Sikorsky Aircraft Corp. and Tata Advanced Systems Ltd. (TASL) today announced creation of a joint venture that will manufacture aerospace components for Sikorsky in India, including components for S-92® helicopter cabins. The joint venture agreement builds upon a long-term contract signed in Jun 2009 for TASL to assemble Sikorsky S-92® helicopter cabins. Sikorsky is a subsidiary of United Technologies Corp. (UTX) and TASL is a wholly owned subsidiary of Tata Sons.

Both the joint venture agreement and the cabin assembly contract stem from a MOU signed in Feb 2007 by the companies to explore the creation of aerospace operations in India. The cabin assembly contract signed in June 2009 has led to ongoing construction in Hyderabad, in the state of Andhra Pradesh, where TASL will assemble S-92 helicopter cabins starting in 2010.  The new joint venture will be positioned to manufacture components for other aerospace Original Equipment Manufacturers

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United Technologies Corporation (UTX) announced George David, 67, will retire as Chairman of the Board of Directors at the end of the year, concluding 34 years of service with UTC, including 14 years as Chief Executive Officer. Louis Chenevert, 52, President and Chief Executive Officer, will succeed David as Chairman, effective Jan 1, 2010, following his election by the UTC board. David will remain a consultant and adviser to the corporation for 2010.  During George’s tenure, notable changes were UTC's global expansion, with international revenues growing from 25% to more than 60% today, and its focus on process and research disciplines.  Since David took the helm in 1994, profit and revenue soared, with much of the success attributed to his hard-charging style. But with the start of the global recession last year, it is up to Chenevert to push through a large restructuring plan that will eliminate ...

API Nanotronics Corp., a prime contractor for secure communications and electronic components to the global defense and aerospace industry announced operating results for the first quarter of fiscal 2010 ended August 31, 2009.

Financial Highlights:

– Net revenue for the first quarter of fiscal 2010 was $9.2 million, a 16% increase over fiscal 2009 first quarter revenue of $7.9 million. This revenue includes the contribution from Cryptek as at the date of the acquisition on July 07, 2009;

– First quarter Gross Profit increased to $2.3 million in the first quarter of fiscal 2010 compared to $2.1 million in the first quarter of fiscal 2009. Gross Margins in the company’s electronic component and sub-system product lines improved by 4% to 30.3% on a year-over-year basis due to rationalization and efficiency efforts undertaken during fiscal 2009;

– GAAP net loss for the quarter was $0.8 million or $0.02 per share, compared to a loss of

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TransDigm Group Inc. announced the pricing of its $425 million Senior Subordinated Notes issue. The issue is a private offering that will close on October 6, 2009.

TransDigm Group will use the proceeds of the offering to pay a special dividend to holders of its common stock. The amount of the special dividend will be in a range of $7.50-7.70. The bonds are exempt from registration under Rule 144A of the Securities Act of 1933.

The company reported earnings of $0.82 in its fiscal third quarter that ended 6/27/2009. This was up 14% from the same quarter last year. Revenues were $189.9 million, up 2.1% year over year.

TransDigm Group manufactures components for sale to the aerospace industry, both civilian and military. Products include ignition systems, pumps, valves, motors, batteries and cockpit security systems.

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Pratt & Whitney Rocketdyne has been awarded a 10-month contract by Lockheed Martin for preliminary design of the high speed accelerator for a turbine-based combined-cycle (TBCC) propulsion system, which could support flight up to Mach 6. Pratt & Whitney Rocketdyne is a unit of United Technologies Corporation (UTX).  In Phase I of the TBCC Mode Transition Demonstrator Program, Pratt & Whitney Rocketdyne will develop preliminary designs for a dual-mode ramjet combustor with related control and fuel system components.  El Al , Israel 's national airline, signed a five-year, $70 million extension agreement with jet engine maker Pratt & Whitney for engine maintenance and overhaul. The service is for PW4060 engines on El Al's Boeing 767s and 747-400s. The agreement includes management and overhaul of the engines with an option to extend the contract for up to five more years.  United Technologies Corp.'s Sikorsky Aircraft received ...

Jet engine maker Pratt & Whitney said it plans to eliminate 1,000 jobs in Connecticut by 2011, transferring engine repair work to the Southeastern state of Georgia and Asia in a cost-cutting initiative.

This subsidiary of United Technologies Corp. (UTX) will close down its Cheshire, Connecticut, plant by early 2011. From the second quarter of 2010, it will begin shifting some operations from the East Hartford facility to Columbus, Georgia, Singapore and Japan. Pratt & Whitney, which is suffering due to sagging demand from airlines, employs 35,000 workers worldwide, with 11,000 in Connecticut.

The company rejected an offer that the Machinists union valued at more than $80 million in wage and other concessions and a state plan proposing $100 million in economic assistance over five years. Pratt & Whitney has vastly scaled back operations in the state since the 1960s, when more than 20,000 workers were employed.

Pratt

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Pall Corp. (PLL) recently agreed with Russian Helicopters JSC to provide Centrisep air cleaner filters for Mil Mi-8 and Mi-17 civil transport helicopters. Russian Helicopters is one of the largest helicopter producers in the world.

The company’s Mil Mi-8 is the aerospace industry’s most-produced helicopter, with nearly 12,000 units manufactured since 1968 and over 2500 currently in service. More than 1000 of the heavier transport Mi-17 version, introduced in 1974, are currently in-service and the helicopter is still in production.

Pall’s Centrisep air cleaners protect helicopter engines from airborne contamination by utilizing centrifugal force to continuously remove particles, such as sand, dust and salt spray, before they can enter the engine air intake. The engine air particle separator technology extends the life of a helicopter engine guarding against erosion, while enhancing engine safety, reliability, availability and performance.

Over 40,000 helicopters are currently in service worldwide, excluding piston-powered, single-engine

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The governor of Connecticut has offered $100 million worth of incentives to jet engine manufacturer Pratt & Whitney, a United Technologies Corporation (UTX) company, to prevent the possible loss of 1,000 jobs. The five-year plan includes lifting a cap on tax credits for the parent company, providing training assistance and establishing a job retention tax credit. It also includes investments in machinery and equipment and the building of an Engineering Center for Excellence for engineers at Pratt & Whitney and other aerospace companies. The state has joined hands with the International Association of Machinists, which represents 3,700 workers and has been negotiating with Pratt & Whitney for weeks in an attempt to retain existing jobs. The Machinists offered $63 million in annual cost reduction, including reduced overtime, to help save jobs. Pratt & Whitney has been affected by the steep decline in the commercial airline ...

Here’s another story fanning the economic recovery’s flames: The much-delayed Boeing 787 Dreamliner might finally take flight this year.

Late last week, Boeing (NYSE:BA) said that its long saga of delays and frustrations with the much-hyped jet are coming to an end. The first Dreamliner is now on track to leave terra firma by the end of the year, and the jet will actually be delivered to various international airways by the end of 2010.

Just how late is the Dreamliner? Japanese airliner All Nippon will get the first in 2010… since they were originally promised delivery by the start of the Beijing Olympics.

“My next buy recommendation is based on some of the historic changes happening in air transportation,” notes Chris Mayer, who chronicled the Dreamliner saga in the latest Capital & Crisis alert. “One of the key drivers of this change is what I call the

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Is the recession technically over? The strongest argument for recovery we’ve seen yet… Rob Parenteau shares his new macro economic forecast… “Told you so!” writes Byron King — “breaking news” he and The 5 scooped in March 2008… Plus, Chris Mayer’s latest contrarian play…

Our forecast today: The government and mainstream media will soon be calling the end of the recession. Leading this feeble cause is the latest ISM manufacturing index, probably the most powerful argument for recovery we’ve seen yet:

This morning, the ISM said its gauge of manufacturing activity had risen to 52.9 in August – out of contraction for the first time since the recession began and the highest score since June 2007. Of course, things are a bit different now, but over the last 60 years, when the manufacturing sector returns to growth, the recession has already ended. That prospect

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