Data provided by McGregor BFA
All data is delayed
Loading...
See More
Where am I? Home

Canned deal: Armscor gets back R9.1bn

Dec 19 2011 17:21 I-Net Bridge

Related Articles

Airbus: SA needs 180 more aircraft

Armscor still after R3bn from Airbus

Lufthansa aircraft named after Joburg

Minister made mistake, Airbus says

EADS "seeks veto right" against takeovers

AirAsia plans to boost Airbus deal

 
Johannesburg - Airbus Military has refunded pre-delivery payments for the eight A400M military transport aircraft worth R9.1bn (€837m) to parastatal Armscor, it said on Monday.

In a statement, it confirmed that it had, at the same time, opened the door to further close co-operation with SA.

"The agreement we signed with Armscor on November 29 2011, draws a line under the cancelled A400M acquisition, but crucially, it lets us all move forward together to explore further opportunities, including upcoming acquisition projects led by Armscor," Airbus Military CEO, Domingo Urena said.

SA was given full industrial partner status in the A400M programme in 2005. In return, the country committed to acquire eight A400M aircraft in a firm- and fixed-price contract.

During the 2009 recession, SA cancelled the order with Airbus, claiming that the cost of the planes had escalated. However, this was denied by Airbus. The aircraft manufacturer has always stressed that the €837m figure remained accurate.

Despite SA cancelling its order, local companies, Denel Aerostructures and Aerosud, remained responsible for the design engineering, manufacturing and supply of several major parts, including aircraft top shells (roof); wing-fuselage fairing (the largest single aircraft component ever manufactured in SA); aerodynamically complex wing-tips (which directly influence fuel efficiency and carbon emissions); as well as cabin and cockpit insulation & linings and galleys.

In addition, Cape Town-based Cobham SA, was the supplier of the satellite communications antennae and related systems, Airbus said.

Airbus had also launched and committed to R4bn worth of industrial and research activities with South African partners through to 2020.
arms deal  |  airbus  |  armscor  |  a400m
NEXT ON FIN24X

EasyJet first half improves

2013-05-15 09:42

 
 
Comment on this story
7 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

For detailed Unit Trust information, click here.

We're Talking About...

The Debt Issue

The Debt Issue brings you the latest debt news, tips on how to deal with and avoid debt, a panel of debt experts and real life debt stories from across South Africa.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...