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MTU AERO ENGINES AG

(MTX)
  Report
Delayed Quote. Delayed Xetra - 06/11 11:35:19 am
210.2 EUR   +1.45%
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MTU Aero Engines : and Safran Aircraft Engines create EUMET to lead engine activities of the Next-Generation Fighter (NGF)

04/30/2021 | 12:05pm EDT

Munich (Germany) / Paris (France) - Europe's Next-Generation Fighter (NGF) within the FCAS program takes a decisive step forward as MTU Aero Engines and Safran Aircraft Engines finalized their collaboration agreement by creating a 50/50 joint company.

The new entity, called EUMET GmbH (derived from European Military Engine Team), will be based in Munich and will be headed by a Safran-nominated Chief Executive Officer.

EUMET will oversee the development, production and support of the engine to power the Next-Generation Fighter (NGF). The joint venture will be the sole contract partner for the participating nations in the engine program. On this basis, MTU Aero Engines and Safran Aircraft Engines are looking forward to involve the Spanish company ITP Aero in this challenging engine roadmap. ITP will be contracted as a main partner to EUMET. Through EUMET, the partners will be developing the technology and demonstrators for a best-in-class engine that will meet the evolving needs of European armed forces.

'Establishing a joint company for this next European fighter engine is a further milestone in the close relationship of our companies which lasts already for six decades,' commented Michael Schreyogg, Chief Program Officer of MTU and first Chairman of the Shareholders Meeting of EUMET. 'This opens the next chapter in European aerospace cooperation and mirrors our equitable partnership. We have set a reliable and solid framework for pragmatic and focused decisions among the partners over the entire life-cycle of the engine.'

'The conclusion of this agreement reflects the strong and joint determination of our two companies to undertake the technological development phase of the NGF engine,' noted Jean-Paul Alary, Chief Executive Officer of Safran Aircraft Engines. 'We are looking forward to effectively undertaking this role and accountabilities throughout the program's life, starting with key developments in R&T phase along with integrating the M88 engine into the NGF aircraft demonstrator.'

The collaboration agreement between MTU Aero Engines and Safran Aircraft Engines is based on the principles defined in the Letter of Intent (LoI) and Terms of Agreement (ToA) signed by the two companies in February and December 2019, respectively. The agreement will remain effective for the program entire lifespan. The agreement terms and conditions clearly define each of the partner's industrial responsibilities: Safran Aircraft Engines will lead the engine's overall design and integration, while MTU Aero Engines will lead the engine service activities. MTU Aero Engines and Safran Aircraft Engines will combine their respective skills and expertise according to the 'best athlete' principle, within the scope of a balanced and effective governance structure and experts from both companies will jointly address the upcoming development challenges.

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
MTU AERO ENGINES AG 1.45% 210.2 Delayed Quote.-1.50%
SAFRAN 0.42% 123.64 Real-time Quote.6.63%
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Financials
Sales 2021 4 427 M 5 360 M 5 360 M
Net income 2021 289 M 350 M 350 M
Net Debt 2021 812 M 984 M 984 M
P/E ratio 2021 38,0x
Yield 2021 0,94%
Capitalization 11 178 M 13 521 M 13 534 M
EV / Sales 2021 2,71x
EV / Sales 2022 2,43x
Nbr of Employees 10 313
Free-Float 89,8%
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Mean consensus HOLD
Number of Analysts 22
Average target price 203,68 €
Last Close Price 210,20 €
Spread / Highest target 36,7%
Spread / Average Target -3,10%
Spread / Lowest Target -27,7%
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Managers and Directors
NameTitle
Reiner Winkler Chief Executive Officer
Peter Kameritsch Chief Financial & Information Officer
Klaus Eberhardt Chairman-Supervisory Board
Lars Wagner Chief Operating Officer
Thomas Dautl Member-Supervisory Board
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