Aviation Safety Network (ASN) database.
It showed there were 94 accidents across
all types of airliner operations last year.
While there were no jet airliner fatal acci-
dents, there were seven fatal accidents
involving turboprop and piston engine–
powered airliners. In addition, corporate
jets used in a variety of operational roles
were involved in 32 accidents last year,
seven of which were fatal. The 2023
Safety Report is available on the founda-
tion’s website, flightsafety.org.
The release of the report is accompa-
nied by an interactive dashboard that
features accident data and information
from the past six years that is searchable
by a range of parameters, such as type
of operation, region of the world, phase
of flight, and accident type or end state,
such as turbulence-related, runway incur-
sion or excursion, and loss of control. The
report and the dashboard present infor-
mation that covers all types of airliners
capable of carrying at least 14 passen-
gers and a wide range of corporate jets.
The dashboard can be accessed on the
foundation’s website.
TAP CLIENT PRECISION
AEROSPACE GROUP
EXPANDS PORTFOLIO
WITH ACQUISITION
OF AEROFAB NDT
Precision Aerospace Group (PAG),
a leading provider of products and
value-added services to the aero-
space, defense, and space industries
headquartered in Atlanta, Georgia,
has acquired Aerofab NDT, a Kent,
Washington–based company that engi-
neers bespoke nondestructive (NDT)
tools to safeguard the integrity of aero-
space components.
Precision collaborated with TAP
Financial Partners to complete the acqui-
sition process. The merchant bank iden-
tified Aerofab as an ideal addition to its
client’s portfolio, given PAG’s strategic
objectives and current industry offerings.
Aerofab NDT brings PAG more than
50 years of expertise and a global
customer base with its comprehen-
sive catalog of reference standards,
eddy current probes, and ultrasonic
transducers.
The acquisition marks a significant step
forward in Precision’s ongoing expansion
efforts, positioning the company as a key
player in the high-demand NDT industry.
GE AEROSPACE
LAUNCHES AS
INDEPENDENT PUBLIC
COMPANY FOLLOWING
COMPLETION OF GE
VERNOVA SPIN-OFF
In April, GE Aerospace (Cincinnati, OH)
announced its official launch as an inde-
pendent public company defining the
future of flight, following the completion
of the GE Vernova spin-off, the compa-
ny’s renewable energy business.
The launch of GE Aerospace
represents the completion of GE’s multi-
year financial and operational transforma-
tion. Over the last several years GE has
taken steps to significantly strengthen
the business, including more than
US$100 billion in debt reduction since
2018. This stronger foundation enabled
the successful creation of three indepen-
dent companies—GE HealthCare, GE
Vernova, and GE Aerospace.
“With the successful launch of three
independent public companies now
complete, today marks a historic final
step in the multiyear transformation of
GE,” said GE Aerospace Chairman and
CEO H. Lawrence Culp Jr.
With an installed base of approx-
imately 44 000 commercial engines
and approximately 26 000 military and
defense engines around the world, GE
Aerospace launches as an established
global leader in propulsion, services,
and systems. The company generated
approximately US$32 billion in adjusted
revenue in 2023, with 70% generated by
services and the strong economics of the
engine aftermarket.
At the company’s Investor Day in
March, GE Aerospace reaffirmed its 2024
guidance and presented a longer-term
financial outlook, including expecting to
achieve ~US$10 billion of operating profit
in 2028. Additionally, GE Aerospace
shared a capital allocation framework to
invest in growth and innovation, while
also returning approximately 70–75% of
available funds to shareholders.
Holders of GE common stock were enti-
tled to receive one share of GE Vernova
common stock for every four shares of GE
common stock held. GE Aerospace will
trade under the ticker “GE” on the New
York Stock Exchange (NYSE).
AMPP SECURES US$2M
BOOST FOR DOD
CORROSION FIGHT,
ENHANCING DEFENSE
AND SAFETY
The advocacy efforts of the Association
for Materials Protection and Performance
(AMPP) have led to a substantial increase
in funding for the US Department of
Defense (DoD) Corrosion Policy and
Oversight (CPO) office.
Initially expected to receive
US$3.185 million for fiscal year 2023–24,
the CPO office was ultimately allocated
$5.185 million due to the passed legisla-
tion, reflecting an increase of $2 million.
In March, President Biden signed the
US$1.2 trillion appropriations package
into law to avoid a partial government
shutdown, following months of nego-
tiations. This comprehensive package
includes the final passage of the Defense
Appropriations bills, which funds the DoD.
The purpose of the CPO office is to
reduce the total lifecycle costs of corro-
sion, increase availability, and improve
safety within the DoD. It serves as a plat-
form for stakeholder communication,
bringing together managers, logistics
supporters, engineers, scientists, and
maintainers to address corrosion threats
effectively.
SCANNER
|
INDUSTRYNEWS
We want to hear from you! News releases for
Scanner should be submitted to the ASNT press
release inbox at press@asnt.org.
12
M A T E R I A L S E V A L U A T I O N • J U L Y 2 0 2 4
It showed there were 94 accidents across
all types of airliner operations last year.
While there were no jet airliner fatal acci-
dents, there were seven fatal accidents
involving turboprop and piston engine–
powered airliners. In addition, corporate
jets used in a variety of operational roles
were involved in 32 accidents last year,
seven of which were fatal. The 2023
Safety Report is available on the founda-
tion’s website, flightsafety.org.
The release of the report is accompa-
nied by an interactive dashboard that
features accident data and information
from the past six years that is searchable
by a range of parameters, such as type
of operation, region of the world, phase
of flight, and accident type or end state,
such as turbulence-related, runway incur-
sion or excursion, and loss of control. The
report and the dashboard present infor-
mation that covers all types of airliners
capable of carrying at least 14 passen-
gers and a wide range of corporate jets.
The dashboard can be accessed on the
foundation’s website.
TAP CLIENT PRECISION
AEROSPACE GROUP
EXPANDS PORTFOLIO
WITH ACQUISITION
OF AEROFAB NDT
Precision Aerospace Group (PAG),
a leading provider of products and
value-added services to the aero-
space, defense, and space industries
headquartered in Atlanta, Georgia,
has acquired Aerofab NDT, a Kent,
Washington–based company that engi-
neers bespoke nondestructive (NDT)
tools to safeguard the integrity of aero-
space components.
Precision collaborated with TAP
Financial Partners to complete the acqui-
sition process. The merchant bank iden-
tified Aerofab as an ideal addition to its
client’s portfolio, given PAG’s strategic
objectives and current industry offerings.
Aerofab NDT brings PAG more than
50 years of expertise and a global
customer base with its comprehen-
sive catalog of reference standards,
eddy current probes, and ultrasonic
transducers.
The acquisition marks a significant step
forward in Precision’s ongoing expansion
efforts, positioning the company as a key
player in the high-demand NDT industry.
GE AEROSPACE
LAUNCHES AS
INDEPENDENT PUBLIC
COMPANY FOLLOWING
COMPLETION OF GE
VERNOVA SPIN-OFF
In April, GE Aerospace (Cincinnati, OH)
announced its official launch as an inde-
pendent public company defining the
future of flight, following the completion
of the GE Vernova spin-off, the compa-
ny’s renewable energy business.
The launch of GE Aerospace
represents the completion of GE’s multi-
year financial and operational transforma-
tion. Over the last several years GE has
taken steps to significantly strengthen
the business, including more than
US$100 billion in debt reduction since
2018. This stronger foundation enabled
the successful creation of three indepen-
dent companies—GE HealthCare, GE
Vernova, and GE Aerospace.
“With the successful launch of three
independent public companies now
complete, today marks a historic final
step in the multiyear transformation of
GE,” said GE Aerospace Chairman and
CEO H. Lawrence Culp Jr.
With an installed base of approx-
imately 44 000 commercial engines
and approximately 26 000 military and
defense engines around the world, GE
Aerospace launches as an established
global leader in propulsion, services,
and systems. The company generated
approximately US$32 billion in adjusted
revenue in 2023, with 70% generated by
services and the strong economics of the
engine aftermarket.
At the company’s Investor Day in
March, GE Aerospace reaffirmed its 2024
guidance and presented a longer-term
financial outlook, including expecting to
achieve ~US$10 billion of operating profit
in 2028. Additionally, GE Aerospace
shared a capital allocation framework to
invest in growth and innovation, while
also returning approximately 70–75% of
available funds to shareholders.
Holders of GE common stock were enti-
tled to receive one share of GE Vernova
common stock for every four shares of GE
common stock held. GE Aerospace will
trade under the ticker “GE” on the New
York Stock Exchange (NYSE).
AMPP SECURES US$2M
BOOST FOR DOD
CORROSION FIGHT,
ENHANCING DEFENSE
AND SAFETY
The advocacy efforts of the Association
for Materials Protection and Performance
(AMPP) have led to a substantial increase
in funding for the US Department of
Defense (DoD) Corrosion Policy and
Oversight (CPO) office.
Initially expected to receive
US$3.185 million for fiscal year 2023–24,
the CPO office was ultimately allocated
$5.185 million due to the passed legisla-
tion, reflecting an increase of $2 million.
In March, President Biden signed the
US$1.2 trillion appropriations package
into law to avoid a partial government
shutdown, following months of nego-
tiations. This comprehensive package
includes the final passage of the Defense
Appropriations bills, which funds the DoD.
The purpose of the CPO office is to
reduce the total lifecycle costs of corro-
sion, increase availability, and improve
safety within the DoD. It serves as a plat-
form for stakeholder communication,
bringing together managers, logistics
supporters, engineers, scientists, and
maintainers to address corrosion threats
effectively.
SCANNER
|
INDUSTRYNEWS
We want to hear from you! News releases for
Scanner should be submitted to the ASNT press
release inbox at press@asnt.org.
12
M A T E R I A L S E V A L U A T I O N • J U L Y 2 0 2 4
