Innovative Solutions & Support has issued the following statement:
“It is with great sadness that we announce that Geoffrey S. M. Hedrick, our founder, Chairman of the Board and Chief Executive Officer, has passed away due to complications from a sudden illness. The entire IS&S family mourns this tragic loss. He will be sorely missed.”
Glen R. Bressner, the Vice Chairman of the Board of Directors of IS&S, added: “On behalf of our Board of Directors, management team, and employees, we extend our deepest sympathies to Mr. Hedrick’s wife, daughter and loved ones. We will miss the creativity, keen intellect and leadership Geoff has shown over the past several decades.”
Hedrick spent his entire professional career in the avionics industry. Following his electrical engineering education at Cornell he worked briefly in the aviation instrument subsidiary of Bulova. In 1971, Hedrick founded Harowe Systems, Inc. as a joint venture with another company in aerospace hardware. By 1978, Harowe Systems had grown substantially and was spun out and acquired by Smiths Industries. He continued to run Harowe and later served as President and Chief Executive Officer of Smiths Industries North American Aerospace Companies. In 1988, he founded IS&S where he served as Chairman and Chief Executive Officer. During the course of his career in avionics, Hedrick held nearly 100 patents in the electronics, optoelectric, electromagnetic, aerospace and contamination-control fields.
Curtiss-Wright Corporation has entered into an agreement to acquire the assets that comprise the Safran Aerosystems Arresting Company (SAA) for $240 million in cash. SAA is a designer and manufacturer of aircraft emergency arresting systems with more than 5,000 systems worldwide and currently sells into more than 70 countries.
SAA generated sales of approximately $70 million in 2021 and is expected to be accretive to Curtiss-Wright’s adjusted diluted earnings per share in its first full year of ownership, excluding first year purchase accounting costs, and produce a strong free cash flow conversion rate well in excess of 100%. The acquired business will operate within Curtiss-Wright’s Naval & Power segment.
“The acquisition of the Safran arresting systems business increases the breadth of our global defense portfolio and firmly establishes Curtiss-Wright as a leading global supplier of fixed-wing aircraft recovery and arresting systems,” said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation. “SAA’s technologies are a logical extension to our existing helicopter landing and recovery systems. The combination provides an opportunity to leverage our long-standing relationships with leading defense customers supporting critical defense platforms, such as the F-35, and is expected to yield significant opportunities for revenue growth, including increased foreign military sales.”
“Building on our successful acquisition track record, SAA’s critical safety systems have a strong alignment to our strategic priorities as highlighted at our 2021 investor day.”
Through its predecessor companies, SAA created the first aircraft arresting system in 1960. Today, its diverse product portfolio includes energy absorbers, including the BAK-12 multiple disc mechanical brake system, retractable hook cable systems, net-stanchion systems and mobile systems to support aircraft carrier and fixed land-based arresting systems. In addition to being a world leader in land-based military arresting systems, SAA also supplies the mechanical braking module for the Advanced Arresting Gear (AAG) used on the U.S. Navy’s Ford-class aircraft carrier program. SAA’s aftermarket business, which is supported by the world’s largest installed base of arresting systems, provides cradle-to-grave support from civil engineering at installation, on-site qualification through post-installation maintenance, spares, and overhaul services.
SAA, which employs nearly 140 people, is based in Aston, Pa., and maintains operations in Merpins, France. The acquisition is expected to close in the third quarter of 2022, subject to regulatory approval and other closing conditions.
ZEVA successfully achieved its first untethered, powered, controlled flight test for its full-scale ZEVA ZERO flying wing airframe utilizing its eight zero-emission electric motor-driven propellers. The major milestone for the Tacoma-based startup occurred in rural Pierce County, Washington, on Sunday, January 9th, 2022 as part of its rigorous test program to achieve FAA airworthiness certification.
The uncrewed ZEVA demonstration aircraft completed four flights, totaling more than four minutes of controlled hovering, simulated taxiing maneuvers at slow speeds, and limited vertical climb maneuvers. Its compact airframe is designed for a single pilot and is small enough to fit in a standard automobile parking space. The vehicle is projected to cruise at speeds of up to 160 mph with a range of up to 50 miles, optimizing point-to-point travel.
“This is a huge inflection point for ZEVA as we join an exclusive set of proven flying eVTOL platforms, and a testament to the relentless hard work and ingenuity of our entire team over the past two and half years,” said Stephen Tibbitts, CEO and Chairman of ZEVA. “We are dissecting our learnings from our critical first taxiing flight, which is a direct result of the support we’ve received from our investors and community, leading us to bring in additional talent to spearhead this historic moment. We are eager to continue to our next stage of hover flight testing on our road to certification and eventual autonomous flight allowing anyone, not just pilots, to access zero-emission point-to-point travel.”
ZEVA experienced tremendous growth this year, with the addition of Gus Meyer as flight control engineer and several other key hires. The team completed more than 50 successful tethered flights, showcased the ZEVA ZERO aircraft at the Dubai Air Show in November, and was awarded a grant by Washington’s Joint Center for Aerospace Technology Innovation (JCATI) to work with Washington State University on ZEVA Aero’s aerodynamic configurations to optimize the vehicle’s thrust and controls. ZEVA has also worked with NASA in conjunction with its Urban Air Mobility Grand Challenge.
“The ZEVA team has done an incredible job with the design and manufacturing of this aircraft, which was evidenced in this exceptionally smooth and successful first flight,” said Gus Meyer, the test pilot controlling the ZERO via a remote radio link. “This achievement is also a testament to the extraordinary talent and experience of the team, and the supportive partnerships that helped make this a reality.” ZEVA will continue hover flight tests and advance to transition flight testing this spring to fine-tune the unique Superman-like trajectory of the aircraft design. The patent-pending design is expected to be available for pre-order for consumers for a $5,000 deposit as early as spring of this year, with an eventual price tag for the first production units estimated at under $250,000.
Vistair, a provider of content, safety and data management solutions to the aviation industry, has opened 2022 with a number of leadership promotions to support their ongoing growth. Ian Herbert, one of the two founders, will move from his role as CEO to vice chairman, taking on a more strategic advisory role. Rob Morgan, former chief financial officer (CFO) will become CEO effective at the beginning of January 2022.
Ian Herbert
Since forming Vistair in 2001, “Herbert has steered the company and played a key role in its success and helping the company to secure its market-leading position through best-in-class capability and service,” the company says.
“It has been a tremendous honour to serve as the CEO of Vistair since founding the company, and I am incredibly proud of everything our team has accomplished together in the last 20 years,” Ian Herbert, vice chairman at Vistair said. “As Vistair continues to develop and grow at such a rapid pace, I feel that this is the right time for me to step back from day-to-day operations and play a more strategic role as we build on our strengths and embrace the new opportunities that lie ahead of us. Over the last five years, Rob has worked closely with me and my fellow founder David Hedley, helping to grow Vistair’s capabilities and teams to proactively support our global partner base. Rob has been so much part of what I have been doing that it will be a very easy and seamless transition for Vistair. I cannot imagine anyone better than Rob to take over the role of CEO and I am very confident in the future of Vistair under his leadership.”
David Hedley will transition from his current role of chief technology officer (CTO) to the role of chief innovation officer. This will allow him to devote more time to ensuring that DocuNet remains at the cutting edge and delivering other high-impact technologies for Vistair’s partners. Wayne Enis will move into the CTO role, taking on Vistair’s Technology function as well as leading the Professional Services teams.
Johnny Bray will succeed Morgan in the role of CFO.
“I have worked with Ian and Vistair from its birth in 2001, and the Vistair team have built a hugely well-deserved market reputation for innovation and service excellence. It has been very rewarding to see the team grow and flourish, our solutions continue to evolve, and the relationships with our partners continue to deepen and expand,” Rob Morgan commented. “Both Wayne and Johnny have had a hugely positive impact across our business, and will play important roles ensuring Vistair continues to deliver success for our partners within ever changing markets. It is great that David and Ian, the two founders of the business and architects of Vistair’s culture, will help and support me to build on the success to date.”
AGCO, Your Agriculture Company announced an agreement to acquire Appareo Systems, a leader in software engineering, hardware development and electronic manufacturing. The acquisition is expected to close in January 2022.
Appareo, based in Fargo, North Dakota, specializes in the research, development, design, and manufacture of tangible technology that utilizes A.I., mechatronics, and innovative electronics. The solutions Appareo has delivered are focused on communication, monitoring, sensing, tracking and controlling devices and systems used in the agricultural and aviation industries as well as other off-road businesses.
“Appareo has developed a world-class organization with exceptional capabilities to solve highly complex customer problems in emerging technology areas,” said Eric Hansotia, AGCO’s chairman, president and CEO. “We see Appareo as a great addition to support delivering high quality, smart solutions to our farmers to maximize both their user experience and profitability. The addition of Appareo enhances our portfolio and talent as we execute our strategy to provide advanced technology solutions to farmers around the world.” AGCO intends to retain the Appareo team and maintain its operations in Fargo, North Dakota and Paris, France.
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