Safran’s Acquisition Target Zodiac Aerospace Announces Profit Warning as Production Woes Continue
Wide-moat Safran’s acquisition target Zodiac Aerospace reported disappointing first-half 2017 sales, down 2.6% organically year on year, owing to production issues in its U.K. seats facility, cost overruns related to ramp-up of Airbus A350XWB toilets, and largely expected weak demand for airplane equipment for helicopters and business and regional jets. As no binding documents have been signed and we expect Safran to push for changes in the deal terms and lower the offering price, we lower the p...Zodiac SA. Zodiac Aerospace SA is a France-based aeronautical company engaged in the development of aerospace equipment and systems for commercial, regional and business aircraft, as well as helicopters and space applications. It is structured into three business sectors: Cabin Interiors Segment, which designs and markets seats and cabin fittings, as well as supplies complex sanitary and food equipment; Aircraft Systems Segment, engaged in fields, such as fuel circulation, oxygen & life support, electrical power management, cockpit controls and displays, lighting and actuators, hydraulics and controls, as well as environment control systems; and AeroSafety & Technology Segment, which offers emergency evaluation systems, emergency arresting, interconnect, parachute and protection systems, elastomeric technologies & systems, telemetry, telecommunications and airbags.
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