BUSINESS

CAE sells six flight simulators for $75 million; hires division president

06/06/2013 03:12 EDT | Updated 08/06/2013 05:12 EDT
MONTREAL - Flight training and simulator company CAE Inc. says it sold six full-flight simulators to airlines in Azerbaijan and Turkey for $75 million.

The Montreal-based company said Azal purchased three devices for the Embraer 190 E-Jet, Sikorsky S92 helicopter and AgustaWestland AW139 helicopter.

Turkish Airlines purchased simulators for the Boeing 737NG, Airbus A320 and Airbus A330 aircraft.

The six units, which are valued at $75 million at list prices, are CAE's (TSX:CAE) first simulator sales for the fiscal year, which began in April.

Azerbaijan Airlines is a new CAE customer, while Turkish airlines has previously used CAE's training services.

"We are pleased to continue to grow our relationship with Turkish Airlines and to welcome Azerbaijan Airlines as a new customer to CAE," stated CAE president Marc Parent.

The Embraer 190 simulator for Azerbaijan Airlines will be delivered in mid-2014, while the helicopter devices will be shipped in 2015.

The Turkish Airlines simulators will be delivered to the airline's training centre in Istanbul later this year and in 2014.

CAE also announced Thursday that company veteran Nick Leontidis has been appointed president of the civil segment, replacing Jeff Roberts, who is leaving the company.

Leontidis was hired at the company in 1988 as a software engineer and rose through the ranks to become executive vice president strategy and business development.

"Since joining CAE, Nick has played a key role in the success of our civil business and the expansion of our global footprint," Parent stated.

He said Leontidis has strong international experience, particularly in China, where he was responsible for developing CAE's sales.

CAE is a leading simulation and training company for civil aviation and defence, employing about 8,000 people at more than 100 sites in about 30 countries.

On the Toronto Stock Exchange, CAE's shares lost nine cents at $10.52 in Thursday afternoon trading.