Sikorsky Aircraft Corp. has closed on an equity investment that gives the helicopter maker a minority stake in Eclipse Aerospace and will closely tie the companies in many facets of Eclipse’s operation. The companies announced the agreement during the National Business Aviation Association’s annual meeting and convention in October, but neither party will disclose the deal’s value or the structure of Sikorsky’s holding. Eclipse Chairman Mason Holland, however, stresses that Eclipse remains an independent company and plans call for that to continue.
Sikorsky and Eclipse also entered into a “service level agreement,” under which Sikorsky will provide global supply chain support for the existing 260 Eclipse 500 twin-engine aircraft and certain production restart services.
With the investment, Eclipse will have the depth, experience and strength of Sikorsky, Holland says. “We … hope to draw from Sikorsky’s significant global supply chain resources and manufacturing experience,” he says. The deal with Sikorsky, he says, will help Eclipse “move all areas of the business a lot quicker.” Eclipse will have access to Sikorsky’s distribution network and supply chain to get parts and services to its customers more rapidly. In addition, Eclipse will be able to tap into Sikorsky’s expertise as it continues to move toward resuming production, he adds.
Eclipse, however, is not yet ready to outline plans for when production might restart. Holland reiterates that the company is waiting for the market to pick up before it resumes Eclipse 500 production lines. But the agreement with Sikorsky “signals we are much more definitive” about restart, Holland says. “We’re ready to build planes today. The market is not ready for demand yet.”
Eclipse has been working with FAA for more than a year to prepare for the eventual restart, he says. As for building sales, Holland says the company also will be able to leverage the Sikorsky sales force.
But Holland also believes that Eclipse will be able to build a base from clients who the company has lined up from its Total Eclipse refurbishment program. Under Total Eclipse, Eclipse purchases Eclipse 500s from the open market and refurbishes the aircraft with a number of upgrades, including the AvioNG integrated flight management system, ability to fly into known ice, and coupled autopilot approach capability. The upgraded aircraft also include new paint and a new interior.
Sikorsky President Jeffrey Pino was one of the first customers of the Total Eclipse, Holland says, beginning a relationship between the two companies.
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