HAWKER, EUROPEAN FIRM JOIN LUFTHANSA TAKES CONTROL OF SUN VALLEY COMPANY.Byline: Chris Sieroty Staff Writer SUN VALLEY - Lufthansa Technik AG, a subsidiary of Lufthansa, one of the largest airlines in Europe This is a list of largest airlines in Europe: Total scheduled passengers carried in 2006 Rank Airline Passengers Carried (Millions) Notes 1  Air France-KLM 69. , has acquired a controlling interest controlling interestThe ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Hawker Pacific Aerospace Hawker Pacific Aerospace is a multinational aircraft parts and repair company based in the United States, and the United Kingdom. The company is a descendant of the Hawker Siddeley Company. It was formed in 1980 within British Aerospace, and merged with Dunlop Aviation Inc. in 1994. , both companies announced Thursday. Lufthansa Technik acquired its controlling interest in a private transaction by purchasing 40 percent of the company's common stock from Unique Investment Corp. ``The combination of Hawker Pacific and Lufthansa Technik should provide dramatic synergies to both companies,'' said Dave Lokken, Hawker's president and chief executive officer. ``Lufthansa Technik is a perfect strategic partner for Hawker in that it operates in the same industry and market segment and is also recognized as a worldwide presence in landing gear overhaul and repair,'' Lokken said. In addition, Lufthansa purchased preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. from another private investor group, and in exchange for a $9.3 million investment in Hawker Pacific, has received warrants which, if approved by the company's shareholders, could increase its interest to 64 percent. Lufthansa also provided $10 million to purchase a portion of the company's debt and will assist Hawker in securing a new line of credit by the end of next month. Lokken said the deal with Lufthansa was necessary because the company's new facility in London had drained resources and weakened the overall health of the company this year. With its 180 employees, the Hawker facility in London currently services landing gears of all Boeing aircraft and will soon provide services for Airbus and former Douglas aircraft. ``The combination of LHT's existing landing gear business with the company's current No. 2 market position now makes Lufthansa one of the world's foremost providers of landing gear overhaul services,'' said Wolfgang Mayrhuber Wolgang Mayrhuber is the current CEO of europe´s second largest airline Lufthansa. He´s engineer and succeeded Jürgen Weber in ???. , chairman of Lufthansa's executive board. Under terms of the deal, Mayrhuber has been appointed as the new chairman of Hawker's board of directors. Based in Sun Valley, the 41-year-old aerospace company employs 500 people and has repair facilities in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , London and Amsterdam. Hawker Pacific reported revenues of $82 million last year. Shares of Hawker Pacific lost 46.8 cents, or 7.25 percent, to close Thursday at $6 on heavy volume of 227,000 shares traded on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. . |
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