Bell Helicopter [TXT] yesterday said it has agreed to sell its stake in a commercial tiltrotor aircraft project to its partner AgustaWestland to free up resources to boost its investment in the V-22 tiltrotor aircraft that it builds for the Marine Corps and Air Force with Boeing [BA].
The price being paid by AgustaWestland for Bell’s ownership stake in Bell Agusta Aerospace Co. (BAAC), which is responsible for the BA609 tiltrotor effort, was not disclosed. Bell will retain a supplier role in the program.
“Both companies agree it is the best business decision for AgustaWestland to take ownership of the program with Bell Helicopter serving as the key engineering and component supplier,” John Garrison, president and CEO of Bell Helicopter, said in a statement from the Paris International Air Show. “This decision will free up research and development (R&D) resources allowing Bell Helicopter to increase our investment in the revolutionary V-22, to develop the next-generation tiltrotor technologies for the U.S. Department of Defense program and other applications, as well as increase our investment in our innovative commercial product line.”
Bell said that it and V-22 partner Boeing have acquired a V-22 for ongoing development. It also said that it plans to increase its R&D in its commercial product line and next-generation tiltrotor technologies over the next five years.
AgustaWestland’s purchase of Bell’s stake in the BAAC must clear regulatory approvals in the United States and Europe. Bell said that the deal does not include the transfer of any V-22 tiltrotor technologies.
AgustaWestland said that it will rename BAAC, which will remain a U.S. company, although program management for the aircraft, which will be renamed the AW609, will be done in Italy. The company said it will open a new operational base in Texas to manage U.S.-based tiltrotor operations.
The BA609 is in flight testing at Bell facilities in Texas and AgustaWestland facilities in Italy. Two additional aircraft will be built in Italy and AgustaWestland said it is planning on receiving operational certifications in Europe and the U.S. in 2015 with deliveries to follow immediately after.
Bell Helicopter is part of Textron [TXT] and AgustaWestland is part of Italy’s Finmeccanica.