Tag Archives: 100th Boeing 737

Boeing dedicates $50 million of pledged $100 million to near-term relief for families of the victims of the Lion Air flight 610 and Ethiopian Airlines flight 302 accidents

Boeing has made this announcement:

Boeing has announced that it has dedicated $50 million of a previously announced $100 million fund to provide near-term financial assistance to families of the victims of the Lion Air Flight 610 and Ethiopian Flight 302 accidents.

Boeing also announced that it has retained Kenneth Feinberg and Camille Biros, renowned experts in establishing and overseeing victims’ compensation funds, to design and administer the fund.

“The tragic loss of life in both accidents continues to weigh heavily on all of us at Boeing, and we have the utmost sympathy for the loved ones of those on board,” said Dennis Muilenburg, Boeing chairman, president and CEO. “Through our partnership with Feinberg and Biros, we hope affected families receive needed assistance as quickly and efficiently as possible.”

The $50 million fund represents the initial expenditure of a $100 million pledge by Boeing to address family and community needs of those affected by the accidents. All monies distributed by Mr. Feinberg and Ms. Biros will be independent from any resolution provided through the legal process.

“We are honored to take on this important assignment of providing needed financial relief to the families of these two tragedies,” added Kenneth Feinberg.

Co-Administrator Camille Biros continued, “We know how important it is to assist the families of the victims who have endured a personal tragedy and will work to design and administer the fund and distribute the money as efficiently and expeditiously as possible.”

Copyright Photo: Joe G. Walker.

Note: Meanwhile all of the Boeing 737 MAX airplanes in the world remain grounded and out of service.

FedEx Corporation to acquire TNT Express for $4.8 billion

FedEx Corporation (FedEx Express) (Memphis) has announced its intention to acquire its European rival TNT Express (TNT Airways) (Amsterdam) in an all-cash public offer with a stated public value of $4.8 billion. FedEx is offering a 33 percent premium in its price offering for the stock of TNT. The combined European headquarters will be Amsterdam. TNT’s Liege cargo hub will be maintained.

The two companies issued this joint statement:

FedEx Corporation logo

TNT Express logo

 

Transaction highlights:

FedEx Corporation (FedEx) and TNT Express N.V. (TNT Express) reached conditional agreement on recommended all-cash public offer of €8.00 per ordinary TNT Express share.

The Offer Price represents a premium of 33% over the closing price of 2 April 2015 and a premium of 42% over the average volume weighted price per TNT Express share of €5.63 over the last 3 calendar months.

The transaction represents an implied equity value for TNT Express of €4.4 billion ($4.8 billion).

Transaction unanimously recommended and supported by TNT Express’ Executive Board and Supervisory Board.

High level of deal certainty.

PostNL N.V. has irrevocably confirmed to support the Offer and tender its 14.7% TNT Express shareholding.

Combination will transform FedEx’s European capabilities and accelerate global growth.

Customers will enjoy access to an enhanced, integrated global network, combining TNT Express strong European capabilities and FedEx’s strength in other regions globally, including North America and Asia.

FedEx and TNT Express employees share a commitment to serving customers and delivering value for shareholders and supporting the communities they live and work in.

The parties have agreed to certain non-financial covenants including:

Existing employment terms of TNT Express will be respected.

The European regional headquarters of the combined companies will be in Amsterdam/Hoofddorp.

TNT Express hub in Liege will be maintained as a significant operation for the group going forward.

TNT Express’ airline operations will be divested, in compliance with applicable airline ownership regulations.

FedEx and TNT Express anticipate that the Offer will close in the first half of calendar year 2016.

FedEx and TNT Express are confident that anti-trust concerns, if any, can be addressed adequately in a timely fashion.

Top Copyright Photo: Paul Bannwarth/AirlinersGallery.com. FedEx Express Boeing 757-204 (F) N923FD (msn 26266) departs from EuroAirport serving Basel/Mulhouse/Freiburg.

FedEx Express aircraft slide show: AG Airline Slide Show

TNT aircraft slide show: AG Airline Slide Show

Bottom Copyright Photo: Bernhard Ross/AirlinersGallery.com. TNT Airways Boeing 737-4M0 (F) OE-IAT (msn 29210) taxies to the runway at Frankfurt.

Malaysia Airlines takes delivery of its 100th Boeing 737

Malaysia Airlines 100th 737 Delivery Ribbon Cutting

Malaysia Airlines (Kuala Lumpur) and Boeing (Chicago, Seattle and Charleston) celebrated the carrier’s 100th 737 direct delivery yesterday (December 19) (above) with a special handover ceremony. The airplane, Boeing 737-8H6 9M-MXY (msn 40162), is scheduled to arrive in Kuala Lumpur, Malaysia on Sunday.

Malaysia took delivery of its first 737, a 737-200, in 1972 and has operated the 737-200, 737-300, 737-400, 737-500 and 737-800 as well as 747-400s and 777-200 ERs (Extended Range).

Malaysia Airlines’ new 737-800 features the Boeing Sky Interior, with larger pivoting overhead stowage bins, larger window reveals and LED lighting to enhance the sense of spaciousness. Malaysia was the Asia launch customer for the Boeing Sky Interior. The airline has an additional 10 737-800s on order.

Top Photo: Boeing. 9M-MXY wears a Malaysia 100th Boeing 737 special logo.

Malaysia Airlines aircraft slide show: