March 14, 2013
Aerospace Industry Update
The future of flight
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March 14, 2013
Aerospace Industry Update
The future of flight
Today’s moderators:
Michael Zimm, CFA
SVP, Senior Research Analyst
GE Capital Industry Research Team
Gib Bosworth
Sr. Vice President , A&D
Equipment Finance ,
GE Capital, Corporate Finance
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Disclaimer
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Agenda
• Additive Manufacturing - Research & Development
at GE’s Global Research Center
• Application of Additive Manufacturing by GE Aviation
• Commercial Aircraft Financing Market Update
• Engine Market Update
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Additive Manufacturing
R&D at GE’s Global Research Center
Additive Manufacturing – R&D
Moderator
Michael Zimm, CFA
SVP, Senior Research Analyst A&D
GE Capital Industry Research Team
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Fifteen years of professional research and corporate finance experience
MBA in Finance from Fordham University and a BA in Management from Boston University
Panelist
Technical Director for Manufacturing and Materials Technologies
Global Research, GE
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Christine leads approximately 450 researchers at GE Global Research
Responsibilities include working with leadership, R&D teams & strategic partners
to assess, set strategy for growth, and implement critical process and materials developments
B.S. and M.S. degrees in Materials Engineering from Rensselaer Polytechnic Institute (RPI)
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Definition:
ADDITIVE MANUFACTURING (AM),
n – process of joining materials to make
objects from 3D model data, usually
layer upon layer, as opposed to
subtractive manufacturing
methodologies.
Synonyms: additive fabrication,
additive processes, additive techniques,
additive layer manufacturing, layer
manufacturing and freeform
fabrication
*ASTM E2792-009 Standard Terminology for Additive Manufacturing
Technologies
imagination at work
LENS Process, Sandia National Labs
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Across the corporation…
Aviation
• Separate efforts initially.
• Typical AM applications:
• Plastic and metal models for design
validation.
• Rapid tooling for production and
inspection.
• Rig testing and engine testing.
• Now coordinating amongst the divisions
through our GE Global Research Center.
• At Aviation:
• Low rate initial production 2015.
Energy
Healthcare
Appliances
http://ge.geglobalresearch.com/
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Additive Manufacturing
at GE Aviation
imagination at work
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Additive Manufacturing at GE Aviation
Moderator
Michael Zimm, CFA
SVP, Senior Research Analyst A&D
GE Capital Industry Research Team
•
•
Fifteen years of professional research and corporate finance experience
MBA in Finance from Fordham University and a BA in Management from Boston University
Panelist
Dave Abbott
Senior Engineer
GE Aviation
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Recognized expert in the field of Additive Manufacturing for metals
Holds several patents related to additive technologies
Published several publications on additive manufacturing for the aerospace industry
Worked for GE Aviation for 8 years focusing solely on additive processes
BS and MS in Welding Engineering, specializing in laser welding
Over 20 years laser additive experience for aerospace
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Status of Additive Mfg GE Aviation
• AM metal components are bill-ofmaterial for advanced engine
programs.
• Base of applications is
expanding as technology
is excepted and exploited
by design engineers.
• Major issues remain in terms
of surface finish, dimensional
tolerances and throughput
(and more).
imagination at work
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Candidate AM Applications for Aviation
Booster/Compressor
Blades
Vane Segments
HPT/LPT
Blades
Vanes
Shrouds
Combustion
Liners
Fuel nozzles
Installations
VSV bushing
Heat shield
Tubes & brackets
Assemblies
Fan
Metal Leading Edge
Blisk
imagination at work
Structures
Compressor case
Combustion case
HPT case
LPT case
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Benefits of Additive Manufacturing
•Reduced time to market
•Reduced manufacturing leadtimes and costs
•Improved buy:fly
•Enabling design capabilities
•Novel/Hybrid materials
•Weight reduction
•Sustainability
imagination at work
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Additive Manufacturing Maturation
Technology Development
Advanced
Technology
Enhanced
Technology
Basic
Technology
• Limited Supplier Base
• Surface Finish
•Internal Standards vs. Industry
Specifications
• Limited Design Methodologies
• Metals
•Productivity Enhancements
•Design Allowables (mechanical
property database)
•Increased Build Volume
•Process Monitoring and Control
•Enabling Design Paradigm
•Topology Optimization
•Complete design freedom
•Polymer Composites
$$
•Autonomous Processes
•Novel Materials
•Adaptive Process Control
•Process Intelligence
•Hybrid Materials
•Rapid Qualification
•Ceramic/Nano Composites
$$$$$$
$$$$
2012
Start
imagination at work
5 years
10 years
15 years
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GE Capital Aviation Services (GECAS)
Commercial Aircraft Financing
Market Update
Commercial Aircraft Financing Update
Moderator
Michael Zimm, CFA
SVP, Senior Research Analyst A&D
GE Capital Industry Research Team
•
•
Fifteen years of professional research and corporate finance experience
MBA in Finance from Fordham University and a BA in Management from Boston University
Panelist
Scott Blumenfeld
Vice President
GE Capital Aviation Services (GECAS)
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Focuses on the growth and profitability of the GECAS business
Held several positions across Finance and Risk Management , including Valuations
Dual MBA and Master Science in International Business from the University of
Maryland and a BA from Roger Williams University
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GE Aviation
Engine Market Update
Engine Market Update
Moderator
Gib Bosworth
Sr. Vice President , A&D
GE Capital, Corporate Finance
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Appointed Corporate Finance Aerospace & Defense leader
Over 23 years of experience with GE, with last 7 years focused on Aerospace & Defense
Has led originations, underwriting & operations for direct equipment services business
GE Six Sigma certified Green Belt
Panelist
Bill Brown
General Manager, Marketing
GE Aviation
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32 years with GE Aviation including manufacturing, quality, sourcing, services & marketing
Led Services Repair Engineering group responsible for GE and CFM engine repairs
Managed engine overhaul processes for GE’s global maintenance and repair facilities
Managed Product Marketing for the CF6, GEnx and GE90 engine programs
Currently in Marketing for the CFM56 engine program, including the new LEAP engine
models powering the Airbus A320neo, Boeing 737 MAX and the COMAC C919 aircraft
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Questions?
Michael Zimm, CFA
SVP, Senior Research Analyst
GE Capital Industry Research Team
michael.zimm@ge.com
Gib Bosworth
Sr. Vice President , A&D
Equipment Finance ,
GE Capital, Corporate Finance
gib.bosworth@ge.com
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GE CAPITAL HAS
4.2
$
$
BILLION
OF DIRECT
BILLION
AEROSPACE & DEFENSE
CORPORATE FINANCINGS
IN INVESTMENTS
ACROSS THE
VALUE CHAIN
2
EVERY
SECONDS
A GE-POWERED
AIRCRAFT
TAKES OFF
AEROSPACE
& DEFENSE