interest in Aero and pay the company's debts. The intent is to
capitalize this investment with a future stake in the company.
These negotiations are expected to be final by mid-2004. Ibis
Aerospace will remain responsible for marketing the Ae270
single-engine turboprop, which will be produced in a commuter and
an executive version - named Spirit.
In related news, Ibis expects a boost in Ae270 production
strength with the announcement of a new Vice President at Aero
Vodochody. Aero has appointed Zdenek Sykora as Vice President of
Civil Programs. Mr. Sykora will take the lead at Aero with respect
to the company’s civil aircraft programs. This presently
includes development of the Ae270 Propjet. The appointment of Mr.
Sykora as Aero Vodochody’s VP of Civil Programs is the result
of a restructuring at Aero designed to help the company solidify
its position as a global aerospace producer. Aero’s
reputation will continue to grow with successful leadership.
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