It’s been less than a year since Park Electrochemical opened its doors at the Newton airport, but already it’s planning a major expansion.
Park Aircraft Technologies Corp., as the business there is called, plans to add 42,000 square feet of manufacturing, office and storage space in a $5 million project. It’s expected to open by September 2010.
Employees at the facility develop and produce advanced composite materials for the aircraft and space vehicle industries. The expansion is needed so the company can offer a wider array of composite materials, parts manufacturing and development technology and capability to the two industries, the company said.
In 2008, the Melville, N.Y.-based company opened the 52,000 square-foot Newton plant, a $15 million project.
As widely expected, Boeing announced today that it will acquire Vought Aircraft Industries‘ South Carolina facility, where Vought builds a key portion of Boeing’s 787 Dreamliner.
Many view the move as Boeing’s admittance it needs more direct control of the 787 production line.
The purchase doesn’t come as any surprise, says analyst Saj Ahmad. Once Boeing took over Vought’s share in Global Aeronautica a few months ago, it was “inevitable that the widely regarded weak link would be consumed.”
Vought’s slow pace of improvement on the 787 program meant that Boeing was going to have to act sooner rather than later, Ahmad said.
The beleaguered 787 program has had six schedule delays and setbacks.
The purchase should increase the efficiency and seamlessness within the 787 supply chain, said Macquarie Securities analyst Robert Stallard in a report.
It also can pave the way for Boeing to set up a second assembly line once Boeing ramps up production.
But there’s no rush, Ahmad said. Other suppliers and partners can’t ramp up production to meet the demands of two lines, so Boeing has some time to decide where to put the second line.
TECT Aerospace, based in Wichita, has named Gilles Meurice its new chief financial officer.
Meurice will be responsible for leading financial planning, financial risk management and financial reporting, the company said.
Before joining TECT, Meurice served as director of financial planning and analysis at Allied Signal, director of business process improvement for Nissan North America, vice president of new business ventures with Brunswick Corp. and principal at FGM Consulting.
He has a masters in engineering from Ecole Nationale des Ponts et Chaussees, a masters in economy from the University of Paris and a master of business administration from Dartmouth College.
TECT Aerospace supplies components and assemblies to the aerospace and aviation industries.
