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THE BOEING COMPANY

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Boeing : Honeywell and Rolls-Royce Deutschland partner to service H-47 Chinook engines

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09/18/2020 | 09:08am EDT

LONDON -- Boeing, Honeywell Aerospace and Rolls-Royce Deutschland Ltd. have reached an agreement to provide in-service support of the T-55 engine should the government of Germany select the H-47 Chinook for its Schwerer Transporthubschrauber (STH) heavy-lift helicopter requirement.

Since the forming of the Chinook Germany Industry Team in 2018, originally comprised of nine German companies, Boeing continues to build a strong industry team to provide the Luftwaffe with local long-term services support, maintenance and training of the Chinook over the next several decades. In addition, Boeing's industrial plan will foster German economic growth while creating highly skilled jobs in country.

"The partnership between Honeywell, Rolls-Royce Deutschland and our industry team members provides an established local supply base for around-the-clock parts availability, NATO interoperability and streamlined aircraft maintenance procedures," said Michael Hostetter, vice president of Boeing Defense, Space & Security in Germany. "The Luftwaffe will have access to training and sustainment solutions that ensures the H-47 Chinook's readiness for any mission."

Under the agreement, Honeywell will license Rolls-Royce Deutschland as its partner in Germany to perform depot-level maintenance of the Chinook T-55 engine operated by the Luftwaffe.

"Through an evolution of increasing engine power and performance growth derivatives, Honeywell's T-55 engine has supported the Chinook helicopter for nearly 60 years," said Oliver Stucky, vice president and general manager of Honeywell Aerospace Engineering. "During this time, Honeywell has produced more than 6,000 T-55 engines, which have logged about 12 million hours of operation. Our partnership with Boeing and Rolls-Royce Deutschland will provide the Luftwaffe with access to a world-class maintenance and repair and overhaul facility for the T-55 in Germany. The in-country location will also ensure fast and flexible reactions to cater to the demanding needs of the Luftwaffe."

"This partnership agreement brings together the industry leaders in their respective domains. Our longstanding, close relationship with Honeywell will ensure world-class in-service support for the engines of the H-47 Chinook of the German Bundeswehr right from the beginning," said Dr. Holger Cartsburg, managing director of Rolls-Royce Deutschland. "For decades, our highly qualified specialists at our German sites have provided comprehensive services for a wide range of engines operated by the German armed forces. Today's announcement proves that a world-class team is already preparing for the delivery of the first helicopter."

The H-47 Chinook is the most advanced transport rotorcraft in the United States Army inventory. With a proven track record of performance and versatility unmatched by any other heavy-lift aircraft, the Chinook provides Germany with the most modern, affordable solution ready to operate today. As chosen by NATO nations Canada, Greece, Italy, Spain, Turkey, the Netherlands, the United Kingdom and the United States, the Chinook gives Germany interoperability that other helicopters cannot, while meeting a wide range of mission needs.

"Our extended partnership with Rolls-Royce and Honeywell will deliver a strong services, maintenance and training offering for the H-47 in Germany while further integrating our operations into Germany's aerospace fabric," said Dr. Michael Haidinger, president of Boeing Germany and Central & Eastern Europe. "This is just one example of how we continue building strong partnerships with local industrial primes for the Bundeswehr's STH requirements."

Boeing has an established and growing presence in Germany. The company is a strong contributor to the German economy with more than 1,000 employees at 11 sites from Hamburg to Munich and sustains thousands of additional jobs through its supply chain and other activities. Boeing and its supply-chain partners spend almost $1.2 billion a year with its established network of suppliers located across Germany. Boeing works together with many more sub-tier and German-owned suppliers worldwide. Germany is a key market for Boeing to invest in research and technology partnerships. Boeing has established two research sites in Germany, the Research & Technology Office in Munich and the Digital Solutions & Analytics Lab Frankfurt and invests in a growing portfolio of research and technology projects with German industry, universities and research organizations.

Boeing is the world's largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. As a top U.S. exporter, the company supports commercial and government customers in more than 150 countries. Boeing employs more than 160,000 people worldwide and leverages the talents of a global supplier base. Building on a legacy of aerospace leadership, Boeing continues to lead in technology and innovation, deliver for its customers and invest in its people and future growth.

Follow us on Twitter @BoeingDefense, @BoeingDACH.

Honeywell

Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

Rolls-Royce Deutschland

Rolls-Royce (https://www.rolls-royce.com/media.aspx) pioneers cutting-edge technologies that deliver the cleanest, safest and most competitive solutions to our planet's vital power needs. The company is a market leader in defence aero engines for military transport and patrol aircraft and has strong positions in other sectors, including combat, training aircraft and helicopters. With about 10,000 employees in over a dozen different locations in Germany, the Group has a larger workforce there than in any other country outside the United Kingdom. Rolls-Royce Deutschland is Germany's only aircraft engine manufacturer licensed to develop, manufacture and maintain modern civil and military engines. The company employs about 3,800 people at its facilities in Dahlewitz and Oberursel. A total of EUR 4.4 billion have been invested in development programmes and the associated infrastructure at Rolls-Royce Deutschland since the company was established 30 years ago.

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(C) 2020 M2 COMMUNICATIONS, source M2 PressWIRE


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Financials (USD)
Sales 2020 60 583 M - -
Net income 2020 -4 426 M - -
Net Debt 2020 37 596 M - -
P/E ratio 2020 -21,5x
Yield 2020 0,64%
Capitalization 94 325 M 94 325 M -
EV / Sales 2020 2,18x
EV / Sales 2021 1,58x
Nbr of Employees 161 100
Free-Float 55,7%
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Number of Analysts 24
Average target price 189,32 $
Last Close Price 167,11 $
Spread / Highest target 58,0%
Spread / Average Target 13,3%
Spread / Lowest Target -25,2%
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David L. Calhoun President, Chief Executive Officer & Director
Lawrence W. Kellner Non-Executive Chairman
Jenette E. Ramos Senior Vice President-Supply Chain & Operations
Gregory D. Smith CFO & Executive VP-Enterprise Operations
Theodore Colbert Executive Vice President
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