plus 4, Textron gets $10M contract for armored vehicles - Atlanta Journal Constitution |
- Textron gets $10M contract for armored vehicles - Atlanta Journal Constitution
- MIT's Technology Review Features Advanced Steam Engine from Cyclone ... - Yahoo Finance
- Textron Marine & Land Systems Contracted to Build 27 Additional ... - PR Inside
- TRW Automotive secures $400 million in term loans - WTOP
- GM's Saab struggles show how tough it is for auto industry - USA Today
| Textron gets $10M contract for armored vehicles - Atlanta Journal Constitution Posted: 22 Dec 2009 08:37 AM PST The Associated Press NEW ORLEANS — Textron Inc. said Tuesday it received a $10 million contract to build 27 armored vehicles for the U.S. Army. The Armored Knight vehicles will be delivered to the U.S. Army Tank-automotive and Armaments Command by the end of 2010, Textron said. The work will be done by the Textron Marine&Land Systems business. In morning trading, Textron shares lost a penny to $19.26. ___ December 22, 2009 11:41 AM EST Copyright 2009, The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| MIT's Technology Review Features Advanced Steam Engine from Cyclone ... - Yahoo Finance Posted: 22 Dec 2009 06:13 AM PST POMPANO BEACH, Fla.--(BUSINESS WIRE)--Massachusetts Institute of Technology's online publication Technology Review.com has featured a story on Cyclone Power Technologies Inc. (Pink Sheets: CYPW - News) and its heat-regenerative, external combustion engine. The posting by Technology Review's energy editor, entitled Return of the Steam Engine?, discusses the renewed development in advanced steam technology, and how these all-fuel, clean burning engines – specifically Cyclone's – could one day replace the internal combustion engine. Cyclone's patented external combustion engine is heat-regenerative, capturing lost energy and feeding it back into the engine (a process known as a Schoell Cycle). It is also water lubricated, allowing it to run on higher operating temperatures. The result of these processes is thermal efficiencies well over 30%, all in a compact package capable of being placed into automotive or stationary power generation applications. Equally important, the Cyclone is able to run on virtually any fuel, including liquid biofuels and solid biomass, and combusts these fuels at atmospheric pressures which avoids the creation of NOX emissions. "We welcome discussion of steam engines alongside today's top performing internal combustion engines, as well as batteries and fuel cell technologies of the distant future," stated Harry Schoell, CEO of Cyclone. "We have made substantial progress in just a few years on our external combustion engine, and it is time that serious players in the automotive and power generation industries revisit this clean, capable and proven technology." MIT's Technology Review is the oldest technology magazine in the world, established in 1899, and states on its website that it aims to promote the understanding of emerging technologies and analyze their commercial, social and political impacts. To read this article, visit: http://www.technologyreview.com/blog/energy/24534/. CORPORATE PROFILE Cyclone Power Technologies is the developer of the award-winning Cyclone Engine – an eco-friendly external combustion engine with the power and versatility to run everything from portable electric generators and garden equipment to cars, trucks and locomotives. Invented by company founder and CEO Harry Schoell, the patented Cyclone Engine is a modern day steam engine, ingeniously designed to achieve high thermal efficiencies through a compact heat-regenerative process, and to run on virtually any fuel - including bio-diesels, syngas or solar - while emitting fewer greenhouse gases and irritating pollutants into the air. Currently in its late stages of development, the Cyclone Engine was recognized by Popular Science Magazine as the Invention of the Year for 2008, and was presented with the Society of Automotive Engineers' AEI Tech Award in 2006 and 2008. Additionally, Cyclone was recently named Environmental Business of the Year by the Broward County Environmental Protection Department. For more information, visit www.cyclonepower.com. Safe Harbor Statement Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Textron Marine & Land Systems Contracted to Build 27 Additional ... - PR Inside Posted: 22 Dec 2009 06:21 AM PST 2009-12-22 15:16:06 -
Textron Marine & Land Systems, an operating unit of Textron Systems, a Textron Inc. (NYSE: TXT) company, today announced the award of a letter contract to build an additional 27 Armored Knight vehicles for U.S. Army Tank-automotive and Armaments Command (TACOM). The firm-fixed-price contract, an additional undefinitized contract action under the existing ASV Production III contract, is valued at approximately $10 million and the vehicles are scheduled to be delivered by the end of 2010. The M1200 Armored Knight is a derivative of the Textron Marine & Land Systems Armored Security Vehicle (ASV). The vehicle is outfitted with a laser targeting system for the U.S. Army Field Artillery Combat Observation and Lasing Teams (COLT) by DRS Sustainment Systems Inc., the prime contractor on the M1200 program."The Armored Knight is a successful program in which the ASV platform has proven to be effective in accomplishing the mission of the U.S. Army," said Textron Marine & Land Systems General Manager Tom Walmsley. "The ASV is a versatile platform providing exceptional protection, mobility and reliability." The ASV has maintained exceptional operational readiness and combat availability rates over the life of the U.S. Army program as vehicles log more than 30,000 miles per year in combat operations. Textron Marine & Land Systems has achieved more than 51 consecutive months of on-time delivery to the U.S. Army on the ASV program. The ASV family of vehicles performs a wide variety of missions including scout, infantry personnel carrier, reconnaissance, command and control and recovery. U.S. Army ASV missions include operations with the Military Police, convoy protection, perimeter security, as well as combat laser designation with the M1200 Armored Knight ASV configuration.
About Textron Systems Textron Systems Corporation has been providing innovative solutions to the defense, homeland security and aerospace communities for more than 50 years. Known for its unmanned aircraft systems, advanced marine craft, armored vehicles, intelligent battlefield and surveillance systems, intelligence software solutions, precision smart weapons, piston engines, test and training systems, and total life cycle sustainment services, Textron Systems includes AAI Corporation, Lycoming Engines, Overwatch, Textron Defense Systems and Textron Marine & Land Systems. Textron Systems Corporation is an indirect wholly owned subsidiary of Textron Inc. More information is available at www.textronsystems.com :
About Textron Inc. Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. More information is available at www.textron.com :
Investor Contacts:TextronDoug Wilburne, 401-457-2288orBill Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| TRW Automotive secures $400 million in term loans - WTOP Posted: 22 Dec 2009 07:54 AM PST LIVONIA, Mich. (AP) - Auto parts supplier TRW Automotive Holdings Corp. on Tuesday said it secured $400 million through two new term loans and reached a deal on its revolving credit facility. The company, which makes seat belts, airbags, braking and steering systems and other parts, said one of the new loans is for $225 million, and matures on May 30, 2015. The second, for $175 million, matures May 30, 2016. The company used the proceeds, plus some of its available cash, to repay the outstanding balances of previously existing term loans, which were set to come due earlier. TRW also said it finalized an agreement with lenders representing 70 percent of commitments to amend and extend its revolving credit facility under its existing secured credit agreement. Certain lenders agreed to extend the maturity of their commitments to Nov. 30, 2014, from May 9, 2012. As a result, the company has $1.26 billion of an undrawn revolving credit facility through May 2012 and $845 million through November 2014. Each lender that agreed to extend the maturity of its revolving commitment was permitted to reduce its total by up to 20 percent and received an upfront fee. Lenders under the revolving credit facility that did not agree to the extension represent $411 million of the previous $1.35 billion of commitments. These lenders will continue to hold their commitments through May 2012. The loan deals are the latest step taken by TRW in the last six months to shore up its capital structure. The auto supplier also sold 16.1 million shares of common stock in August, raising $269 million, and completed a series of notes offerings in November that raised $493 million. The result is a reduction of the company's overall debt level and improved liquidity. John C. Plant, president and CEO, said the deals made the company's balance sheet stronger and leave it "well positioned to take advantage of the industry rebound." TRW shares closed Monday at $24.15. The stock has traded from $1.38 to $25.52 in the past 52 weeks. (Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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| GM's Saab struggles show how tough it is for auto industry - USA Today Posted: 20 Dec 2009 09:25 PM PST And this has been anything but the best of years. A revised offer for Saab was put forth Sunday, but GM has struggled to close the deal. It was forced to kill the Saturn brand when a deal with Penske Automotive fell apart. Should Saab go away, it will take with it 3,400 jobs, affecting 1,100 dealers worldwide. The automaker said Friday that a plan still is underway to sell Hummer, the last of three brands GM said it would sell or close in 2009. GM agreed in June to sell Hummer to China's Sichuan Tengzhong Heavy Industrial Machinery, but the deal is waiting for Chinese government approval. A deal to sell Saab to a group led by Swedish sports-carmaker Koenigsegg failed in November. GM then began talks with Dutch automaker Spyker, which was backed by a Russian bank. During meetings Friday in Sweden with Spyker and the Swedish government, GM and Spyker realized there were issues that could not be settled by GM's Dec. 31 deadline to close the deal. On Sunday, Spyker said its latest offer addressed each of the contentious points. Spyker said the offer expires Monday, giving GM little time to make a decision. Later Sunday, GM said it had received "inquiries from several parties." "We will evaluate each inquiry. We will not comment further until these evaluations have been completed," it said in a statement. If there is no sale, GM said it will honor Saab warranties and is taking steps to ensure that owners of its discontinued brands can get their vehicles serviced at GM dealers, in part to try to keep those owners as customers for GM's other brands. That may be tough with Saab customers: Analysts at shopping site AutoTrader.com say many have been researching BMW, Audi and Volvo. "As the Saab brand is shut down, it is likely many of those buyers will gravitate to those other brands," said Chip Perry, AutoTrader CEO. Contributing: Associatd Press Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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