Posted on 03/16/2006 9:05:53 PM PST by Yaakov The Orator
The U.S. government seems to have Dubai fixed firmly in its crosshairs.
First it was DP World and its efforts to take over operations of six American East Coast ports as part of its acquisition of Britain's P&O, which operates port facilities around the world.
Today, it's Dubai International Capital and its $1.2 billion acquisition of Britain's Doncasters Group, which makes components for military planes and helicopters and has plants in Georgia, Connecticut and other U.S. states. The Dubai-based private equity firm announced in December that it intended to acquire Doncasters and its manufacturing operations in Britain, the U.S. and Mexico. Its customers include General Electric (nyse: GE - news - people ), Rolls Royce and the Pratt & Whitney unit of United Technologies (nyse: UTX - news - people )--all large manufacturers of jet engines and components.
(Excerpt) Read more at forbes.com ...
No words...
Too bad.
=== ping ===
I guess there would be no political process if a foreign govt wanted to do business in Dubai then?
Something's very weird about how this "dup bye ball" is rolling through the pinball machine.
They are purchasing a machine shop... whats the big deal?
Rincon, Georgia
exactly, the only problem is security of the the blueprints/manufacturing processes. we have laws for that.
Interesting.
Bet you're scared... GA and all. /sarc
Why would they have to steal anything they already own Boeing aircraft and Lockheed F16's. In addition they put up part of the investment for part of the F16's development. The UAE can well afford the investment for any technology they need. That company needs new investment, if you don't want them to have it let them go broke.
“Let’s say skinheads had bought a company to take over our port,” [Sen. Chuck Schumer] said. “I think the outcry would have been the same.”
Dubai International Capital LLC ('DIC'), the international investment arm of Dubai Holding, today announced that it has signed an agreement to acquire UK-based Doncasters Group Limited ('Doncasters') for AED 4.5 Billion from Royal Bank of Scotland Equity Finance (RBEF).
Doncasters is a leading manufacturer of precision engineered components and systems for applications in a variety of industries. The company operates 25 manufacturing facilities and employs over 4,500 people across Europe and North America. It has an international blue chip customer base in the aerospace and industrial gas turbines industries and the automotive turbocharger and medical technologies sectors.
Doncasters has long standing and very close working relationships with all the leading global players in every area of its operations. Clients include Boeing, GE, Rolls-Royce, Honeywell in aerospace and Siemens.
The management team of Doncasters, led by Eric Lewis, is fully committed to the future of the company and will re-invest alongside DIC to increase their ownership further.
This investment follows a series of strategic, value-driven investments by DIC including a US$1 billion investment in DaimlerChrysler, the £800 million acquisition of The Tussauds Group, along with its anchor investments of US$272 million in JD Capital investment company in Jordan and US$150 million in Ishraq, a company formed to develop and own up to 22 Express by Holiday Inn hotels in the Middle East.
DIC's financial adviser on the transaction was HSBC Bank plc. RBEF was advised by Lazard & Co. Limited. Completion of the transaction is subject to regulatory approval and is expected in February 2006.
Mohammed Al Gergawi, Executive Chairman of Dubai Holding, commented:
'This acquisition is in line with our mission to take direct investments in leading international firms and blue chip organisations, with the aim of generating long-term shareholder value, whilst creating strategic alliances for Dubai Holding' Sameer Al Ansari, Chief Executive Officer of Dubai International Capital, added: 'We found in Doncasters, as in the case of our investment in The Tussauds Group, a market leader with a strong committed management team, led by its highly respected CEO, Eric Lewis and attractive growth opportunities. We believe that together with the management team, we will continue to grow Doncasters and produce above average returns for all its shareholders.'
Eric Lewis, Chief Executive of Doncasters, said: 'The acquisition by DIC is a strong affirmation of Doncasters' continued growth prospects. New ownership provides us with a stable platform from which we can build on our robust business pipeline.' We are looking forward to working closely with DIC to continue to deliver strong growth in the future. We also take this opportunity to thank the Royal Bank of Scotland for its continued support over the past four years.'
Ame Info News
December 14, 2005
I guess it is big if it goes through committee... although this article is dated two weeks ago.
I didn't hear any complaints from congress about this.
Boeing 787 Highlights $600 Million in Contracts with Chinese Suppliers
BEIJING, June 02, 2005 -- Boeing [NYSE: BA] today announced agreements with Chinese suppliers worth an estimated US$600 million for production of commercial airplane parts and components, including the first firm contract with such suppliers to build parts for the all-new Boeing 787 Dreamliner.
Boeing Commercial Airplanes Vice President and General Manager, Airplane Production Carolyn Corvi represented Boeing in Beijing to finalize contracts for the 787 composite rudder, the 737 forward entry door and the 737 automatic over-wing exit door with Chengdu Aircraft Industrial (Group) Co. Ltd. (CAC), a China Aviation Industry Corporation I (AVIC I)-affiliated company. Also completed were contracts for the 787 wing-to-body fairing panels between Boeing and Hafei Aviation Industry Co., Ltd. (Hafei), an AVIC II-affiliated company.
Additional announced agreements further reflect the expanding role by China in the production of airplane components for Boeing.
Shenyang Aircraft Corporation, an AVIC I-affiliated company, signed memorandum of agreement with Boeing to build the 787 leading edge assembly for the vertical fin. BHA Aero Composite Parts Co. Ltd. signed memorandums of understanding to build the interior panels for the 777 control cabin, as well as the wing-to-body fairing panels and tail cone for the Next-Generation 737. BHA is an equity-share joint venture between Boeing, Hexcel Corp. and AVIC I.
"Today's agreements, in full compliance with U.S. and Chinese export regulations, offer a continuing example of the important and growing role in China on the 787 and participation in the 777, 747 and 737 airplane programs," Corvi said. "China's aviation industry is providing outstanding technological capabilities and resources that help us meet quality, cost and delivery imperatives in our programs -- particularly on the new 787. China has been a reliable partner to Boeing for many years and we are honored that they are part of our future with the 787 airplane."
Also at the signing event, Boeing announced the decision to substantially increase 737 component production rates at Shanghai Aviation Industrial Corp., Xi'an Aircraft Company and Shenyang Aircraft Corporation for the manufacture of 737 empennages, including the vertical fin and horizontal stabilizer.
Joining Corvi at the event were Liu Gaozhuo, president, AVIC I; Luo Ronghuai, chairman and president, CAC; Xu Zhanbin, vice president, AVIC II; Hu Haiyin, chairman of the board, Hafei; Ian Chang, general manager, BHA; Li Fangyong, chairman and president, Shenyang Aircraft Corporation; Fu Shula, president, CATIC; and David Wang, president of Boeing China.
Liu Gaozhuo said AVIC I and its facilities have 30 years of working together with Boeing.
"The 30 years has resulted in an increasing understanding and trust between AVIC I and Boeing, and a win-win cooperative spirit," he said. "All of our efforts have paid off, and we are happy to see the cooperative relationship between us getting more solid every day. AVIC I will work hard toward becoming a world-class supplier and one of the more outstanding aviation companies in the world."
Xu Zhanbin said: "This is the very first time an AVIC II company has worked with Boeing. We look forward to seizing this historical opportunity to enhance and extend our working-together relationship with The Boeing Company. I believe our cooperation will be mutually beneficial and a complete success."
Luo Ronghuai of CAC expressed pleasure in becoming a supplier-partner on the all-new 787 airplane.
"The contract signing signifies a new era of Sino-Boeing cooperation," he said. "It is an honor to be one of the first supplier-partners in China to finalize a contract for work on the Boeing 787 Dreamliner, as well as receive new work on the best-selling 737 airplane."
Hu Haiyin said Hafei is looking forward to working with Boeing on the wing-to-body fairing panels for the 787 Dreamliner.
"We are very excited to be selected as Boeing's partner to help build the structural components for this exciting new airplane," he said. "This opens the first page of a positive Hafei-Boeing relationship."
Ian Chang said this is a great expansion of work statement for BHA.
"BHA has been selected by Boeing as a supplier-partner for additional statements of work on the 777 and 737, and we will be working together to finalize contracts for these parts and assemblies," he said.
Li Fangyong of Shenyang Aircraft Corporation said there has been a very long and trusted relationship working together with Boeing on the 737 airplane, which his company intends to expand on the 787 airplane.
"Building for the future, SAC has constructed a new commercial machine shop and has nearly completed a new composite manufacturing center," he said. "It is our goal to support all future Boeing programs."
Commercial aviation is crucial to the advancements that will sustain continued economic growth and development in China. Boeing has worked with China's aviation industry for more than 33 years. With these announcements today, Boeing now holds contracts valued at $1.6 billion with China's aviation industry.
Today, more than 3,500 Boeing airplanes -- one third of Boeing's world fleet -- have major parts and assemblies built in China. Examples of major parts and assemblies built for Boeing by the Chinese industry include the 737 horizontal stabilizer from Shanghai Aircraft Corporation, 737 vertical fin from Xian Aircraft Corporation and 737 tail section modules from Shenyang Aircraft Corporation.
Boeing is China 's largest commercial aviation partner. Over the next 20 years, Boeing forecasts that China will need 2,300 jetliners, becoming one of the world's largest airplane markets. Boeing has offered free training to more than 27,000 Chinese aviation professionals since 1993 including pilots, maintenance, flight operations, quality and manufacturing personnel, executives and managers.
Thank you.
Dated in December of last year.
Why the handwringing now? (I know).
Doncasters is not a machine shop - they forge high tech turbine blades that go in F-15, F-22, and 777 jet engines, and M1A1 tank turbine engines.
Personally, I had less of a problem with them running a bunch of cranes at ship terminals than with them controlling a major source of parts for Americas military weapon systems.
lets see if CFIUS has a problem with it.
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