New director at Meggitt
Haluk Durudogan has to taken over as President of Meggitt Aircraft Braking Systems, replacing Ken Schwartz who left to pursue private ventures.
Haluk Durudogan has to taken over as President of Meggitt Aircraft Braking Systems, replacing Ken Schwartz who left to pursue private ventures.
Chief Executive of the aerospace and defence engineering firm, Terry Twigger, said: "Ken Schwartz led our aircraft braking systems division successfully through integration and transformation. He hands over to Luke a world-leading business and a highly skilled MABS team with many exciting growth opportunities ahead of them."
The move follows what Credit Suisse described as a "week of negative newsflow for three of the group's key military platforms: F-35 JSF, Black Hawk helicopter & Eurofighter." Together, the three account for around 8% of Meggitt's revenues.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The Pentagon has binned plans to increase its order for the F-35 in fiscal 2013 and has deferred helicopter upgrades. Meanwhile, the Eruofighter loss in India has been confirmed.
"Defence growth guidance looks optimistic. Eurofighter, F-35 and Black Hawk are all platforms in which growth was expected to offset defence weakness elsewhere," the broker asserted. "We remain cautious on Meggitt's guidance of ~2% medium-term military growth, especially following what we expect to be an unusually strong 2011 for the group's defence business," Credit Suisse said, as it reiterated its under-perform expectation for Meggitt.
Despite Credit Suisse's note, Meggitt's share price rose 0.41% to 364.5p by 13:38.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Oil price stays steady as tensions in Middle East boils over
Oil prices surged after Israel's attack on Iran, but the global market for the commodity is forecast to remain well-supplied until 2030
-
Israel attacks Iran – will the US join the conflict?
Opinion The two countries have been exchanging fire since Israel launched air strikes against Iranian nuclear facilities and infrastructure on Friday 13 June. But without US involvement, it may only have created a “wounded big beast”