November 21, 2005
Bell Helicopter and AgustaWestland announce realignment of Joint Venture
Cascina Costa, Italy and Ft. Worth, TX, USA ( Bell Helicopters & AgustaWestland Press Release) -
Helicopter, a unit of Textron Inc. and AgustaWestland, a
Finmeccanica company, 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 percent 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 percent to a maximum of 40
percent 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 (www.bellagusta.com) 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 Helicopter, a Textron Company, is a $2.0 billion leading producer of
commercial and military helicopters, and the pioneer of the revolutionary
tiltrotor aircraft. Globally recognized for customer service, innovation and
superior quality, Bell's global workforce of over 7,500 employees serves
customers flying Bell aircraft in over 120 countries. Bell is a unit of
Textron Inc., a $10 billion multi-industry company with 44,000 employees in
40 countries. Textron is known around the world for its powerful brands such
as Bell Helicopter, Cessna Aircraft, Jacobsen, Kautex, Lycoming, E-Z-GO and
Greenlee, among others.
AgustaWestland , a Finmeccanica company, with
primary operations in Italy, the United Kingdom and USA, is a commercial
enterprise offering an unrivaled range of products designed to satisfy the
most diverse requirements of civil and military customers. With turnover
exceeding $3.4 billion, AgustaWestland is
committed to delivering outstanding products and services in globally
competitive markets. Finmeccanica is Italy's leading high technology
company, operating in the design and manufacture of helicopters, aero
structures, satellites, space infrastructure, and missiles and defense
electronics. It is listed on the Milan Stock Exchange, and operates in
Italy and abroad through 18 companies and four joint ventures. It employs
approximately 55,200 staff in total.
news: BA609 Tiltrotor Achieves Airplane Mode (Jul 22,2005)