Press releases 2008
| During the second quarter, Volvo Aero’s net sales decreased by 7% to SEK 1,708 M (1,845), mainly attributable to currency and lower volumes within the after market business. This was partly off-set by increased sales of commercial engine components. Adjusted for currency movements and the close-down of VAES in Stockholm, sales increased by 9%. |
| Volvo Aero and Rolls-Royce have entered into a risk and revenue sharing agreement for the Trent XWB engine for the Airbus A350XWB aircraft, under which Volvo Aero will develop and manufacture the intermediate compressor case, a key engine component.
Volvo Aero Corporation estimates the value of the contract to be approximately 40 billion SEK over 40 years. |
| Volvo Aero has entered into an agreement with aircraft engine manufacturer Pratt & Whitney to join P&W’s Geared Turbofan™ engine program. Under this arrangement, Volvo Aero will be responsible for three major components for both the Mitsubishi Regional Jet (MRJ) and the Bombardier CSeries aircraft engines. |
| Fredrik Brunell, presently Chief Financial Officer, Volvo Aero, has been appointed new Vice President, Head of Corporate Finance, AB Volvo. He will assume his new position on August 25, 2008, reporting to the Group CFO. |
| The strong organic growth in the component business continued during the first quarter, although it was somewhat offset by lower volumes in the after market business. |
| The GEnx aircraft engine, in which Volvo Aero plays a major role, has received airworthiness certification from the U.S. Federal Aviation Administration (FAA).
“Certification is an important milestone in the work to develop the environmentally adapted aircraft engines of the future. This is the fruit of four years of hard work, involving many,” comments Volvo Aero President Olof Persson. |
| Odd Tore Kurverud has been appointed the new President of Volvo Aero Norway in Kongsberg. He succeeds Reidar Lyse, who has been President since 2003 and is now leaving his position for health reasons. |
| The GEnx-2B engine that will power the new Boeing 747-8 aircraft has started its certification program with a successful ground testing at General Electric’s outdoor testing facility in Peebles, Ohio. |
| Clean Sky is one of Europe’s largest research programs ever. Together with the European Commission and the aerospace industries of Europe, Volvo Aero will develop new technologies for greener, more environmentally adapted aero engines. The project was officially launched in early February 2008 at a ceremony in Brussels. |
| Volvo Aero has developed a new fan frame concept utilizing lightweight carbon-fiber composite material. The unique composite fan frame concept (patent pending) has the potential of saving 30% in weight compared with cast titanium, and it is easy to industrialize. |
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