commiss decis juli declar concentr incompat common market eea agreement case comp gener electr honeywel notifi document number english text authent text eea relev ec content gt tabl gt commiss european commun regard treati establish european commun regard agreement european econom area articl thereof regard council regul eec decemb control concentr undertak amend regul ec articl thereof regard commiss decis march initi proceed case undertak concern opportun make view object rais commiss regard opinion advisori committe concentr februari commiss receiv notif propos concentr pursuant articl regul eec hereinaft refer quot merger regul quot gener electr compani ge unit state america agre acquir entir share capit honeywel intern honeywel unit state america march commiss decid accord articl merger regul articl eea agreement initi proceed case parti ge diversifi industri corpor activ field includ aircraft engin applianc inform servic power system light industri system medic system plastic broadcast nbc media channel financi servic transport system honeywel advanc technolog manufactur compani serv custom worldwid aerospac product servic automot product electron materi special chemic perform polym transport power system home build industri control ii oper octob ge honeywel enter agreement quot gener electr merger quot wholli own subsidiari ge merg honeywel result honeywel wholli own subsidiari ge iii concentr pursuant agreement ge honeywel ge exchang share ge stock outstand share honeywel stock share honeywel common stock cancel retir ceas exist result acquisit ge acquir sole control honeywel give rise concentr mean articl merger regul iv commun dimens undertak concern combin aggreg worldwid turnov eur million full year eur ge honeywel ge honeywel communitywid turnov excess eur million full year ge honeywel achiev third aggreg communitywid turnov member state notifi oper commun dimens compat common market introduct product market affect combin ge honeywel busi part aerospac power system industri sector transact bring signific horizont vertic conglomer effect aerospac market aircraft engin relat market relev market product market structur market jet engin propuls system jet aircraft competit jet engin market take place level engin compet order certifi airfram platform develop airlin bui aircraft platform select certifi engin airlin decid acquisit aircraft engin aircraft offer engin choic case engin compet technic commerci term power specif platform compet technic commerci ground select airlin demand engin deriv demand jet aircraft sens engin complementari product aircraft sale sale consequ defin relev jet engin product market account competit end applic type aircraft final buyer suitabl previou case commiss defin distinct market jet aircraft basi aircraft mission profil purpos aircraft purchas turn determin seat capac fly rang econom price oper cost market larg commerci aircraft aircraft seat rang greater nautic mile cost excess usd million region jet aircraft aircraft seat rang nautic mile cost usd million corpor jet aircraft aircraft design corpor activ cost gener region usd million usd million demand jet engin stem categori buyer airfram manufactur hand end user hand airfram manufactur distinct aircraft market instanc airbu industri airbu boe compani boe manufactur larg commerci aircraft embraer bombardi fairchild dornier british aerospac manufactur region jet aircraft final cessna gulfstream raytheon bombardi dassault manufactur corpor jet similarli end user aircraft differ aircraft market instanc larg commerci aircraft region jet purchas airlin leas compani corpor jet purchas individu corpor increasingli airlin develop aircraft platform airfram manufactur select engin power aircraft select account inter alia technic capabl engin prospect demand final custom airlin compani prefer specif make engin maximis fleet engin common benefit airfram manufactur larg commerci aircraft select make engin platform offer purchas aircraft opportun choos make engin place aircraft order case airfram manufactur select make engin refer engin exclus sole sourc engin end user choic purchas aircraft engin coupl addit larg commerci aircraft platform engin exclus norm region corpor jet aircraft light purpos assess notifi concentr exist broad categori jet engin jet engin larg commerci aircraft jet engin region aircraft jet engin corpor aircraft jet engin larg commerci aircraft larg commerci aircraft carri gener passeng long distanc rang nautic mile type aircraft form largest part commerci airlin fleet gener divid narrow bodi wide bodi aircraft narrow bodi singl aisl aircraft seat gener move passeng medium distanc nautic mile move passeng quot spoke quot quot feeder quot airport larger airport hub case flight connect narrow bodi manufactur airbu famili boe flight commun made narrow bodi aircraft wide bodi doubl aisl aircraft larger fly longer rout typic carri passeng fly distanc rang nautic mile case flight connect hub airport type aircraft move passeng flown spoke remot transcontinent destin airbu boe produc wide bodi aircraft airbu respect deriv boe respect deriv independ supplier engin larg commerci aircraft ge roll royc rr pratt amp whitnei amp engin manufactur establish joint ventur aerospac compani manufactur market engin gener specif applic notabl joint ventur cfmi joint ventur ge snecma franc intern aero engin iae independ engin manufactur supplier present differ degre penetr larg commerci aircraft rang tabl show type larg commerci aircraft product develop certifi engin tabl larg commerci aircraft engin gt tabl gt airlin mix fleet compos narrow wide bodi aircraft vari proport depend size rout serv exist separ product market jet engin narrow wide bodi aircraft materi chang competit assess notifi oper parti concentr ge manufactur jet engin larg commerci engin notifi oper creat horizont overlap market jet engin region aircraft develop region jet respons evolv condit air transport year grow demand air travel increas number smaller region airport creat type aircraft econom narrow bodi aircraft transport lower number passeng gener short distanc nautic mile region jet grew number import respons fact major air traffic consist frequent flight shorter distanc oppos narrow bodi longer flight rang bigger seat capac higher land fee lower turnaround rate region jet conceiv carri fewer passeng frequent basi short distanc distinct class region jet distinguish small region jet passeng larg region jet passeng ow seat capac size fly rang result oper cost seat mile cost type region jet serv distinct mission profil substitut airlin fly passeng point point econom meaning altern small larg region jet equal fly passeng larg region jet uneconom option histor point view region jet develop put market small region aircraft gener seat prospect grow region traffic coupl technolog advanc enabl airfram engin manufactur build longer airfram power engin respond current demand airlin larger small region jet fact larg region jet constitut european fleet embraer fairchild dornier bombardi bae system manufactur larg region jet ge honeywel rr amp manufactur engin power region jet ge rr amp honeywel activ market small region jet engin ge honeywel engin manufactur larg region jet propos concentr creat horizont overlap relat larg region jet aircraft honeywel engin supplier larg region jet put market bae system avro bae jet ge engin supplier recent altern larg region jet embraer fairchild dornier bombardi recent develop tabl type aircraft engin tabl larg region jet aircraft engin gt tabl gt tabl merg entiti engin supplier larg region jet market larg region jet platform launch compet engin manufactur possibl compet market parti rais object consider firstli contest exist horizont overlap larg region jet argu bae system type aircraft full fledg competitor market argu market includ small airbu boe narrow bodi object concern parti claim avro special nich characterist make compet fulli remain ge power region jet low number order avro transact materi advers affect post merger competit parti base argument fact avro except short land stol airfield perform make airport high altitud steep approach climb profil combin london citi airport lugano stockholm bromma market investig support view special stol capabl airlin necessarili limit avro nich oper mainstream larg region jet instanc belgium sabena largest fleet avro commun fli type aircraft destin displai nich characterist frankfurt toulous edinburgh hamburg whilst fly turboprop london citi airport appli german airlin largest oper avro oper type aircraft environ correspond nich characterist parti market investig suggest airlin special capabl avro fact oper avro manner larg region aircraft limit flight oper nich environ sens honeywel power avro exist compet altern ge power larg region jet low order backlog avro indic rel market perform seller constitut criterion purpos product market definit sale forecast optimist dispar order backlog larg degre due recent substanti order ge capit aviat servic geca aircraft leas arm ge embraer fairchild dornier bombardi larg region jet ge secur engin exclus platform necessarili reflect typic demand pattern airlin larg region aircraft object concern parti argu small narrow bodi boe airbu includ market larg region jet seat aircraft power br engin seat aircraft power pw cfm engin market investig confirm view true seat capac narrow bodi close larg region jet reason airlin altern choic mission profil larg region jet costli larg region jet term acquisit price oper cost averag acquisit price usd million equival larg region jet usd million addit oper cost type aircraft differ consider heavier airfram result higher fuel burn seat make narrow bodi expens oper region mission profil greater weight result disproportion higher land fee aircraft frequent flight schedul typic region jet aircraft market characterist parti strateg analys region aircraft jet market state quot region jet distinguish lower weight rel narrow bodi jet quot quot region jet offer lower trip fuel burn competit seat fuel burn rel narrow bodi jet quot purchas behaviour airlin confirm correspond profil narrow bodi larg region jet launch custom scandinavian airlin sa cancel initi order order aircraft typic narrow bodi larg commerci aircraft airlin commerci choic regard interchang mainstream narrow bodi frontier airlin instanc purchas small fleet replac behaviour custom show oper airlin narrow bodi larg region feeder jet basi conclud exist separ demand larg region jet aircraft distinct small region jet aircraft small narrow bodi jet engin corpor aircraft corpor jet consider smaller region jet serv mission profil engin aircraft purchas corpor individu increasingli airlin fly frequent carri fewer passeng dedic specif rout commerci passeng aircraft fewer corpor aircraft oper commerci passeng aircraft manufactur corpor jet bombardi learjet challeng cessna excel sovereign dassault falcon raytheon hawker horizon manufactur engin corpor jet compris ge honeywel rr allison amp canada depend size rang jet fall class heavi medium light corpor jet class constitut distinct market ow limit suppli demand side substitut manufactur activ categori falcon medium corpor jet manufactur activ light heavi class gulfstream manufactur heavi corpor jet demand side class aircraft substitut due differ price oper cost mission profil class serv instanc heavi corpor jet expens carri passeng transcontinent capabl airworthi certif cross ocean case medium light jet convers light jet smaller carri fewer passeng restrict fly rang purpos decis final posit issu competit assess propos transact materi affect tabl model class corpor jet product respect engin supplier tabl gt tabl gt distinct market jet engin corpor aircraft defin purpos assess notifi concentr result horizont overlap medium segment mainten repair overhaul jet engin subject intens wear servic review specif mainten repair procedur adjac market jet engin exist aftermarket mainten repair overhaul servic mro suppli spare part jet engin airlin owner corpor jet recours mro servic origin engin manufactur airlin mainten depart independ servic shop categori mro supplier larg extent substitut demand suppli point view market provis mro servic airlin aircraft buyer geograph market state previou commiss decis aircraft engin manufactur market sell support engin worldwid basi similar condit competit transport cost deliveri neglig commiss consid relev geograph market suppli jet engin larg commerci aircraft region jet aircraft corpor jet worldwid purpos decis relat market mro spare part final defin geograph point view competit assess function market relev engin market compos engin manufactur suppli side airfram manufactur final purchas airlin leas compani corpor demand side engin manufactur compet sell engin airlin case purchas aircraft offer engin choic case larg commerci aircraft platform case engin choic airlin select aircraft power engin mission profil engin manufactur compet order select certifi platform typic entir life cycl platform result engin supplier compet level order place engin offer aircraft platform order engin aircraft engin combin select final purchas aircraft sale influenc vari degre airlin prefer stem engin fleet common consider market share introduct previou decis aerospac industri commiss consid market share calcul basi instal base firm order date includ deliveri date order deliv aircraft manufactur oppos aircraft longer product measur disregard aircraft remain servic longer manufactur aircraft bear market posit relev engin manufactur airlin longer place order aircraft parti contest methodolog static snapshot current situat ignor dynam past futur competit market argu characterist bid market argu exclus aircraft longer product disregard potenti revenu benefit engin supplier extract invest futur platform submit analysi instal base predict engin manufactur tomorrow winner loser parti suggest commiss past competit evolv histori jet engin market commiss consid examin past competit year histori jet engin market relev indic present futur market posit exist engin supplier recent past current forecast futur busi environ differ significantli prevail time pattern past platform competit reproduc current market place illustr competit jet engin market evolv post merger situat commiss conclus instal base order backlog aircraft product proxi measur interpret posit competitor industri respect due account fact incumb plai role decis custom airlin futur bui cost curv airlin part influenc fleet engin common engin supplier expect increas market penetr proportion current degre incumb airlin incumb benefici engin supplier airlin extend exist fleet aircraft case airlin bui aircraft product contrari incumb plai signific role airlin replac fleet ag aircraft longer product aim fleet common airlin streamlin purchas aircraft engin remain newer aircraft fleet part fleet incumb engin supplier regard newer aircraft benefit fleet extens replac aircraft longer product constitut signific sourc revenu engin supplier aircraft product profit engin busi stem earn achiev engin supplier aftermarket aftermarket revenu stream financ futur engin develop innov expenditur turn determin futur competit posit respect engin manufactur engin aircraft longer product stop gener sourc revenu aircraft retir airlin fleet older engin aircraft regulatori environment pressur increasingli replac long aircraft longer product remain servic gener aftermarket revenu steadili decreas fact technolog engin older access mainten spare part tend cheaper custom sourc oem origin equip manufactur certifi part servic older engin lower patent protect spare part mainten procedur addit technolog older engin simpler current gener engin requir servic spare part gener aftermarket revenu revenu stem engin aircraft longer product compar gener engin newer aircraft situat help explain intrins engin manufactur instal base abil fund activ compet futur assess measur net present incom expect instal base fail measur signific instal base engin mean result significantli flaw competit assess final commiss consid rel success engin manufactur year achiev engin exclus aircraft platform reason commiss consid main indic assess futur competit industri instal base order backlog engin aircraft product analysi supplement net present calcul futur incom stream gener aftermarket engin constitut todai instal base aircraft product longer product assess futur revenu stream accru engin manufactur analysi recent platform competit analysi engin exclus competit ten year engin larg commerci aircraft introduct ge amp rr engin manufactur act independ prime contractor market jet engin larg commerci aircraft addit exist number joint ventur allianc involv independ prime contractor subcontractor import cfmi iae purpos market share calcul market share joint ventur attribut prime competitor parti agre approach argu attribut market share reflect econom commerci realiti legal situat joint ventur merg parti state relat cfmi joint ventur treatment joint ventur assess domin commiss consid justifi legal econom point view aggreg market share cfmi ge similarli market share iae aggreg equal rr amp independ prime contractor oppos joint ventur partner mtu japanes aero engin corpor assess line consist practic commiss decis march open depth investig commiss state cfmi market share attribut ge seri reason control cfmi ge exercis decis influenc commerci polici addit cfmi engin sold competit ge snecma compet independ market prime contractor commerci aircraft engin final snecma probabl object merg entiti strengthen posit aircraft engin market benefit joint profit maximis note market share iae split equal rr amp independ prime contractor relev market oppos joint ventur partner parti argu cfmi ge sale aggreg reason notabl except snecma sole respons sell cfmi engin europ commerci term sale made ge market approv snecma snecma product respons content engin ge respons remain parti argu cfmi presid ceo snecma employe assess iae joint ventur rr amp commiss split joint ventur share equal sum parti effect claim joint ventur partner ge snecma joint ventur compet prime contractor supplier engin larg commerci aircraft assess separ competit analysi reason set ge snecma cfmi independ compet undertak light commerci marketplac realiti market share ge cfmi aggreg purpos assess present case explain snecma restrain ge post merger commerci practic aim increas market power stem sale ge cfmi engin larg commerci aircraft manufactur snecma cfmi compet ge civil jet engin cfmi parent compani compet joint ventur market larg commerci aircraft engin firstli matter fact snecma independ supplier commerci jet engin gener market investig snecma compet independ market certifi sold jet engin commerci aircraft cfmi find confirm snecma oral hear matter law long cfmi function joint ventur seri compet claus prevent snecma compet ge cfmi extent ge snecma compet past compet futur bid situat larg commerci aircraft ge engin produc joint ventur compet cfmi engin cfmi ge econom entiti market share aggreg purpos competit assess propos concentr market larg commerci aircraft engin addit extent snecma sold commerci jet engin account share relev market ge cfmi market share aggreg reason factor suggest snecma oppos ge futur cfmi commerci strategi purpos present analysi technolog financi split cfmi parti argu cfmi partnership equal instanc snecma product respons content cfmi engin ge respons remain factual result market investig contest parti ge control high technolog part cfmi engin programm term strict divis labour snecma respons engin compon spare part low spool includ fan low pressur compressor low pressur turbin main accessori gearbox engin instal mount thrust revers ge respons engin compon spare core engin includ high pressur compressor combustor high pressur turbin main engin control system integr ge snecma provid mainten repair support servic independ cfmi core engin part engin critic technolog li lack proprietari technolog core engin act signific deterr prospect entrant jet engin market explain limit number prime contractor act independ stand engin supplier ge rr amp subcontractor snecma mtu volvo joint ventur partner alongsid prime contractor ge main commerci engin manufactur provid high pressur high temperatur technolog cfmi constitut kei technolog jet engin core engin fan design cfmi engin base ge technolog deriv ge cf engin snecma initi fan design poor effici ge improv subsequ engin model result core fan design heritag larg base ge technolog experi core engin constitut high portion cfmi engin programm principl parent make equal contribut joint ventur particip equal oper activ design manufactur market sale support share equal revenu profit receiv parent respons cost incur design develop produc share final product low pressur system expens part engin continu upgrad pace technolog demand market core engin hand develop modifi continu amount friction gener requir frequent mainten repair constitut main sourc sale revenu spare part mainten repair support servic ge role corpor govern cfmi parti argu snecma major role plai cfmi instanc illustr fact presid chief execut offic ceo cfmi tradition second snecma fact snecma second presid ceo cfmi embodi formal agreement practic easili chang addit ge statutori posit exert influenc snecma employe fill post time sale market parti drew commiss attent fact notabl except snecma personnel assign cfmi sole respons cfmi engin sale market europ commerci term sale made ge personnel market approv sale support function split equal ge snecma ge reserv sell market cfmi engin european airlin british airwai lufthansa klm largest import custom european market sale market snecma europ restrict middl east except saudi arabia ge reserv russia africa pakistan india effect stagnant market ge hand sell market cfmi engin lucr grow market south america south east asia pacif potenti custom account split line result year end ge respons sale market instal cfm engin order principl personnel parent utilis respect sale behalf cfmi interfac cfm custom parent repres cfmi snecma ge ge market cfm engin instanc ge aircraft engin geae market cfm part engin rang cfm sold geae sale peopl sell rest ge engin rang addit airlin purchas cfm ge engin support geae field servic repres market snecma potenti competitor larg commerci aircraft engin market share cfmi meaningfulli aggreg ge snecma independ competitor current potenti larg commerci aircraft engin market sold engin account share market parti consist claim merger creat horizont overlap market jet engin larg commerci aircraft extent honeywel supplier civil jet engin region corpor jet aircraft consid potenti entrant larg commerci aircraft market ow high barrier entri term technolog reput build prevail industri commiss test accept argument argument appli snecma market investig confirm snecma prime contractor aircraft engin compet commerci jet engin market unlik ge snecma independ capabl larg commerci aircraft engin market snecma primarili low spool capabl design develop product commerci applic commerci hot section core work combustor high pressur turbin territori snecma partner cfmi subsidiari role separ ident presenc industri certifi sold jet engin commerci aircraft develop engin lengthi expens exercis uncertain market accept snecma build requir credibl reput commerci airlin commerci airfram manufactur snecma admiss strategi develop product futur aircraft engin continu provid cfm engin model futur enhanc model deriv cfmi particip risk share partner ge readi access small commerci engin market cooper ge cfmi compet evid suggest entiti compet bid situat engin procur fact ge engin produc joint ventur compet cfmi engin find confirm snecma repres oral hear snecma ge act joint profit maiximis post merger situat parti contest aggreg cfmi ge share claim snecma interest align behaviour partner cfmi merg entiti profit maximis commerci behaviour contrari commiss consid snecma incent object common profit maximis strategi snecma signific financi stake ge engin larg commerci aircraft tabl show snecma particip ge programm tabl gt tabl gt snecma ge particip basi joint ventur activ part manufactur famat franc carbon composit fan blade ge engin cfan texa structur link ge import understand assess snecma incent oppos merg entiti profit maximis strategi post merger stem ge vertic integr includ product bundl strategi profit merg entiti benefit snecma ow financi particip cfmi ge engin programm fact programm competit engin suppli cfmi addit evid econom integr ge snecma found commerci behaviour ge aircraft leas compani geca geca state polici favour purchas aircraft power ge engin call quot ge quot polici polici extend cfmi engin effect substanti increas market penetr ge cfmi engin detriment compet engin manufactur ge combin geca servic purchas view increas level sale percentag revenu deriv sale accru snecma reason snecma object bundl cfmi engin ge honeywel product servic increas cfmi market penetr futur percept cfmi ge market place ge aggreg cfmi market share annual report year intern present market investor commiss made awar similarli lead financi analyst aggreg engin sale cfmi ge sum view ge express annual report financi analyst ge cfmi view singl entiti commerci competit purpos support object realiti cfmi marketplac attribut cfmi market share ge assess ge domin relev market treatment iae rr amp independ prime contractor jet engin market larg commerci aircraft commiss treat iae manner cfmi iae market share aggreg equal basi market share partner independ jet engin supplier mtu japanes aero engin corp subcontractor attribut share relev market market share assess engin manufactur market posit base instal base aircraft product order backlog commiss sought extens market data sourc includ parti competitor jet engin market ow contradict suppli data commiss decid figur submit parti note figur underestim posit instal base engin aircraft product larg commerci aircraft concern distinct made narrow bodi wide bodi aircraft tabl show instal base engin narrow bodi wide bodi larg commerci aircraft product end year tabl instal base engin larg commerci aircraft servic decemb aircraft product gt tabl gt sourc parti data total volum instal base engin narrow bodi aircraft product ge cfmi account half market share amp rr account instal engin base market share ge cfmi aggreg iae share split equal amp rr total volum instal base engin wide bodi aircraft product amount ge cfmi share amp rr conclud tabl ge lead supplier jet engin larg commerci aircraft narrow bodi wide bodi product ge incumb posit airlin engin largest part recent aircraft platform servic evolut instal base preced market share analysi static reflect current market posit jet engin supplier basi past competit order give dynam view past competit evolut instal base year period ge succeed maintain lead supplier posit displai highest market share growth rate mention recognis parti year period preced notifi merger meaning benchmark assess level engin competit sale airlin longer period bear risk present market situat characteris competit market condit prevail longer refer period mislead assess notifi oper assess level engin competit select engin platform period ten year consid line parti argument competit level consid longer period graph annex show evolut instal base engin larg commerci aircraft product period end end repres increment market posit supplier period ge increas share engin instal base rate competitor match absolut number period ge increas instal base engin oppos amp pass engin rr pass engin ge displai highest total growth rate period increas gap competitor firm order date backlog examin backlog firm order date give indic supplier futur competit reflect prefer purchas recent order determin futur market posit engin supplier figur tabl concern aircraft servic product aircraft product longer order tabl engin backlog aircraft product order deliv januari gt tabl gt sourc parti data total volum engin larg commerci aircraft product order januari order ge secur compar competitor amp rr indic trend ge share aircraft grow ge market leader aircraft product instal base laid ground sustain increas leadership secur current order backlog custom spare part incom stream parti contest commiss instal base order backlog aircraft product argu exclus aircraft longer product overestim ge market share conceal past success competitor notabl amp platform longer product commiss consid aircraft longer product impact whatsoev futur increas engin supplier market share extent addit unit aircraft sold custom futur commiss recognis aircraft gener aftermarket revenu turn determin extent engin supplier abil compet futur aftermarket revenu constitut main sourc cash flow financ develop market engin innov effort gener engin supplier futur competit posit sum higher aftermarket revenu supplier remain competit futur consequ assess revenu stream commiss consid instal base engin aircraft product product ge highest share engin instal aircraft model extent model replac futur ge share result accru sourc aftermarket revenu larger competitor amp larg share aircraft product due amp earlier entri jet engin market aircraft constitut sourc aftermarket revenu expect revenu diminish accord rate withdraw replac aircraft airlin fleet revenu amp gener exist instal base engin compar ge expect gener dispar cash flow gener determin competit engin manufactur evolv futur addit ge benefit withdraw replac competitor incumb posit determin airlin choic engin addit advantag deriv ge vertic integr milit strongli favour likelihood materialis contrari static view instal base express unit engin outcom net present calcul futur spare part incom indic competitor respect true market posit commiss calcul confirm natur characterist manufactur respect instal base ge amp assess abil compet futur respect parti argu inappropri aggreg aftermarket revenu stem instal base cfmi ge engin proport attribut ge rest accru snecma commiss consid revenu accru cfmi joint ventur parent compani reinvest revenu financ futur cfmi engin appli rr amp parent iae reinvest revenu deriv iae engin develop iae engin conclus ge market posit larg commerci aircraft engin conclud ge enjoi strong posit indic domin suppli jet engin larg commerci aircraft ge displai featur domin undertak ge highest current market share ahead competitor manag increas market share steadili year importantli higher annual growth rate competitor addit view larg order backlog ge prospect competitor maintain improv market penetr final ge expect gener revenu instal base competitor compet futur fact ge market share high steadili increas time expens amp rr indic domin market posit commiss market investig result combin factor includ ge vertic integr financi servic aircraft purchas leas aftermarket servic exist signific common effect larg region jet aircraft ge honeywel engin supplier engin certifi larg region jet servic merger creat horizont overlap amount market share market share remain unaffect inclus pictur aircraft longer produc tabl show market posit engin supplier larg region jet market term instal base aircraft product term instal base includ aircraft product decemb tabl gt tabl gt sourc parti data tabl show platform servic futur recent order backlog tabl engin order backlog larg region jet servic deliv januari gt tabl gt sourc parti data prior transact ge domin market merg entiti monopoli posit larg region jet servic futur ge consid domin corpor jet aircraft merger creat horizont overlap market corpor jet engin segment engin medium jet tabl give market posit engin manufactur term instal base corpor jet medium corpor jet product tabl engin instal base corpor jet decemb gt tabl gt sourc parti data tabl engin instal base medium corpor jet decemb gt tabl gt sourc parti data honeywel consid lead engin supplier market mainten repair overhaul spare part parti proprietari part sold aircraft engin manufactur face competit number sourc includ secondari channel ii part manufactur approv pma sourc iii oem design repair der addit parti claim oem potenti make singl part provid invest revers engin design design valid enforc oem intellectu properti certifi manufactur part replac part made oem supplier receiv approv relev regulatori author pma applic pma meet burden wai show part ident design type certifi part replac obtain part design type certif holder licens agreement lastli part airworthi test comput market investig meet pma regul lengthi costli oem control technolog develop part pma charg high licens fee agre licens technolog licenc agreement invest develop ident part prove airworthi revers engin extens test signific market investig examin pma spare part exercis competit pressur spare part oem show engin product concern averag spare part manufactur oem oem replac part expens part engin show custom remain reluct pma part authoris basi contractu arrang oem result oem maintain overwhelm share market replac part face competit spare part pma part spare part suppli oem oem design repair consid real substitut technic warranti aspect spare part suppli oem repres small part market air transport segment ge region segment corpor segment honeywel final commiss investig show surplu market secondari channel respect modern engin type limit mro servic parti margin obtain sale origin equip decreas aerospac industri oem recoup invest market illustr year lifespan aircraft airlin pai price engin mro repair overhaul servic contract enter time engin purchas subsequ warranti period expir case custom typic invit bid number engin repair overhaul shop enter contract signific number player mro market market investig establish oem leverag oem statu effect control market control firstli technic inform intellectu properti requir mro servic price suppli spare part addit market investig show oem reinforc posit market spare part oem domin share market spare part competit major spare part market investig establish posit compar advantag oem ge market mainten overhaul engin independ mro provid airlin claim competit market spare part price competit level oem provid mro servic access spare part compar lower cost render packag price mro servic oem spare part lower competitor disadvantag spare part account averag mro invoic independ mro provid airlin claim competit market spare part price increas time consum price index constitut difficulti commit long term fix price contract increas trend airlin sourc mainten request quot fleet hour agreement quot call quot power hour quot contract custom contract long term basi pai servic provid agre sum engin fly hour servic perform engin contract gener cover spare part servic typic price fix subject escal durat agreement independ mro servic provid offer type contract take risk bear unexpect increas cost spare part suppli oem addit market investig oem tend withhold high tech repair engin mro unit restrict releas technic data technic support make difficult obtain certif oem approv mainten facil individu engin access respect oem technic data shortag spare part oem suppli shop final oem inventori part manufactur process mro activ reduc inventori cost handl fee reason airlin independ mro supplier posit compet equal term oem offer mro servic product final presenc oem market mro increas sale spare part airlin privileg repair option replac part option expens custom gener shrink oem spare part market share mro servic oem favour replac option airlin access spare part higher price ge strong market mro engin tremend strengthen posit recent year amp ge largest supplier mro servic larg commerci aircraft engin turnov usd usd rr competitor usd turnov lufthansa fourth competitor usd turnov honeywel present market usd turnov ge presenc increas sharpli year ge total turnov engin market larg commerci aircraft increas fourfold year doubl year rr mirror increas amp total turnov increas period time addit ge start provid mro servic engin competitor product rr amp iae total turnov ge mro servic competitor engin evolv usd million usd million larg commerci aircraft market comparison turnov amp mro servic competitor engin ge rr predominantli concentr product mro aftermarket support competitor product repres global servic market final ge total revenu evolv split sale origin equip market final ge posit mro market coupl acquisit honeywel product rang give merg entiti signific financi commerci advantag complet merger factor contribut ge domin engin ge capit ge world largest compani term market capitalis aerospac sector ge offer uniqu combin complementari product servic custom acknowledg document ge lead industri conglomer activ area includ aerospac power system major financi organis ge capit ge financi arm contribut half ge corpor consolid revenu manag usd billion ge total asset ge capit independ compani rank top fortun largest corpor addit enorm financi mean hous ge unmatch balanc sheet size offer major advantag ge busi unlik compani engin manufactur acknowledg document ge risk product develop programm competitor abil absorb product failur jeopardis futur abil compet develop product industri characteris long term invest critic recent coverag ge bear stearn independ equiti research firm describ ge capit largest financi compani world bear stearn underlin quot ge capit servic assum higher risk portfolio averag peer quot bear stearn describ ge capit quot global financi powerhous quot underlin competit advantag ge enjoi competitor ge capit state quot ge ownership ge capit servic opinion signific advantag industri rival ge industri busi predominantli leader field ge capit ge capit tremend size product breadth produc kei sustain advantag quot industri characteris long lead time signific gap invest made project return invest firm industri reli heavili intern cash flow gener fund develop innov ge financi strength ge capit repres signific competit advantag rr amp financi strength ge absorb potenti product failur strateg mistak import financi strength industri illustr rr exit market surviv failur lead amp project ge advantag import financi strength industri reli heavili discount catalogu price engin heavi discount practic result move break point engin project commerci launch platform enorm balanc sheet ge posit increas rival fund cost delai incept cash flow increas resort extern financi mean rais leverag debt equiti ratio result borrow cost ge manag make competitor vulner cycl strateg mistak respect ge strategi grant discount catalogu price engin confus actual price reduct custom indic lack domin lower price initi engin sale result net lower price custom weaken engin competitor ultim foreclos current futur platform airlin competit contrari parti submit heavili discount origin engin sale lower cost final custom commiss investig establish order assess net cost engin oper mainten spare part expenditur ad initi purchas price engin result adjust calcul show total averag cost engin increas real term year due offset effect signific price increas appli annual origin spare part manufactur origin engin supplier addit ge financi strength incumb advantag engin supplier afford provid signific financi support airfram manufactur form platform programm develop assist competitor histor posit replic ge direct financi support arrang obtain engin exclus airfram financi assist ge secur total ten exclus posit twelv grant airfram manufactur depriv competitor access exclus platform segment quot procur agreement airfram manufactur ge consid ge confidenti inform exclus arrang signific effect aircraft engin market guarante signific penetr airlin fleet subsequ incumb benefit exclus benefit engin manufactur exclus engin suppli posit elimin direct price competit competit platform level airlin final step foreclosur strategi order protect grow lucr part engin busi ge financi strength invest larg amount monei year aftermarket purchas signific number repair shop world strategi appli servic ge engin engin competitor result end depriv critic aftermarket revenu need justifi past invest futur product develop ge abil influenc airfram manufactur ge financi strength influenc airlin purchas behaviour inject capit activ critic time explain extract quot kei featur articl quot ge chairman ceo entitl quot ge capit jack welch secret weapon quot quot ge capit give ge valuabl custom thing ge capit financ custom ge divis aircraft power system automot help smooth divis land larg contract notabl instanc link continent airlin struggl bankruptci loan ge capit help put continent back air big order continent plane ge engin consult tichi ge capit part arsen ge industri side beat competit quot transact place continent bankruptci reorganis ge capit inject usd billion airlin form debt financ acquisit equiti stake condit appear aircraft purchas continent ge power todai continent airlin fleet larg commerci aircraft compos ge power er amp rr engin aircraft ge power dc amp engin aircraft ge power amp rr engin aircraft rr power ge engin aircraft ge cfm power ge cfm exclus aircraft amp power md ge engin aircraft ge cmf power ge cfm exclus aircraft ge cmf power ge cfm exclus aircraft ge cmf power ge cfm exclus aircraft word continent choic engin airlin chose ge engin time continent outstand order concern appli engin ge compet engin offer geca factor contribut domin ge vertic integr aircraft purchas financ leas activ ge capit aviat servic geca total purchas aircraft geca largest purchas aircraft ahead individu airlin largest singl fleet aircraft unit valu usd billion geca big ilfc direct competitor term aircraft fleet geca market leader term jet aircraft order option total backlog jet aircraft end ilfc addit largest purchas aircraft geca lead leas compani bui aircraft specul basi market larg commerci aircraft market larg region jet aircraft parti content geca influenc airfram manufactur limit purchas aircraft fail account fact geca market influenc deriv quot share quot aircraft purchas actual incent abil exercis econom influenc critic point competit process foreclos rival process true geca account aircraft purchas quot share quot figur smaller tradit notion quot market power quot geca share aircraft purchas good measur abil exert influenc engin market foreclos geae rival geca real influenc marketplac extend share result abil quot seed quot smaller airlin ge power aircraft creat maintain enhanc fleet common consider influenc airlin select similar equip futur acquir geca result commiss investig confirm geca demonstr purchas bia abil place huge aircraft order share aircraft purchas significantli repres influenc aircraft engin system select process geca influenc deriv abil creat unmatch econom incent airfram manufactur favour ge product incent creat limit commerci risk airfram manufactur face grant ge exclus posit product compens ge busi unit ge capit geca sizeabl aircraft sale prospect circumst necessarili matter geca repres quot quot share aircraft sale evid airfram manufactur influenc ge power combin geca aircraft order prospect financi contribut ge capit select ge engin airfram geae competitor posit replic packag illustr import airfram manufactur geca singl largest purchas jet aircraft recent year total order aircraft comparison largest purchas airlin remain aircraft period larg commerci aircraft concern boe airbu aircraft geca portfolio geca broadli import airfram manufactur term order repli date februari commiss investig boe geca account boe order book aircraft order figur equival airbu total geca backlog aircraft ilfc backlog airbu boe aircraft southwest airlin report largest backlog individu airlin total larg commerci aircraft largest order backlog airlin delta aircraft order repres fraction order larg commerci aircraft parti suggest leas compani influenc import boe airbu grow line share larg commerci aircraft order backlog report account end confirm mr forgeard ceo airbu articl financi time statement quot group airbu express concern grow share order account leas compani direct order airlin upper limit accept danger lose control distribut noël forgeard airbu chief execut quot geca appear import airfram manufactur region jet aircraft fairchild dornier bombardi embraer account order backlog end septemb quot intern geca document geca region jet market plan consid ge confidenti inform geca recent order includ firm order option embraer brazilian region aircraft manufactur erj erj seat aircraft larg order crj seat aircraft crj seat aircraft bombardi addit firm option order fairchild dornier jet jet aircraft account year product region airfram manufactur aircraft exclus ge engin unlik independ leas compani ilfc geca select aircraft equip aircraft purchas accord market demand result geca polici select ge engin purchas aircraft larg commerci aircraft order geca ge power geca incent abil enhanc ge aircraft engin divis geae market posit result profit mean geca leas compani oper launch custom order multipl aircraft time wait extra time deliveri airfram discuss launch custom geca influenc aircraft equip select airfram manufactur constitut combin ge featur element tilt balanc favour ge equip servic supplier geae competitor unabl guarante purchas offer launch boost order airfram manufactur geca role launch boost custom proven effect obtain access exclus aircraft platform addit geca prove effect tool strengthen ge posit airlin platform engin choic geca offer varieti fleet financi solut enabl airlin acquir aircraft aircraft financ leas fleet manag includ straight aircraft purchas aviat consult engin financ financ leas oper leas pilot train sale leaseback aircraft trade part strategi world premier aviat solut provid geca equiti financ eas introduct ge power jet lead carrier help airlin standardis fleet ge power aircraft confirm ge annual report quot geca made signific progress commit custom meet fleet balanc sheet object china eastern largest chines airlin geca help airlin reduc short term capac standardis fleet cfm power airbu narrowbodi gener hard currenc quot market investig underlin geca abil standardis fleet ge power aircraft convinc airlin leas ge power aircraft accept aircraft offer leas servic advantag aviat financi resourc ge famili final geca abil shift market share seed airlin ge power aircraft exist common multipli effect airlin continu purchas engin futur magnifi ge engin sale contrari parti content repli statement object oral hear geca significantli increas ge posit geca increas purchas ge engin offset purchas ge engin airlin leas compani geca bia favour ge engin influenc airlin ge increas ge market share engin fact parti fail explain leas compani airlin event affili engin compon manufactur counter react geca bia ilfc purchas behaviour confirm leav engin select vast major recent order quot determin quot futur airlin custom particip engin select comparison ge market posit pre geca post geca situat show ge engin sale leas compani includ geca increas share point direct purchas ge engin airlin drop share point fact leas compani airlin simpli compens geca bias purchas result net shift engin market share ge vertic integr ge extend aerospac busi segment ge engin servic gee subsidiari geae global network mainten repair overhaul mro shop servic larg commerci engin origin equip manufactur oem worldwid basi geae sell turboprop turboshaft engin relat replac part militari civilian aircraft final ge aircraft engin basi deriv industri marin ga turbin replic ge capit geca parti contest geca influenc ge domin argu case competitor respond set aircraft leas subsidiari argument geca replic easili rapidli neutralis alleg influenc ge domin commiss accept argument main reason leas subsidiari size import geca easili quickli replic amp rr creation leas compani requir entri busi activ geca financi support ge capit strong balanc sheet attempt competitor creat compet geca requir make signific entri financi market industri ge capit amount half ge corpor true financi compani utc industri conglomer rr pure aerospac compani financi institut creation leas compani size scope aaa credit rate geca envisag establish strong financi back parent compani ge capit part ge conglomer unlik major financi institut subject limit scrutini financi regul explain commiss statement object compet engin manufactur decid enter financi busi set leas compani consider amount time monei reach level oper effici geca instanc year ilfc reach current level leas activ geca rapid growth confus potenti easi replic geca year acquisit gpa todai reach posit financi mean ge capit act ge intern bank strong financi resourc utc rr invest fleet aircraft worth usd billion geca prior make signific step acquir aircraft leas busi ge capit accumul industri decad long involv leas busi equip railcar medic unit applianc combin extens financi strength made geca grow rapidli engin competitor lack compar financi resourc reach geca level longer period time final compet engin supplier lack instal base engin implement rr amp polici purpos replic ge seed practic simpli propos interest solut airlin forego common advantag link ge instal base lack market liquid amp rr aircraft flood airlin product commerci credibl automat result signific drop residu financi product make invest leas compani implement commerci polici support investor suppli fund riski undertak respect histori reliabl proof engin competitor replic advantag ge engin enjoi ge capit geca reason commiss consid geca replic option compet engin supplier possibl constrain ge domin engin market common common engin type contribut ge domin fact airlin aircraft power type engin gener tend purchas increment engin engin manufactur put ge incumb engin supplier favour posit airlin decid bui engin specif type aircraft gener prefer purchas type engin futur ow benefit fleet engin common result commiss investig show substanti economi scale relat standardis airlin fleet part fleet exclus relev engin mainten investig reveal common directli relat level market share achiev engin manufactur past common benefit overrul offset practic ge ge capit geca appear compani abil effect successfulli implement investig confirm airlin oper mix fleet mission profil enjoi high common benefit time oper undergo fleet rationalis middl fleet renew programm engin common factor aircraft oper account purchas aircraft commiss investig organis airlin mainten activ import element influenc airlin make engin purchas decis distinct type mainten line support mainten carri airlin subcontractor airport heavi mainten mro involv substanti intervent aircraft remov engin wing overhaul special locat case mro spare engin need replac wing servic spare engin repres oper engin fleet averag airlin regard mro airlin choic perform hous team equip outsourc extern repair shop airlin hous mro capabl delta klm air franc larg airlin larg fleet achiev common gain contrari parti argument common limit effect airlin perform hous mro commiss investig heavi initi invest tangibl intang recur cost repair facil spare part inventori tool staff train work procedur manual acquir perform proper mainten repres strong incent form signific switch cost airlin standardis engin fleet advantag economi scale reduc margin cost mainten repli airlin consult purpos investig reveal cost switch engin type quantifi case case basi airlin gave readili figur cost retrain mainten engin illustr magnitud escal expect actual type switch undertaken typic order magnitud engin belong famili engin train eur engin belong specif famili manufactur cost increas eur cost switch higher engin supplier eur engin common engin previou limit switch cost convers test bed specif engin signific typic rang eur million eur million engin manufactur result airlin grow drive cost effici common benefit increasingli valu custom level engin engin price signific import repres averag total final purchas price aircraft commiss investig reveal engin major mainten cost driver averag total mainten cost accumul life cycl engin rang time acquisit price total accumul mainten cost entir aircraft roughli equal purchas price engin subsequ common matter great deal regard total cost ownership aircraft purchas aircraft type fleet airlin gain substanti advantag bui aircraft engin ident oper rel bui aircraft engin combin plai similar role common effect strongest individu engin aircraft type larg north american airlin confirm repli commiss questionnair aircraft fleet common aircraft purchas top prioriti valu equal highli common engin aircraft consequ elect maintain common engin fleet long meet mission profil requir north american airlin underlin repli commiss questionnair common engin plai major role shown decis purchas amp power decis predic earlier purchas amp power version purchas aircraft type repres fleet commiss investig establish custom prefer order engin fit famili engin power current fleet contrari parti content common appli engin famili investig confirm extent engin engin famili offer product similar share common compon design airlin custom benefit select engin famili power aircraft type enjoi benefit common engin famili negoti airbu order larg european airlin ask altern solut cfm engin airbu offer amp engin pw economi gener common engin fleet eventu benefit train commerci support advantag extract establish relationship manufactur suppli airlin engin aircraft type airlin chosen outsourc mro activ extent switch cost vari rel import hous line mainten total mainten cost transact cost send engin type ge rr amp specif repair shop higher transact cost materialis effect exclus long term mro contractu arrang case constrain oper stick type engin chosen repair shop carri find altern repair shop engin contempl purchas oper lose scale economi benefit exclus supplier share custom event repair shop agre perform mro engin initi make transact cost airlin lower possibl shop spread greater number engin signific diseconomi scale inevit extent appli repair shop addit parti argument airlin oper mix fleet fleet incumb engin supplier identifi compris number aircraft engin type demonstr lack import common hold shown extract boe quot quick quot catalogu aircraft engin common gener benefit type aircraft aircraft type show mix fleet prevent airlin enjoi engin common advantag quot boe quick featur common advanc engin type interchang quot addit exist mix fleet type aircraft necessarili show irrelev common benefit exist mix fleet simpli reflect situat airlin middl fleet renew programm specif mission profil capabl aircraft result aircraft engin fleet differenti common gain typic high fleet subfleet concern achiev critic size reach limit increas common gain technolog improv explain engin switch place gener engin famili diminish common engin famili gener larger european airlin confirm repli commiss investig order benefit technolog develop recent order cfm engin purchas cfm older case fact aircraft offer engin choic overcom airlin purchas specif airfram engin purchas instanc cost absenc choic result lack common born airlin ensu oper cost disadvantag airlin organis consider signific addit engin common benefit identifi commiss investig level airlin utilis aircraft engin common reduc number crew qualif requir reduc train cours simul time oper prefer avoid cost readili quantifi order increas airlin flexibl final parti argu larg instal base ensur strong futur order share submit amp market share declin end fail account critic element invalid argument amp benefit engin supplier common advantag help build instal base level reach amp todai incumb engin supplier seri airlin prevent amp rapidli marginalis market larg commerci aircraft engin amp engin power averag older aircraft ge expect limit futur sale potenti descript amp strateg decis orient develop effort larg commerci aircraft engin consid utc confidenti inform success aircraft civil aviat descript amp strateg decis consid amp confidenti inform ge manag reproduc exclus latest gener aircraft parti argument comparison amp rr ge success sell engin indic lack import common relev benchmark limit number order airbu expect unit aircraft market addit time amp chanc power aircraft ge result engin allianc ge lower share low sell platform report attribut technic inadequaci ge cf engin order remedi situat ge recent launch deriv engin cf share engin start rise rapidli concern ge lag rr close trail amp term engin order classic version aircraft ge remedi potenti common advantag limit secur exclus engin suppli latest version aircraft quot quot expect revers current posit anticip averag market share model importantli amp share instal base constantli attack ge revers overcom common hurdl turn round airlin introduc ge power aircraft geca possibl easili replic amp fact engin manufactur perspect common desir gener lower develop manufactur product support cost benefit engin common aris level airlin activ constitut undeni factor oper account place aircraft order result high share worldwid instal base engin larg commerci region aircraft ge greater abil exploit common benefit come tender addit ge dispos number mean maintain develop lead market posit abil leverag ge capit financi power geca market access overcom common barrier ge domin commiss consid combin element make ge high market share proxi domin abil put consider financi strength abil bui larg quantiti aircraft enjoi benefit common offer comprehens packag solut airlin ge abil foreclos competit platform airfram manufactur offer exclus posit ge manag place product tell illustr ge vertic integr coupl financi strength enabl ge win exclus wish ge latest larg commerci aircraft exclus engin deal achiev ge largest expens engin develop date initi version ge amp engin rr engin version quot classic quot repres todai total market larg commerci aircraft ge won number campaign entri servic market share bare ge share instal base decemb rr amp ge manag exclus combin factor competitor reproduc fact technic capabl suppli engin intern ge document describ win offer combin consid ge confidenti inform ge obtain exclus fact ge engin appear inferior product compet engin forb magazin attribut ge exclus fact ge manag redefin busi transact term quot sell engin jack welch sell power clever financ help ge win busi plane sold boe packag aircraft engin break normal practic airlin bui airplan separ jet engin power ge twist deal offer airlin fix price wing mainten ge engin includ spare part preset cost dollar flight hour critic carrot boe pratt amp whitnei engin ditch attempt win deal boe told improv offer hundr million dollar target ge sell pure engin blend engin mainten financ quot abil ge offer engin rang aircraft signific advantag engin manufactur enjoi exclus power tool ge improv posit classic expect baselin frequent purchas model seri situat introduc true bia select engin aircraft engin choic nonetheless exist sens lead rapid increas market penetr ge quickli overtak competit marginalis power competit engin problem oper engin type airfram prefer custom switch ge sooner displac rr trent pw er acceler market penetr ge classic ge forecast intern document introduct exclus growth version ge market share doubl entir platform short medium term rr trent pw fall altern engin sourc typic larg commerci aircraft enabl custom advantag competit engin manufactur obtain bigger concess return bui aircraft case potenti purchas aircraft quot industri press oppos ge exclus engin suppli posit airfram major airlin american airlin unit airlin british airwai cathai pacif malaysia airlin state unhappi deal unwelcom prefer choic engin due price leverag addit fact time select ge good rr trent major custom concern deal advers impact competit posit rr sole sourc posit concern express ge lack domin descript bid process consid ge confidenti descript commerci agreement rr airbu consid rr confidenti inform sole sourc agreement rr smallest larg commerci aircraft ge bid signific instanc ge manag exclus engin supplier place market larg region jet aircraft engin combin financi contribut usd case aircraft order geca aircraft larg region jet manufactur custom sale financ contribut posit ge exclus supplier airfram manufactur prevent develop larg region jet ge engin ge elimin underpin futur competit innov market price competit airlin comparison smaller region jet compet airfram engin airlin obtain concess engin supplier decid compet airfram price competit occur respect bombardi fairchild dornier embraer larg region jet equip ge engin quot geca intern document region jet consid ge confidenti inform except true monopoli seat region jet airfram bae avro region jet power honeywel engin result merger competit ceas exist competit constraint unlik engin manufactur ge afford encourag systemat obtain exclus captur aftermarket leas financi revenu airfram manufactur perspect select ge airfram manufactur access largest custom base airlin secur signific launch order signific boost order aircraft geca engin competitor size financi strength vertic integr replic offer lack constraint current competitor pratt amp whitnei amp amp divis utc includ oti elev escal oti carrier heat air condit system carrier sikorski helicopt hamilton sundstrand aerospac system flight system amp flight system segment compris utc aerospac busi produc commerci govern aerospac defenc product amp product includ aircraft engin spare part full rang overhaul repair fleet manag servic amp achiev sale usd billion repres utc consolid revenu descript rel import sale larg commerci aircraft engin utc consolid revenu consid utc confidenti inform support instal engin spare part militari activ import amp repres long term stabil product employ base confirm remez nagi amp hometown newspap quot connecticut largest privat employ amp stand win order thousand engin amp militari engin compet ge power joint strike fighter worth ten billion dollar stabilis workforc pentagon propos chang kill altogeth programm cancel real possibl analyst blow east hartford base pratt connecticut workforc devast quot fact market share amp shrink drastic decad fall roughli half larg contribut situat market share declin notabl larg end engin market amp engin larg commerci aircraft deliveri achiev deliveri exclud amp share deliveri iae consortium figur low note ge offici morgan stanlei confer septemb reflect statement made georg david utc chairman ceo underlin fact amp steadili lose market share start impact activ quot amp increas retir engin fleet year bigger impact amp industri quot quot park aircraft half amp power quot quot engin shop load drop quot amp major engin product phase facilit acceler ge domin jet engin amp larg fleet jt jt engin instal success airfram begin reach retir ag ag distribut current commerci airlin fleet amp suppli engin major plane year ge cfmi suppli major plane year result ge increas market penetr amp smaller share grow retir acceler nois regul phase out older stage ii equip instal base leadership undergon dramat chang obviou consequ amp erod share engin market amp larg commerci aircraft engin busi reli past achiev build stream futur cash flow enabl offer competit product put posit remain major contend futur platform win amp cash sale spare part servic support shrink instal base engin confirm remez nagi quot amp share commerci engin market erod steadili past year make militari busi cornerston compani engin work solid militari order amp slip closer leav engin design engin product busi simpli repair mainten shop quot amp situat illustr comment made amp manag evolut perform recent year state revenu gener high margin aftermarket activ help amp limit level revenu degrad quot amp revenu compar decreas usd million decreas reflect fewer militari commerci engin shipment lower commerci spare part volum partial offset increas commerci overhaul repair busi militari market amp canada quot manufactur afford invest engin programm todai heavili influenc ongo success matur engin programm contribut revenu stream gener year year manufactur invest programm matur programm suppli sustain fund develop phase break point programm year descript evolut amp cash flow expect market consid utc confidenti inform amp appear refocus activ larg commerci aircraft engin busi longer present independ expect secur stabl posit futur allianc cover specif thrust rang iae rr engin allianc ge quot honeywel intern mail messag describ amp posit market consid honeywel confidenti inform effort unsuccess made amp increasingli plai major role market region busi jet engin confirm result commiss market investig reveal percept player industri amp independ competitor effect process slowli exit larg end market engin commerci aircraft descript compet claus includ agreement iae joint ventur consid utc confidenti inform wide bodi aircraft amp suppli gp engin larg aircraft cooper ge engin allianc requir develop adjust regulatori approv extens engin deriv thereof technic capabl appli wide bodi aircraft framework geae amp studi engin allianc engin suitabl erx boe contempl appear amp joint ventur larg commerci aircraft engin sector iae engin allianc refocu independ busi activ engin larg commerci aircraft amp futur strategi larg commerci aircraft engin sector consid utc confidenti inform amp comment repli commiss investig amp recent amp strategi consid utc confidenti inform amp futur strategi commerci engin develop amp spend larg commerci aircraft repli commiss investig consid utc confidenti inform strategi appli announc amp aircraft engin market segment recal amp part larg corpor utc market capitalis tenth ge enjoi financi back geae ge capit total geca current order aircraft usd fair appreci ge capac strateg ge capit financi power time total repres total ge capit servic asset end similarli amp opportun leverag engin sale tool geca geca leas compani fulli own incumb engin manufactur result amp influenti airlin ge capit geca financ arrang incent offer assist place aircraft surplu airlin requir lead airlin prefer ge product competitor extract mail messag geae select geca geae airlin consid ge confidenti inform geca polici order ge power aircraft proven abil act launch boost custom ge featur put geae ahead amp market origin equip unlik ge amp posit offer airfram manufactur possibl signific geca order induc choos ge equip grant ge exclus cf light forego amp appear longer effect direct independ competitor ge market engin larg commerci aircraft larg region jet eventu major aircraft programm term corpor aircraft segment amp amp canada rr ge honeywel directli compet amp competit commerci success assess expect ge capit corpor aviat group geccag ge extens geca ge capit corpor jet segment ge address opportun pattern obtain platform exclus return financi support larg order roll royc rr rr concern descript rr limit consid rr confidenti inform lack vertic integr signific aircraft purchas replic ge market strength capabl supplier technic perspect rr consid credibl bidder engin market win engin exclus rr intern compani headquart unit kingdom busi european countri joint programm rr main busi line civil aerospac defenc marin system energi rr privatis british govern rr achiev sale gbp billion gener civil aerospac activ gbp billion rr engin manufactur structur relationship joint ventur technic allianc field civil aerospac geae programm rr ge cooper joint strike fighter jsf aircraft field militari fighter engin acquisit allison rr join exist geae allison team develop produc ge yf cruis engin altern engin jsf limit team agreement address commerci aircraft market confirm rr posit econom unrel competitor ge commerci aircraft engin market rr technic capabl compet ge market commerci aircraft engin disadvantag respect ge wai contrari parti argu rr limit financi resourc strength market capitalis ge usd billion june hundr time larger rr usd billion comment made presid geca rr competit posit consid ge confidenti inform independ market analysi rr financi perform consid ge confidenti inform independ market analyst rr earn payment particip rr risk revenu share partner rrsp programm rrsp consist govern financi investor industri partner part supplier pai rr monei stake engin programm front cost equiti stake paid cash rr develop phase engin programm offset neg impact amp rr engin enter product deliveri start assum sale success rr pai rrsp partner proport equiti stake programm impact rrsp receipt earn grow issu concern statement schroder salomon smith barnei rrsp escal recent year net contribut repay gbp million gbp million engin entri product deliveri start rrsp expect declin onward turn net repay rr analyst argu receipt includ earn treat gener cash rrsp rr earn half forecast level illustr comment deutsch bank quot rr result progress overli depend rise net rrsp account earn interest tax ebit growth strip impact vicker acquisit underli ebit progress quot deutsch bank conclud clear concern ebit growth singl sourc rrsp limit predict expect chang rrsp flow pattern place grow strain rr underli busi rr inflow expect declin quot signific swing requir underli rr busi gener addit gbp million ebit order replac lost profit put gbp million improv context repres doubl level ebit gener rr rrsp flow exclud report ebit figur quot addit limit rr true abil compet ge equal foot limit access extern financ aerospac industri aircraft engin develop requir heavi long term invest case intern fund competit aircraft engin sector exist extent manufactur financ engin develop aircraft applic high level risk attach long term project financi partner plai major role wait decad measur return invest framework access fund crucial rr stretch balanc sheet point enjoi back intern financi arm magnitud ge capit quot comment made presid geca rr competit posit consid ge confidenti inform limit access financ prevent rr replic ge practic significantli fund airfram manufactur develop cost order secur exclus product quot honeywel analysi assess advantag system offer partnership ge rr consid honeywel confidenti inform ge financi power rr illustr recent ge abil coupl financi power power custom descript ge win rr capabl compet offer consid rr confidenti inform quot letter rr state reason choos ge rr consid rr confidenti inform linkag deal highlight articl flight intern quot cargolift select ge ct turboshaft power cl airship earlier indic sourc close programm rr turbomeca rtm choic engin huge fly crane memorandum understand cargolift ge involv engin manufactur suppli maintain engin cl ship set spare quot ancillari engin servic origin product sharehold pembrok rr vertic integr compani rr sole control aircraft leas compani size geca pembrok medium size leas compani incorpor ireland joint ventur rr gatx aircraft leas compani pembrok own aircraft addit order geca fleet amount aircraft unlik geca ge polici pembrok order rr power aircraft pembrok fleet power rr br engin order rr sharehold decemb quot geca execut competit posit rr affili pembrok consid ge confidenti inform rr capac utilis consid rr confidenti inform invest cost lead time requir rr increas product consid rr confidenti inform capit invest plant equip lead time requir rr increas product consid rr confidenti inform rr posit compet engin contract consid rr confidenti inform rr engin world top airlin measur term aircraft purchas commiss investig confirm number airlin rr incumb engin supplier instal engin base aircraft product limit major airlin airlin rr incumb engin supplier includ british airwai cathai pacif garuda indonesia ge incumb supplier airlin major european airlin air franc lufthansa klm sa swissair alitalia iberia virgin atlant airwai ge significantli engin supplier advantag common benefit preserv domin incumb posit europ rr enjoi posit british airwai signific common scale benefit deriv incumb enabl supplier maintain grow share airlin fleet switch cost face airlin depend engin supplier specif aircraft type reason select engin supplier signific quot statement made rr commiss exist incumb barrier consid rr confidenti inform ge recognis disadvantag overcom instanc contribut entiti geae geca gee airlin amp rr case incumb supplier extract mail messag geae import engin incumb consid ge confidenti inform final rr experi limit partnership opportun market civil aircraft engin huge invest requir develop aircraft engin import engin manufactur find partner invest programm share inher risk rrsp engin larg commerci aircraft effect limit subsystem supplier share technolog acquisit engin programm risk carri compon design product major extens function design develop entir modul engin compet design financi resourc rrsp includ fiat ishikawajima harima ihi kawasaki mitsubishi heavi industri mhi mtu snecma volvo mhi mtu design produc compon engin modul design develop effect limit mtu snecma fiat modul design develop clear distinct role fiat capabl involv gearbox design snecma mtu broadli capabl basi forego rr appear consider disadvantag compet ge futur engin contract rr appear unabl provid effect competit constraint ge take risk jeopardis futur aircraft engin activ lack countervail buyer power parti argu ge market posit constrain countervail buyer power custom commiss investig support view custom airfram manufactur airlin strong prefer ge product servic shown grow market share airfram platform airlin fleet market investig show instanc ge displai independ behaviour vi vi competitor custom abil behav independ stem uniqu financi strength vertic integr posit aerospac suppli chain ge strong foothold airlin fleet airlin small term market share individu airlin account aircraft order year ow dispers natur demand individu airlin exercis appreci countervail power expect pattern airlin purchas behaviour ge abil influenc significantli suggest ge grow incumb fleet airlin depend ge product offer reveal market investig larg airlin larg purchas ge product exert signific buyer power instanc case major airlin provid mro servic parti airlin call quot technic quot depart provid servic ge engin oblig maintain specif commerci relationship ge qualiti oem fact airlin access spare part licenc repair process high degre ge product put ge posit unavoid trade partner circumst buyer power limit imbal commerci relationship airfram manufactur larg boe airbu smaller compani region corpor jet manufactur subject airlin demand aircraft engin disregard demand capit financi assist ge appear grant occas past final consider influenc geca exercis place order aircraft market investig show ge posit manag shift airlin demand aircraft influenc demand engin consequ ge posit act abil airfram manufactur sell aircraft airlin place airfram manufactur unequ bargain posit vi vi ge result affect incent exercis countervail power occas ge found influenc airfram manufactur choic result abil offer product servic competitor match act disincent countervail power conclus natur jet engin market characteris high barrier entri expans ge incumb posit airlin incent ge capit financi power custom abil leverag vertic integr geca limit countervail power custom weaken marginalis direct competitor ge appear posit behav independ competitor custom ultim consum characteris domin undertak market larg commerci jet aircraft engin larg region jet aircraft engin avion avion relev market relev market product market gener honeywel manufactur engin rang aviat product refer avion avion product gener system avion product avion product relat rang equip control aircraft navig commun assess fly condit avion market analys previou commiss decis subdivid larg commerci aircraft lca hand region corpor aircraft hand distinct segment aircraft justifi basi differ relat structur suppli demand region corpor aircraft integr cockpit versu feder cockpit lca price size capabl technic interdepend natur custom differ aris region corpor aircraft narrow bodi jet wide bodi jet small region aircraft larg commerci aircraft larg commerci aircraft custom airfram manufactur airbu boe airlin gener avion product feder avion cockpit suit aircraft manufactur mean oppos region corpor aircraft product chosen chang airlin region corpor aircraft custom airfram manufactur embraer fairchild dornier bombardi raytheon gulfstream airlin product sold part integr cockpit aircraft manufactur reli system integr capabl avion supplier system integr avion product avion product relat varieti system auxiliari power unit apu environment control system ec electr power wheel brake land gear aircraft light kei oper aircraft avion product defin commiss previou decis found relev make subdivis larg commerci aircraft region aircraft corpor aircraft aircraft segment buyer furnish equip versu supplier furnish equip aircraft system avion avion product distinct made buyer furnish equip bfe supplier furnish equip sfe bfe equip purchas airlin whilst sfe equip procur respons airfram manufactur standard avion product oppos integr system gener bfe whilst avion product except highli consum part wheel brake sfe bfe equip multi sourc select aircraft buyer airlin leas compani product certifi airfram manufactur aircraft buyer import influenc select equip propos prioriti supplier certifi purpos airlin leas compani repres advisori committe leas compani pool repres interest smaller airlin aircraft buyer act launch custom import influenc select equip made aircraft manufactur larg commerci aircraft arinc standard role quot industri consensu quot defin technic requir airfram oem potenti supplier aircraft purchas involv develop arinc characterist technic requir typic includ interfac definit perform requir environment requir requir certif level certifi airfram manufactur airlin negoti bui directli avion supplier sfe equip purchas aircraft manufactur airlin sfe equip competit occur design develop phase aircraft platform airfram manufactur defin technic requir factor custom desir system integr regulatori issu safeti case sfe product launch custom import buyer leas compani advisori committe influenc select process aircraft manufactur typic supplier sfe equip select airfram manufactur basi cost schedul risk quot select quot process qualifi competitor offer final propos submitt airfram manufactur choos winner sfe sfe standard sfe option singl sourc whilst sfe option airfram manufactur obtain certif gener substitut product aircraft type leav buyer aircraft make select geograph market commiss prior decis relat civil aircraft equip relev geograph market avion avion product worldwid competit assess honeywel lead supplier aerospac equip introduct honeywel largest worldwid supplier aerospac equip engin sale eur bf goodrich largest eur compet segment market hamilton sundstrand part utc eur rockwel collin fourth eur smith ti dowti merger smith largest aerospac equip supplier eur current honeywel result consolid drive avion avion manufactur initi culmin honeywel lead avion system provid merg alliedsign import compon provid stand avion product avion product avion gener honeywel market main competitor rockwel collin thale sextant smith industri player account market whilst remain player market consid nich player singl uniqu product team major player obtain access airfram manufactur airlin exchang technolog honeywel lead supplier avion product main competitor avion market utc hamilton sundstrand subsidiari bf goodrich snecma affili messier dowti messier bugatti liebherr extend product rang avion introduct avion account purchas cost aircraft market share individu product group previous defin separ market bfe product weather radar displai rainfal turbul model wind shear honeywel competitor rockwel collin thale limit presenc region corpor segment total volum market forward fit eur year breakdown set tabl tabl gt tabl gt nav vhf vor comun navig transmit receiv pilot voic commun ground airborn oper center honeywel competitor rockwel collin thale total volum market forward fit eur year breakdown set tabl tabl gt tabl gt satcom satellit commun send receiv data voic telephoni ground satellit honeywel compet market rockwel collin thale recent acquir racal potenti enter larg commerci aircraft market satcom racal honeywel partner product satcom descript honeywel strateg team agreement racal consid honeywel confidenti inform total volum market forward fit eur year breakdown set tabl tabl gt tabl gt mmr multi mode receiv precis approach guidanc airport tradit ground base instrument land system il satellit base precis approach guidanc built global posit system gp honeywel competitor rockwel collin thale rockwel collin depend smith suppli fm integr rockwel mmr product honeywel import supplier gp stand product gp stand import lca market function integr mmr total volum market forward fit eur year breakdown set tabl tabl gt tabl gt tabl gt tabl gt record record flight data inform cockpit voic total volum market forward fit eur year honeywel lead supplier commun breakdown set tabl tabl gt tabl gt cmu acar commun manag unit aircraft commun address report system manag text data commun link aircraft ground control center honeywel import supplier boe aircraft rockwel collin teledyn honeywel effect supplier integr cmu aim system certifi instal system cmu airbu aircraft atsu suppli airbu aerospatial function cmu boe aircraft cmu market region aircraft exist total volum market forward fit eur year breakdown set tabl tabl gt tabl gt aca processor airborn collis avoid system tca help prevent collis identifi displai locat surround aircraft provid audibl warn manoeuvr instruct advanc version mode transpond function aca processor identif plane bear determin respons threat collis market honeywel face competit rockwel collin acquir honeywel busi divest condit alliedsign honeywel merger parti submit limit rang avion product compani increas sale aca market whilst honeywel lost market share growth directli link aca busi bought honeywel condit approv alliedsign honeywel merger honeywel need divest technolog advanc product whilst retain older technolog base alliedsign product period possibl reli number support transitori measur aca acquisit honeywel market share rockwel collin significantli declin past year total volum market forward fit eur year breakdown set tabl tabl gt tabl gt egpw gpw taw taw terrain avoid warn system system flight crew map displai nearbi terrain sound audibl alert minut flight time terrain ground mountain honeywel domin supplier certifi taw egpw enhanc ground proxim warn system predecessor egpw gpw ground proxim warn system honeywel market total volum market forward fit eur million year parti market honeywel domin egpw gpw market competit time alliedsign honeywel merger parti claim thale develop introduc taw devic compani bf goodrich up technolog announc system univers avion won bid team rockwel airlin airborn fleet true thale develop compet product call quot gca quot egpw retain airlin announc year ago sale made thale lack reput establish taw product prove major barrier entri bf goodrich announc market entri taw product suit instal small number corpor aircraft univers avion develop certifi taw system won sale januari airborn fleet parti submit univers win bid team rockwel collin reject statement agreement kind compani honeywel lead posit regard taw limit stand product honeywel consider market share product interoper taw gp fmc flight control displai benefit fact suppli number product interoper egpw aca result alliedsign honeywel undertak honeywel commit maintain open standard sell egpw modul futur taw product parti discriminatori term honeywel posit offer broader commerci packag custom supplier contrast compani univers avion product larg commerci aircraft retrofit fm find access market restrain possibl offer financi incent base packag deal limit ir ahr inerti refer system attitud head refer system airfram motion sensor navig sensor navig system honeywel market share due exclus boe litton remain region corpor aircraft honeywel remaind litton ahr function costli altern ir region market thale collin strong posit total volum ir ahr market forward fit eur year parti claim honeywel strong posit ir relev airlin switch year stand ir ahr hybrid adir case honeywel lead posit categori product addit parti submit region corpor jet market litton sale ir grew honeywel expens past year litton compar honeywel litton strongli reject assumpt indic sold ir unit aircraft sale remain flat downturn unit litton presenc market limit sfe product fm flight manag system help flight crew comput effici flight profil automat navig aircraft fm grow market growth year larg commerci aircraft smith industri acquir signific posit honeywel remain lead supplier thale enter market sfe option airbu product certifi total volum market forward fit eur year breakdown set tabl tabl gt tabl gt region corpor segment small player trimbl navig chelton avion univers retrofit product corpor jet obtain signific posit flight control autopilot system honeywel face competit rockwel collin thale honeywel posit futur decreas gener flight control reli fly wire technolog collin thale strong posit total volum market forward fit eur year breakdown set tabl tabl gt tabl gt air data comput guag aircraft quot true quot airspe altitud vertic speed honeywel strong posit uncontest major avion supplier air data comput frequent sold stand basi increasingli part combin air data inerti refer unit smith present market retrofit sale breakdown set tabl tabl gt tabl gt displai electron instrument system displai inform avion subsystem thale clear leader displai sole sourc posit airbu whilst honeywel lead supplier smaller region market total volum market forward fit eur year breakdown set tabl tabl gt tabl gt adir adiru air data inerti refer system unit devic combin function air data comput inerti refer system honeywel import supplier market litton account remaind flight inform system relev region corpor market honeywel lead supplier univers weather account remaind avion avion product account purchas cost aircraft number avion product honeywel strong posit apu auxiliari power unit small ga turbin engin locat plane tail section provid electr power airflow aircraft cabin suppli air pneumat starter plane ground provid propuls honeywel lead supplier market utc hamilton sundstrand amp canada account remaind utc rang product lack apu passeng segment parti submit rr deutschland microturbo snecma trw luca manufactur sell apu microturbo describ quot predominantli involv repair overhaul ga turbin quot activ rr deutschland trw luca develop apu lca de minimi experi aircraft apu lca barrier entri mention compani import quot de novo quot entri ec environ control system includ type product perform function aircraft air condit system provid passeng heat cool condit air ii bleed air system control distribut air engin provid air condit anti ic engin start system iii cabin pressur control system maintain comfort pressur cabin aircraft altitud iv anti ic system hot air engin deliv wing engin inlet surfac prevent ic form honeywel market liebherr utc parker smith account remaind utc market leader electr power gener honeywel market smith trw luca apu ec electr power market system integr increasingli major competit discrimin futur opportun wheel brake honeywel bf goodrich ab snecma recent honeywel concentr activ lca market longer present region corpor jet market descript honeywel strateg allianc agreement parti provis integr land gear system consid honeywel confidenti inform aircraft light honeywel lead supplier competitor market hella diehl teleflex number nich player bruce lumin bf goodrich account remaind weight balanc lca honeywel market honeywel presenc market flight entertain if collin market leader thale matsushita comment honeywel strategi provis if consid honeywel confidenti inform honeywel uniqu product rang honeywel possibl unlik competitor offer complet rang avion equip parti confirm honeywel product rang posit indic awar signific avion avion system engin larg commerci aircraft oper aircraft honeywel provid repli statement object parti submit compani suppli system aircraft compet avion provid produc high product if honeywel fact collin thale lead supplier if affect honeywel lead posit if system essenti function aircraft case avion avion apu land gear ec if prefer airlin import contrast system airlin indiffer select system thirdli honeywel strategi if market consid honeywel confidenti inform parti argu honeywel largest avion avion custom gener airfram manufactur airlin correct major honeywel sale sfe product airfram manufactur avion concern honeywel supplier balanc offer bfe sfe product honeywel import access airfram manufactur import sfe product select sole sourc lifetim aircraft platform deriv major advantag bfe product bfe product certifi airfram manufactur product certifi captur market honeywel uniqu posit secur sale sfe bfe product parti honeywel full scale product uniqu team competitor fill gap rang product market investig shown team unsatisfactori busi arrang competitor replic honeywel rang product addit parti fail defin correctli appli concept team call team exampl parti put forward relat simpl vendor purchas relationship insuffici act altern honeywel uniqu rang integr capac honeywel equip manufactur hold avion subsystem segment face signific gap rockwel collin major challeng lack capabl inerti refer system bui litton egpw air data sensor thale player strongli focus airbu weak radio surveil area larg commerci aircraft market full rang allow honeywel lead propos advanc solut custom instanc honeywel posit propos aim cabinet integr hous develop strength fm displai mainten function whilst rockwel collin posit match propos market presenc larg commerci aircraft flight manag cover avion area major advantag take integr project region aircraft corpor jet segment aircraft design complex increas airfram manufactur design capac decreas custom region corpor airfram manufactur work system subcontractor context supplier provid larger rang product competit advantag honeywel strength servic mainten repair overhaul avion avion market aviat repres annual turnov usd grow annual rate market split segment convers modif line mainten lru line replac unit heavi mainten engin mainten equip mainten line mainten account total mro expenditur engin airfram modif system compon equip mainten avion avion competitor gener activ provid mainten product gener market segment major player airlin oem independ due speed technolog develop avion repair replac upgrad aftermarket upgrad constant sourc revenu supplier largest instal base win eventu upgrad contract honeywel describ import aftermarket quot honeywel intern document consid honeywel confidenti inform honeywel oem revenu share amount total revenu margin aftermarket share account total revenu margin honeywel import player aftermarket usd worth mcph mainten cost hour programm cover avion turbofan apu wheel brake honeywel total aftermarket amount usd repres sale part parti nose tail servic honeywel oem supplier provid nose tail integr solut avion avion case engin number independ mainten compani reli contractor subsystem work honeywel strength product integr integr refer design group product natur interfac integr system honeywel strong posit integr entir aircraft firstli honeywel integr match surpass airfram manufactur honeywel complet rang product thirdli airfram manufactur increasingli reli integr capabl supplier repli parti submit airfram manufactur overwhelmingli prefer integr system number occas airfram manufactur reject integr safeguard individu select system market investig shown airfram manufactur integr essenti lead materi benefit reduc weight increas reliabl lower mainten cost reduc number supplier competit airfram manufactur clear cost reduct competit discrimin case occas airfram manufactur halt integr fact remain honeywel manifest incent maximis select system integr post merger equip merg entiti offer integr exce lifetim gener aircraft parti argu main engin rare interfac avion avion system honeywel integr capac irrelev affect transact commiss agre explicit integr engin system occur integr place futur electr aircraft engin project spin develop project materialis futur aircraft platform gener fact remain post merger honeywel supplier avion avion engin control util direct access ge engin develop complement honeywel posit lead integr avion avion basic system integr produc fundament lower aircraft cost provid real aircraft differenti airlin pai premium integr level level basic system integr supplier integr number part instanc integr integr project consid honeywel confidenti inform iha level system avion util control integr exampl integr project consid honeywel confidenti inform honeywel primu epic rockwel prolin level system fulli integr interact level supplier solut partner level integr materialis lca honeywel offer solut raytheon bombardi nose tail epic develop honeywel strength packag deal addit pursu integr strategi honeywel posit pursu strategi packag product form includ bundl bundl simpl busi arrang number product combin packag sold singl price bundl take place level level aircraft platform select sfe equip take place equip aircraft oper life competit import region aircraft equip sfe singl sourc level airlin leas compani select bfe equip level modif upgrad retrofit instanc equip aircraft piec mandatori avion bundl avion avion product airlin take place level bundl limit purchas product spare part mainten cost lifetim aircraft addit airbu aircraft negoti avion supplier airlin cover bfe equip sfe option equip airlin receiv extra incent discount complet packag extend warranti discount suppli futur spare part merchandis credit offer product free packag purchas case bfe chosen case sfe option addit discount concess form merchandis credit free test equip free train free charg replac unit extend warranti discount spare unit typic approach provid small incent individu product build quot bui incent quot pyramid approach propos price product purchas point time affect product purchas point time fidel rebat repli parti argu bundl practic place industri request custom commiss market investig shown industri prone bundl demand suppli side numer instanc confirm oral hear show bundl regular basi parti deni instanc qualifi quot multi product bid quot underlin practic account honeywel turnov parti argu bid includ avion avion product continu rare product select technic capabl market investig shown implement recent alli signal honeywel merger time effect market number offer honeywel bundl avion avion increas past month competitor rockwel collin thale hamilton sunstrand utc major competitor honeywel player account avion avion market concentr market structur consist time rockwel collin introduct top avion supplier account market honeywel thale rockwel collin player collin part rockwel intern corpor avion collin parent compani involv industri autom equip larg commerci aircraft region corpor market collin design manufactur varieti electron product includ avion militari applic rockwel intern corpor publicli announc intent strateg financi reason spin ownership collin sharehold past rockwel busi result oper collin independ publicli held compani separ quot stock exchang limit financi strength rockwel plan spin avion manufactur divis signific impact collin financi situat descript strategi consid collin confidenti inform collin parent compani market capitalis usd billion april substanti smaller ge honeywel spun likelihood mid stand collin compani repres fragment main direct competitor collin past benefit larger financi surfac parent compani exit rockwel group compani depriv stronger financi support enjoi subsidiari rockwel contrari honeywel enjoi influenc ge capit financi strength descript impact collin consid collin confidenti inform limit product rang collin honeywel main challeng region busi segment collin posit replic honeywel product offer lack number kei product inerti refer system ir egpw air data sensor unlik honeywel collin product qualifi uniqu supplier contrari honeywel addit reduc avion product rang collin manufactur avion equip aircraft engin vertic integr similarli geae engin competitor contrast honeywel post merger situat collin enjoi opportun leverag sale avion product integr leas arm geca collin influenc airlin choic equip abil offer airfram manufactur possibl signific geca order order obtain exclus select sfe equip compon exposur parti submit honeywel posit competitor grow expens honeywel past year collin outperform honeywel analysi respect posit product collin honeywel show content inaccur substanc disappear propos transact ahead larg commerci aircraft platform concern honeywel major content deriv platform introduc past year platform certifi period includ boe ng er er er airbu st beluga honeywel reproduc averag lead market posit boe platform won exclus avion posit type larg commerci aircraft consid honeywel confidenti inform control signific major content type larg commerci aircraft consid honeywel confidenti inform type larg commerci aircraft consid honeywel confidenti inform similarli collin take minor posit airbu aircraft thale honeywel captur major content aircraft certifi past year honeywel exclus major avion content provid sell platform similarli honeywel won competit suppli avion region aircraft platform introduc deliveri past year collin manag captur avion suppli collin win limit manufactur airfram manufactur consid honeywel confidenti inform honeywel platform win span aircraft manufactur airfram manufactur consid honeywel confidenti inform airfram manufactur consid honeywel confidenti inform airfram manufactur consid honeywel confidenti inform bulk collin larg commerci aircraft busi consist sale bfe avion compet head head honeywel collin depend willing airlin behav econom ration purchas merg entiti bundl product offer select collin equip conclus result factor collin undoubtedli honeywel competitor advers affect propos merger statement collin oral hear consid collin confidenti inform thale introduct thale thomson csf french compani activ field profession electron engin relat commerci defenc market thale avion sextant avioniqu thale subsidiari activ suppli civil militari avion major sale gener civil avion remaind defenc relat essenti militari aircraft missil helicopt limit product rang major thale activ sfe option product thale recent enter bfe market market share significantli lower competitor thale limit rang product offer lack kei product adir weather radar egpw collin contrast merg entiti thale abil bundl avion product aircraft equip engin apu ec electr power thale avion player avion market thale modest rang product lack number kei product radio surveil area order posit challeng honeywel lead posit avion market thale depend number product fm weather radar ir tca taw commun navig purchas competitor includ honeywel order provid integr system compet competitor wider breadth product instanc thale reli avion equip honeywel provid complet avion suit bombardi dash select avion integr vertic integr collin contrast honeywel integr ge thale enjoi leverag opportun avion product activ servic leas compani geca addit limit financi capac thale posit replic merg entiti comprehens offer market avion product basi honeywel part ge conclus undeni thale success product platform airbu famili thale remain highli depend limit number strong posit platform concentr posit combin lack abil reproduc financi strength ge capit influenc geca bundl offer honeywel shape form significantli reduc thale capac compet merit hamilton sundstrand introduct market avion product fragment leav hamilton sundstrand import competitor honeywel rang product hamilton sundstrand amp divis utc corpor hamilton sundstrand recent acquir utc june usd billion account utc annual consolid sale limit product rang hamilton sundstrand competitor compar avion product rang honeywel posit market weaken complet absenc avion market hamilton sundstrand offer number avion rang product electr power gener enjoi lead posit market present honeywel ahead hamilton sundstrand market segment hamilton sundstrand product offer instanc hamilton sundstrand manufactur apu aircraft seat passeng limit financi strength sister compani amp hamilton sundstrand enjoi financi capabl extend ge ge capit honeywel result propos transact preced paragraph abundantli illustr ge extens financi resourc tip scale competit practic appli honeywel activ part ge ge financi support honeywel busi remain ahead competitor need strengthen lead posit hamilton sundstrand market avion product collin thale field avion vertic integr honeywel avion competitor geae engin competitor hamilton sundstrand opportun leverag avion sale tool geca propos transact honeywel avion supplier integr leas compani result hamilton sundstrand inabl influenc airlin market origin equip financ incent servic agreement offer geca airlin prevent hamilton sundstrand challeng honeywel offer merit addit geca polici select aircraft ge product combin abil incent place launch boost order induc airfram manufactur choos ge equip grant exclus ge constitut ge featur hamilton sundstrand contrari honeywel posit benefit replic conclus result combin factor appear hamilton sundstrand avion manufactur activ candid supplier suffer rapidli intens foreclosur effect propos merger competitor repli statement object parti argu potenti supplier matter current market posit incent innov exert competit pressur honeywel avion competitor big nich player strong innov skill limit access custom airfram manufactur airlin smaller competitor increasingli face pressur honeywel enhanc bundl capac significantli exacerb ge honeywel merger conclus light forego conclud honeywel lead supplier rang avion avion product competitor independ replic extens rang product engin control engin starter relev market introduct honeywel import market posit number engin accessori control constitut essenti input jet engin ge activ market merger creat vertic relationship ge domin posit downstream market jet engin honeywel lead supplier upstream market engin control engin starter relev product market engin control enabl engin interact command cockpit includ product air turbin starter fadec electron engin control fuel control engin gener fuel meter altern thrust revers actuat valv bleed valv control valv anti ic valv solenoid valv cooler heat exchang inlet outlet duct heat exchang includ regul valv sensor pressur temperatur fire vibrat sensor ignit system filter miscellan compon bracket pullei lever engin monitor hydro mech electron unit market investig suggest ow absenc demand suppli side substitut individu product consid constitut separ market demand point view clear product distinct role function jet engin substitut suppli point view supplier produc product consequ vari market posit product instanc honeywel suppli sensor filter miscellan product engin control product displai high barrier entri stem signific technolog requir supplier meet high cost engin manufactur switch supplier result price increas product profit readili easili induc supplier product enter market price increas occur commiss market investig confirm content parti identifi separ market jet aircraft engin larg commerci aircraft region aircraft corpor aircraft differ degre complex type engin instanc engin control larg commerci aircraft tend complex region corpor aircraft engin control similar design approach jet aircraft engin case adapt scale fit specif engin type result supplier manufactur suppli engin control jet aircraft engin honeywel lead supplier specif engin control product engin starter relev geograph market line prior commiss decis relat equip civil aircraft relev geograph market engin starter worldwid market share import competitor engin control utc hamilton sundstrand parker woodward dunlop sumitomo bae system trw luca honeywel market share competitor list tabl detail market share data gener assess base parti year worldwid figur broadli confirm market investig oppos competitor honeywel present product market lead supplier engin starter tabl gt tabl gt engin starter concern main manufactur honeywel hamilton sundstrand account total market market investig shown hamilton sundstrand consid competitor honeywel engin starter market engin starter amp engin made market sens tabl reflect product volum sale market hamilton sundstrand small signific transitori price increas engin starter induc sell free market hamilton sundstrand decid sell free market benefit rr competitor amp downstream market engin expect profit upstream market stem sell engin starter rr outweigh profit loss amp face downstream market engin due price profit margin differenti engin starter engin hamilton sundstrand captiv sale engin starter exclud free market honeywel larg independ supplier engin starter parti submit market share indic market power competit supplier take place whilst engin develop size strength supplier abil invest engin programm characteris high front invest long period cash flow turn posit strong technolog capabl servic support abil kei element aviat busi detail knowledg engin airfram system interfac compon subsystem fundament busi sound track record appli technolog aerospac jet engin applic kei discrimin select engin starter supplier market share measur experi supplier provid suffici resourc attribut amp market share direct indic market power conclud high market share give signific competit advantag bid process due demonstr product liabil track record paragraph merger lead vertic foreclosur effect stem elimin honeywel independ supplier engin control jet engin manufactur compet ge effect competit introduct propos merger bring anti competit effect result horizont overlap vertic conglomer integr merg parti activ ge domin posit market larg commerci aircraft engin larg region jet aircraft engin transact strengthen ge posit market larg commerci aircraft engin larg region jet aircraft engin creat domin posit market corpor jet engin honeywel enjoi signific lead posit market avion avion engin starter transact honeywel domin bfe sfe sfe option avion market sfe avion avion creation domin posit foreclosur vertic integr honeywel ge main effect propos transact market sfe avion avion product combin honeywel activ ge financi strength vertic integr financi servic aircraft purchas leas aftermarket servic sfe product select exclus basi airfram manufactur suppli standard equip life cycl aircraft supplier sfe initi select product platform guarante long term sourc revenu sens sfe product bear strong similar engin suppli exclus basi boe abil ge obtain engin exclus platform discuss previou paragraph order benefit long term revenu stream ge consider financi resourc vertic integr induc relev airfram manufactur grant engin exclus consequ financi capabl vertic integr aircraft purchas ge manag win major competit obtain engin exclus propos merger honeywel immedi benefit ge capit abil secur exclus select sfe product platform leverag financi power vertic integr launch platform financ order geca merg entiti promot select honeywel sfe product deni competitor possibl place product platform delai cash incept honeywel competitor depriv return fund futur invest innov honeywel product benefit geca role signific purchas aircraft post merger geca extend ge polici honeywel product detriment competitor collin thale hamilton sundstrand ultim custom rel indiffer airlin compon select benefit ge offer airfram manufactur signific benefit achiev form addit aircraft purchas geca ow ge strong gener cash flow result conglomer lead posit market honeywel merger posit benefit ge financ surfac abil cross subsidis busi segment ge strateg geca market access ge capit financi strength favour honeywel product posit honeywel domin supplier market sfe avion avion product enjoi lead posit effect rival avion avion manufactur depriv futur revenu stream gener sale origin equip spare part futur revenu need fund develop expenditur futur product foster innov potenti leapfrog effect progress marginalis result integr honeywel ge honeywel competitor depriv vital sourc revenu abil invest futur develop gener aircraft system eventu elimin fact honeywel avion avion competitor unabl reproduc ge financi strength vertic integr appreci degre assess larg commerci aircraft limit size financi strength lead reduct competit strength market extens ge busi practic honeywel product reduc chanc win futur competit foreclosur packag offer ge honeywel product servic situat compound entiti abil offer product packag airfram manufactur complementari natur ge honeywel product offer coupl respect exist market posit give merg entiti abil econom ration incent engag bundl offer cross subsidis product sale categori custom bfe bfe sfe option avion avion creation domin posit foreclosur packag offer ge honeywel product servic post merger market structur merg entiti offer packag product put market prior merger challeng competitor effect propos merger bfe sfe option avion avion product felt term merg entiti abil sell packag complementari product bfe sfe option avion avion engin sale bfe sfe option product made airlin regular basi time airlin replac complement fleet aircraft occas merg entiti promot select honeywel bfe sfe option product sell part broader packag compris engin ge ancillari servic mainten leas financ train sale complementari product packag deal form includ instanc mix bundl complementari product sold price ow discount appli product rang lower price charg sold separ form pure bundl entiti sell bundl make individu compon stand basi pure bundl form technic bundl individu compon function effect part bundl system alongsid compon supplier made incompat compon practic sell packag product servic confirm market investig commiss investig shown practic repeatedli occur industri commiss evalu theoret premis mix bundl present econom analys submit parti parti econom analys subject theoret controversi econom model mix bundl prepar parti concern commiss relianc model conclus packag deal merg entiti posit offer foreclos competitor engin avion avion market result propos merger merg entiti price packag deal induc custom bui ge engin honeywel bfe sfe option product competitor increas combin share ge honeywel market occur result financi abil merg entiti cross subsidis discount product compos packag deal commiss market investig airfram manufactur airlin price sensit custom incent merg entiti sell bundl product chang short medium term instanc gener aircraft platform aircraft equip develop propos product bundl price stand product leav custom choic bui individu product bundl offer bundl product merg entiti expect engag technic bundl make product integr system incompat compet individu compon potenti reduc profit competitor greater degre case mix bundl increas likelihood market foreclosur competitor find difficult place product market technic bundl restrict market share technic bundl advers affect competitor incent compet circumst constrain factor independ behaviour merg entiti integr competitor posit duplic technic bundl result commerci practic merg entiti expect gain addit market share competitor expect lose market share profit shrink case significantli medium term competitor decis view anticip reduc market share profit continu compet market merg entiti activ merger short term affect supplier bfe sfe option product bfe product sold purchas regular basi merg entiti packag offer manifest effect merger lack abil match bundl offer compon supplier lose market share benefit merg entiti experi damag profit shrinkag result merger lead market foreclosur exist aircraft platform subsequ elimin competit area parti argument relat packag offer introduct notifi parti contest feasibl product bundl packag deal case parti lack domin respect market parti argu parti domin respect market lack domin market merg entiti power impos product bundl commiss market investig shown ge domin market larg commerci larg region jet aircraft engin honeywel lead posit case monopoli posit product market custom control price individu compon parti argu custom readi accept uniform bundl price prefer assess price broken product product addit claim result bundl offer occur occur industri commiss market investig shown parti offer inter alia mix technic bundl merg entiti offer product price depend product includ bundl lower price appli case bundl purchas merg entiti posit econom induc custom purchas product servic bundl offer stand basi custom price individu product make ration decis econom profit purchas item bundl offer bundl place industri parti submit histor evid previou portfolio expand merger caus entiti switch bundl offer mean increas complementar prior merger honeywel posit offer engin compon corpor jet utc bundl engin control apu ec electr power parti evid honeywel utc substanti reduc engin price promot sale compon substanti lower compon price promot engin sale commiss agre statement bundl place past paragraph indic exampl past instanc bundl place commiss consid propos merger creat opportun incent practic unpreced rang product servic put dispos merg entiti bid consid honeywel confidenti inform honeywel maximis equip select technic ty instanc honeywel proprietari interfac aim cabinet exclus boe render supplier solut unus honeywel offer airlin consid honeywel confidenti discount futur suppli spare part individu sfe equip includ fm adiru discount tca system discount satcom system offer provid case airlin consid honeywel confidenti select product honeywel addit discount grant spare sfe product tca satcom system airlin consid honeywel confidenti bid date consid honeywel confidenti provid cmu voic data record vdr equip retrofit approxim aircraft alliedsign honeywel offer extend warranti includ previous sold equip airlin consid honeywel confidenti durat consid honeywel confidenti airlin consid honeywel confidenti bought cmu vdr repres increas warranti durat consid honeywel confidenti depend equip type warranti offer stand product limit durat consid honeywel confidenti depend equip bundl result rang enhanc merger commiss look format utc combin amp hamilton sundstrand june current honeywel refer period short honeywel packag engin engin servic avion earli successfulli won competit aircraft platform consid honeywel confidenti fall commiss reli argument dismiss likelihood bundl alliedsign honeywel merger competit held platform honeywel offer major system includ engin competit aircraft platform honeywel intern document consid honeywel confidenti inform competit type aircraft platform consid honeywel confidenti honeywel bundl bid engin avion retain type aircraft platform consid honeywel confidenti illustr bundl strength honeywel acquir merger alliedsign competit aircraft platform honeywel intern document consid honeywel confidenti inform utc unlik ge honeywel subsidiari amp appear market power domin product addition amp enjoi financi back compar ge capit sizeabl buyer aircraft signific supplier leas ancillari servic airlin case honeywel identifi instanc utc quot sacrif system quot order win engin competit descript utc commerci strategi honeywel intern document consid honeywel confidenti inform strike descript honeywel intern document utc commerci strategi aircraft platform consid honeywel confidenti inform exampl cross subsidis found market investig instanc honeywel engag bundl vi vi number airlin instanc descript bid exampl airlin equip select timelin bundl parti argu bundl occur relat platform select equip made timelin year parti submit instanc time differ select engin avion avion product long year larg commerci aircraft platform long year region jet platform parti argu select process product carri team parti eventu conclud long procur timelin involv counterpart break momentum product bundl requir commiss market investig support argument time select process adjust case case basi busi opportun aris select process recent exampl show aircraft type consid honeywel confidenti aircraft type consid honeywel confidenti aircraft type consid honeywel confidenti aircraft system select time engin case aircraft type consid honeywel confidenti engin select avion select announc made time date consid honeywel confidenti larg commerci aircraft engin market engin larg commerci aircraft type consid honeywel confidenti select time apu ec date consid honeywel confidenti avion select month light forego contend system select process adapt timelin enabl bundl place event stretch procur timelin contractu arrang make bundl product bundl put simultan technic obstacl put defer product bundl practic mean merg entiti offer retroact discount grow proportion number product custom ultim sourc custom possibl make compon select point time incent choos product merg entiti extent choic reduc purchas cost practic effect bundl offer negoti specif point time technic obstacl prevent supplier bundl aerospac compon offer airfram manufactur cournot effect bundl parti argu incent reduc price respect product low demand aircraft inelast price engin compon price aircraft factor airlin decis purchas addit aircraft commiss demand aircraft equip compon complet inelast airlin substanti flexibl purchas replac aircraft purchas avion avion product aircraft hold fleet expect airlin purchas decis affect extent price variat take consider merg entiti expect suppli product servic account half expect free cash flow aircraft price increas decreas product servic suppli merger expect influenc purchas demand event parti argument inelast demand account fact individu entiti demand elast demand aircraft industri level inelast face price reduct entiti product bundl increas suffici render price reduct profit commiss investig price reduct bundl system merg entiti shift custom demand competitor merg entiti bundl product bundl affect aggreg volum demand aircraft engin compon bundl lead realloc shift market share favour merg entiti competitor offer counter bundl leapfrog parti insist competitor abil offer compet bundl product constrain merg entiti abil profit engag bundl parti submit competitor absenc counter merger simpli team order offer complementari product rival merg entiti commiss agre argument compet bundl team regard custom attract merg entiti custom make purchas decis basi respect price bundl explain absenc econom integr compet supplier price bundl expect lower merg entiti merg entiti attract custom competitor team disqualifi viabl altern merg entiti abil profit bundl product servic extens product rang team fragil uncertain exercis involv complex coordin entiti lead conflict interest team choic technolog posit product alloc revenu profit decid unlik singl supplier abil cross subsidis compon order strateg price bundl partner team arrang wish maximis profit hesit sacrific margin benefit remaind team team desir perspect custom team gener substanti addit administr manag cost manag group supplier offset financi benefit team offer point underestim competit bid process singl entiti posit address request custom singl manag entiti make quick decis enhanc transact offer price concess long term incent warranti payment term free spare enhanc product support commiss investig identifi instanc supplier attempt team limit success shown instanc refer parti exampl team place unsuccess case illustr team answer merg entiti incent abil bundl product servic manner replic competitor contrari parti submit team agreement litton thale design develop integr air data ir product adir adiru thale litton unabl propos complet packag programm answer separ product wrote airbu confirm abil work aircraft type consid honeywel confidenti illustr team uncertain proposit lead conflict interest respect futur busi opportun parti submit competitor leapfrog introduc technolog improv product win competit incumb supplier platform order posit leapfrog competitor invest heavili amp platform win gener cash flow fund futur amp expenditur effect propos merger foreclos competitor make increasingli difficult imposs win platform prevent gener suffici revenu engag leapfrog substanti time lag competit lose major result depriv signific futur cash flow need invest technolog amp supplier incur major platform loss product abil reinvest hamper contrari merg entiti financi abil ge competitor absorb loss continu invest innov significantli limit addit leapfrog bound fail leapfrog compani unabl match condit rang product offer merg entiti final parti suggest electr engin aircraft develop honeywel acquisit ge utc team hamilton sundstrand rr trw luca smith commiss consid altern viabl trw luca act revenu risk share partner past role honeywel project hamilton sundstrand vertic integr rr competitor amp part engin allianc ge addit post merger ge possibl decid moment ceas particip project direct access engin data electr gener interact engin bundl vi vi airlin place parti claim airlin choic engin ge lack domin foreclos rival compon supplier ge contractu bound offer engin list price result parti argu ge offer packag discount impos ty parti submit platform choic engin ge lack mechan tie prevent custom choos ge engin rival compon preced paragraph engin choic airlin choos type aircraft acquir subsequ type engin power aircraft choic engin airlin primarili driven total cost consider extent certifi engin choic platform expect offer equival technic perform case airlin put competit certifi engin order achiev price financi incent select engin order differenti supplier engin manufactur offer product servic bundl includ origin engin spare engin mro servic spare part credit financi servic train relat servic offer engin significantli lower price price list airlin todai purchas engin price lower price list bundl product servic result propos merger scope packag offer significantli expand place merg entiti posit offer larger diversifi bundl competitor match bundl includ engin avion avion product true nose tail mro servic ge capit financi solut geca leas product parti argu bundl place aircraft engin exclus engin price determin engin supplier airfram manufactur provid parti consid honeywel confidenti inform commiss market investig shown case price engin set longer subject negoti engin manufactur airfram manufactur merg entiti offer price concess engin compon bundl induc custom select bundl major european airlin boe price ge step attract offer ancillari engin product servic spare part financi assist ge item order convinc airlin ge power aircraft cfmi engin candid bundl parti submit ge cfmi treat independ compani assess product bundl cfmi engin account bundl purpos snecma merg entiti make bundl offer commiss consid snecma incent object cfmi engin bundl purpos provid bundl strengthen market penetr cfmi engin reason snecma compet ge independ engin manufactur favour action mention bundl increas ge snecma profit sale volum decreas rr amp addit snecma financi interest ge engin benefit ge profit maximis strategi final ge decid subsidis bundl share cfmi profit parti argu snecma accept inclus honeywel wheel brake bundl suppli product competit honeywel respect commiss note snecma wheel brake compet suppli honeywel platform cfmi engin select famili airlin choos ab snecma honeywel product certifi similarli famili airlin choos bf goodrich honeywel snecma wheel brake certifi post merger combin entiti snecma oper wheel brake market jointli control cfmi combin market share market interest coordin behavior order increas sale engin sale wheel brake achiev decid includ wheel brake bundl offer respect wheel brake area sale respons reason snecma posit supplier wheel brake repres obstacl carri bundl practic addit snecma incent facilit bundl practic order benefit geca abil increas cfmi engin market penetr reason commiss conclus cfmi engin relev analysi product bundl agreement honeywel geca parti argu propos merger bring chang compar situat prior point exist agreement date ge honeywel alliedsign descript commerci agreement consid honeywel confidenti inform result parti argu propos merger chang purchas behaviour geca materi extent product bundl constitut competit concern commiss disagre argument firstli fact merger internalis agreement consid restrict competit prior merger reason object merger agreement bring structur chang marketplac merger addit agreement descript commerci agreement consid honeywel confidenti inform incent engag product bundl case full econom integr parti agreement final descript commerci agreement consid honeywel confidenti inform effect packag deal competitor abil merg entiti cross subsidis complementari activ engag profit form packag sale advers effect profit compet produc avion avion product result market share eros lead market exit exist competitor market foreclosur short term price averag variabl cost longer term competitor unabl cover fix cost remain activ proce invest amp compet viabli futur longer term foreclosur impact profit competitor linear expect occur step step fashion effect competitor abil invest amp focu product develop futur competit materialis cash flow expect gener intern support capit expenditur product develop innov eros market share ge honeywel competitor result merger impact futur strateg choic signific reduct profit lead substanti decreas profit ratio return capit roc compar rate return requir investor financi market decreas roc result compani experienc strong difficulti attract fund spend amp turn threaten abil ge honeywel competitor invest futur safeguard market posit viabil due steep decreas roc avion avion competitor viabil threaten short term gradual lose abil incent compet vigor return achiev shrunk custom base sever reduc sum potenti effect bundl merg entiti vari time short term elimin incent compet competitor unabl cover ongo cost product similarli competitor achiev suffici profit level remain market effect bundl merg entiti make unabl engag long term invest capit expenditur give chanc succe futur remain viabl medium term engin compon supplier compet innov futur product basi amp expenditur financ current expect cash flow industri examin case expenditur condit larg sunk cost incur firm long lead time invest return materialis high risk asymmetr inform compani expect circumst retain earn rais borrow capit signific reduct current profit hamper abil invest futur turn reduc incent invest due lower expect futur profit effect exacerb merg entiti engag pure technic bundl case relat futur platform pure bundl reduc futur market competitor lower incent strateg invest market compani incent engag amp activ depend volum output market extent amp cost larg sunk signific reduct output stem reduct market compet firm reduc expect futur profit current amp expenditur bundl result foreclosur supplier bfe product supplier team supplier replic bundl offer merg entiti result competitor market bfe avion avion product expect affect abil incent compet innov signific market share revenu loss light inabl compet merit expos competitor reconsid activ withdraw market domin honeywel bfe avion avion product ultim neg impact competit foreclosur vertic integr honeywel ge addit implement bundl market bfe avion avion product combin honeywel ge financi strength vertic integr financi servic aircraft purchas leas aftermarket servic contribut foreclosur effect sfe avion avion propos merger honeywel bfe product rang benefit ge capit abil secur exclus posit product airlin continent airlin geca instrument leverag abil foster placement ge product extens ge polici honeywel product honeywel bfe product benefit ge rang product servic target competitor compon occas replac upgrad retrofit geca abil favour ge product vi vi airlin ge incent acceler trend airfram manufactur chang bfe product sfe product target product achiev exclus posit deploi set busi practic previou paragraph ge strateg geca ge capit financi strength posit honeywel domin supplier bfe avion avion product enjoi lead posit light inabl reproduc ge financi strength integr signific degre effect rival bfe manufactur lead progress reconsid strategi compet fierc market domin merg entiti parti argu custom abil incent maintain competit supplier base accept cost bundl practic effect vertic integr market investig shown airlin indiffer choic sfe avion avion select sfe equip remain aircraft lifetim airfram manufactur ignor import geca aircraft buyer sell addit aircraft offset financi incent honeywel competitor offer bfe equip concern common custom prefer exist airlin due limit profit margin posit reject commerci offer repres short term cost save airlin short term cost reduct outweigh possibl longer term reduct competit addit expect individu airlin put competit disadvantag posit reject packag offer order preserv competit market conclud propos transact creat domin posit market sfe bfe avion avion engin larg commerci aircraft strengthen domin posit foreclosur packag offer ge honeywel product servic complementari natur product servic ge honeywel domin lead market posit hold merg entiti abil engag packag offer engin avion avion product relat servic airlin market engin propos merger effect strengthen ge exist domin effect ge comprehens packag offer expect increas ge expect maintain exist custom gain combin ge larg commerci aircraft engin honeywel avion avion product expect rais cost rival merg entiti order compet packag deal complementari product competitor respond reduc price team case cost rise current custom ge concern propos merger effect increas ge abil bundl engin avion avion product ge expect lose exist custom current custom amp concern ge chanc rr gain amp engin power aircraft longer product expect replac futur aircraft expect replac aircraft power ge rr replac instanc custom chose ge engin rr inabl replic independ team bundl packag offer airlin merg entiti custom rr concern ge expect gain abil leverag lead posit avion avion product market larg commerci aircraft engin merg entiti market share product inerti refer system ir enhanc ground proxim warn system egpw apu merg entiti abil render sale product honeywel market share egpw condit sale engin order obtain product airlin choic bui engin offer merg entiti addit ge strengthen domin posit packag offer ty vi vi airfram foreclosur ge competitor inabl counter ge success platform exclus expect increas occur earli platform launch elimin honeywel potenti innov partner final exist domin posit ge engin larg commerci aircraft strengthen result elimin honeywel partner develop electr engin aircraft depriv engin competitor cooper honeywel ge engin manufactur develop innov project project expect determin futur competit market ge obtain benefit innov weaken compet engin manufactur strengthen ge domin posit ultim harm competit market larg commerci aircraft engin foreclosur vertic integr honeywel engin starter effect product packag offer propos merger strengthen ge domin posit market larg commerci aircraft engin result vertic foreclosur compet engin manufactur result vertic relationship ge engin manufactur honeywel supplier engin starter ge competitor honeywel kei supplier engin control engin manufactur addit honeywel lead independ supplier engin starter propos merger merg entiti incent delai disrupt suppli honeywel engin starter compet engin manufactur result damag suppli distribut profit competit ge engin competitor likewis merg entiti increas price engin starter spare increas rival engin manufactur cost reduc abil compet merg entiti amp manufactur engin starter captiv merg entiti increas price limit suppli engin starter ge competitor amp expect make engin starter free market order constrain merg entiti price increas specif product suffici econom incent amp increas product capac benefit rr competitor post merger bui engin starter free market benefit amp sale engin starter free market outweigh loss market engin ow rel low engin starter compar engin repli statement object parti argu capabl starter competitor replac ge honeywel behav strateg parti mention urenco microturbo hamilton sunstrand parker sumitomo market investig confirm descript honeywel commerci relat parti consid honeywel confidenti inform microturbo limit technic capac predominantli involv repair overhaul ga turbin snecma affili incent vertic foreclosur move line profit maximis strategi parker sumitomo limit presenc market sourc suppli starter urenco sell starter engin manufactur licenc hamilton sunstrand hamilton sunstrand part utc consid independ supplier barrier entri competitor signific due sophist engin starter high amp requir cost obtain product certif strong technolog capabl worldwid product support network potenti market entri altern engin starter supplier readili ow high switch cost user market investig shown switch engin starter control system gener singl engin type undesir point view engin manufactur oper aircraft parti contractu oblig prevent honeywel discontinu suppli starter exist ge engin commiss investig confirm agreement stipul honeywel accept order honeywel fail satisfi order materi breach agreement requir grant licenc parti manufactur compon honeywel provid license proprietari data enabl manufactur remain clear move honeywel ceas suppli starter creat signific amount disturb cost ge engin competitor addit tight contractu control limit possibl parti foreclos reason typic recent engin programm older programm includ contractu arrang prevent honeywel abstain satisfi order honeywel strong presenc matur engin programm repli statement object parti submit foreclosur place honeywel exist share air turbin starter honeywel small engin competitor amp canada rr allison continu suppli starter note small engin sole sourc engin competit includ incent foreclos competitor merg entiti lca aircraft platform multi sourc parti submit engin starter suppli airfram manufactur directli refus suppli engin manufactur result airfram manufactur order starter directli market investig case starter engin sold engin supplier inclus engin packag deliv airfram manufactur parti submit half starter suppli made directli airlin suppli gener concern spare starter suppli deliv directli airlin conclud merg entiti incent abil profit rais price limit output engin starter result vertic relationship ge engin activ honeywel suppli engin starter increas cost rival engin manufactur contribut foreclosur market larg commerci aircraft engin strengthen ge domin posit engin larg region jet aircraft strengthen domin posit horizont overlap exist platform effect propos transact market larg region jet aircraft engin creat horizont overlap ge honeywel product lead strengthen ge domin posit market propos merger elimin honeywel independ supplier merg entiti control jet engin suppli larg region aircraft platform servic engin instal base exist larg region jet platform regard competit exist platform product increas market share result merger small basi order backlog combin ge honeywel engin supplier market larg region jet aircraft prevent custom enjoi benefit price competit form discount supplier notifi parti argu monopoli posit static phenomenon reflect fact won competit platform past region jet equip singl engin sourc select affect competit posit futur argument disregard fact market posit bring consider sourc revenu merg entiti bear develop engin futur competit addit disregard fact posit confer uniqu incumb advantag futur platform ge manag secur larg region jet platform honeywel fourth ow part influenc ge capit geca exert airfram manufactur larg region jet market grow market ge forecast aircraft sold ten twenti year airlin increasingli introduc type aircraft fleet cope market condit air travel market posit merg entiti enjoi market give comfort access airlin fleet term airlin depend merg entiti engin product proport larg region jet grow airlin fleet effect futur platform competit market larg commerci aircraft engin market larg region jet aircraft engin affect propos merger implement packag offer cross subsidis merg entiti complementar ge honeywel product servic domin lead market posit hold merg entiti econom ration incent abil engag packag offer engin avion avion product relat servic custom result inabl put compet bundl offer propos merg entiti independ compon manufactur amp rr declin chanc place engin futur larg region jet airfram notwithstand fact current platform power ge honeywel foreclosur inabl engin manufactur counter ge success obtain platform exclus expect repeat futur larg region jet platform develop includ futur bae avro deriv ge financi strength vertic integr extend honeywel engin ge unmatch abil win platform competit strengthen abil bundl wide rang product commerci technic basi direct consequ propos merger implement mix bundl merg entiti level foreclosur amp rr market larg region jet aircraft engin exacerb compani sharehold forc reassess opportun commerci financi term continu compet invest specif market inabl compet merit merg entiti absenc financi return market outcom ge competitor withdraw manufactur market engin larg region jet aircraft ultim neg effect competit market engin corpor jet aircraft creation domin posit horizont overlap effect propos merger market corpor jet aircraft engin creat horizont overlap lead creation domin posit combin entiti account ge honeywel instal base corpor aircraft ge honeywel instal base engin medium corpor aircraft honeywel lead player market propos transact strengthen honeywel lead posit corpor jet market signific combin posit merg entiti lower market share competitor indic market power parti argu high market posit merg entiti posit exercis sort market power gener respect engin competit past platform airfram manufactur call engin manufactur submit offer platform develop power jet engin parti mention occas ge honeywel submit offer platform argument parti reli competit platform platform basi product market defin case corpor jet consist market definit principl disregard suppli demand side substitut propos merger event independ horizont overlap creat domin posit market corpor jet engin foreclosur vertic integr honeywel ge creation horizont overlap propos combin ge honeywel effect immedi extend benefit ge financi strength vertic integr financi servic aircraft purchas leas aftermarket servic honeywel activ engin supplier corpor jet aircraft propos merger honeywel benefit ge incent abil product select addit result propos merger honeywel engin relat servic benefit ge aircraft leas purchas practic promot ge product servic instrument leverag abil secur market placement ge product propos merger bring lead engin supplier honeywel ge corpor jet aircraft leas compani ge capit corpor aviat group geccag geccag set ge oper leas compani corpor jet market offer financ leas aircraft geca market larg commerci region jet aircraft engin geccag signific influenc competit equip futur corpor jet aircraft platform ge leas purchas activ influenc choic equip market larg commerci region jet aircraft engin expect reproduc market corpor jet aircraft engin ge reproduct strateg geca geccag ge capit financi strength favour honeywel product posit merg entiti domin supplier market corpor jet aircraft engin honeywel enjoi lead posit effect rival corpor jet engin manufactur expect rang place effect ge market larg region jet aircraft engin integr honeywel ge lead full foreclosur elimin competitor abil invest develop gener corpor jet aircraft engin honeywel corpor jet aircraft engin competitor unabl reproduc ge financi strength vertic integr ultim reconsid presenc market eventu withdraw chanc win competit merit significantli reduc foreclosur bundl ge honeywel product servic foreclosur effect market corpor jet aircraft increas implement bundl merg entiti market merg entiti incent abil engag bundl engin avion avion product relat servic mainten inabl replic form shape bundl offer merg entiti rr amp progress lose capac secur platform exclus engin foreclos market futur platform develop cash flow dry financi return drop sharehold supplier make ration decis stop invest compet market corpor jet aircraft engin countervail power custom parti argu form product ty industri constrain countervail power custom commiss investig support view custom airfram manufactur airlin econom incent exercis countervail power vi vi ge show result propos merger expect custom continu limit interest exercis countervail power vi vi merg entiti bundl offer histor evid instanc product purchas part bundl suggest custom favour pattern purchas countervail power irrelev case packag offer custom refus accept lower price countervail power act factor constrain price increas price decreas parti power custom airfram manufactur aircraft oper toler ty custom retali event unwant bundl ge put signific competit disadvantag requir airfram manufactur honeywel equip found attract fact airfram manufactur larg compani signific financi strength suffici prevent merg entiti bundl airfram manufactur competit preserv longer term give lower input cost event airfram manufactur favour integr weaker competitor order safeguard competit support higher procur cost place competit disadvantag vi vi airfram manufactur compet airfram manufactur favour integr bidder whilst continu bui stronger bidder result strong econom interest select stronger bidder expens preserv competit incent preserv competit reduc fact cost rise equal larg pass increas final custom airlin bear impact airlin gener financi incent bundl offer natur competit environ airlin great pressur short term cost control airlin understand long term interest serv preserv competit supplier individu airlin pursu short term interest achiev cost save accept bundl offer result airlin limit incent exert countervail bui power afford deni short term benefit advers consequ forese futur instanc make purchas decis platform develop airfram manufactur disregard airlin demand engin avion avion product deriv demand combin ge engin honeywel compon expect increas propos merger airfram manufactur stronger incent medium term select ge engin honeywel compon prior merger propos merger extend ge incent abil influenc airfram manufactur select ge engin honeywel system foreclos honeywel competitor strengthen posit engin market merg entiti abil offer packag deal geca demonstr ration purchas bia rel indiffer aircraft custom system select geca abil place huge aircraft order main factor enabl merg entiti effect successfulli place honeywel product bundl ge product geca ge purchas bia inevit extens includ honeywel system airfram manufactur select merg entiti bundl product system sell aircraft geca fact honeywel product select frequent past honeywel produc system satisfactori qualiti diminish risk airfram manufactur select honeywel system geca abil influenc select honeywel system facilit honeywel lead posit import aerospac product market result airfram manufactur custom indiffer system select long product work properli great flexibl select system risk lose aircraft sale custom geca circumst larg custom strong manufactur prefer affect outcom system select entir aircraft platform geca futur purchas repres huge volum sale profit shift airfram manufactur base select compon merg entiti geca add signific profit airfram programm expect substanti reduc purchas airfram ge honeywel system select geca signific volum purchas make difficult rival develop effect counter strategi profit hand addit aircraft sale outweigh addit profit dramat price cut apu system merg entiti rival airfram manufactur system supplier geca repres addit unit sale larg number aircraft potenti amount signific addit net revenu airfram manufactur select ge honeywel product situat enabl geca influenc airfram manufactur favour honeywel ge product select decis turn foreclos merg entiti rival opportun place product airfram ge track record link quot risk share quot payment obtain engin exclus extend honeywel provid comprehens bundl offer airfram manufactur consid honeywel confidenti secur sole sourc posit suggest direct quot intern honeywel mail prepar meet airfram manufactur consid honeywel confidenti direct quot intern honeywel mail consid honeywel confidenti inform conclus airlin airfram manufactur prevent foreclosur effect aris propos transact parti argu recent decis commiss consid custom countervail power find present case custom countervail power limit contradict preced commiss consid assess countervail power previou case compar present assess alli signal honeywel decis concern commiss assess relationship custom merg entiti activ avion avion relationship reconsid view addit ge product servic financi strength entiti result propos transact custom negoti posit vi vi honeywel ge prior propos merger engin allianc decis concern note weight engin allianc joint ventur ge amp held ge honeywel merg entiti complementari product account half aircraft tilt significantli negoti balanc favour merg entiti greater extent case engin allianc present assess countervail power contradict recent preced extent effect propos merger compar effect previou transact conclus result forego analysi conclud merger result creation strengthen domin posit market larg commerci aircraft engin larg region jet aircraft engin corpor jet aircraft engin market avion avion product power system relev market introduct ge honeywel activ field power system parti submit compet ge focus ga turbin mw honeywel product sold vericor jv mtu output mw product market parti submit relev product market market small ga turbin mw rang turn segment ga turbin industri marin applic base develop origin ga turbin marin ga turbin aeroderiv base industri ga turbin aeroderiv base previou case commiss examin market ga turbin made subdivis ga turbin mw small ga turbin ga turbin mw larg ga turbin ga turbin burn natur ga fuel oil power turbin gener natur ga readili recent decis analys divid line small industri ga turbin larg heavi duti ga turbin mw mw final decis issu small ga turbin wide varieti industri applic power marin vessel militari commerci previou decis conclud adequ identifi separ market applic market investig distinct industri marin ga turbin adequ industri marin version ga turbin product substitut demand side small marin ga turbin suit applic requir high speed specialis mission capabl space premium power densiti maximis small industri ga turbin gener mechan drive auxiliari power gener suppli side differ marin unit emploi improv corros resist materi compon combust system depend fuel naval applic engin capabl withstand except shock load requir impos industri design previou case commiss examin substitut aeroderiv ga turbin aeroderiv ga turbin definit view constitut separ market market investig present case distinct made basi demand side consider marin ga turbin gener aeroderiv due small size limit requir whilst industri ga turbin aeroderiv heavier expens suppli side situat clear number industri marin ga turbin base common aeroderiv engin platform case honeywel product parti common platform ga turbin limit possibl compet industri turbin aeroderiv ga turbin significantli expens aeroderiv product industri applic competitor industri turbin offer aeroderiv product sale aeroderiv turbin industri applic limit conclud separ small ga turbin market industri marin applic distinct larg depend ga turbin design aeroderiv possibl convert industri turbin marin turbin vice versa limit costli term time monei usd million market investig confirm reciproc engin ga burn diesel fuel burn gener substitut ga turbin industri marin market kei characterist cost perform mainten significantli power sourc decis turbin diesel engin earli develop instanc vessel support infrastructur design choic infrastructur engin type initi decis chang geograph market previou decis regard ga turbin commiss conclud relev geograph market eea worldwid assess decis made basi worldwid market competit assess introduct small marin ga turbin market nich market account small ga turbin volum demand lumpi cyclic downward trend custom fleet owner ministri defenc hand suppli side concentr marin turbin deriv aerospac engin compos amp canada rr allison honeywel ge parti refrain provid market share data posit market invit occas indic access total market figur true difficult estim market share product compani sale tend vari significantli year year result individu project honeywel ge import market posit consist year bulk demand small marin ga turbin unit mw sale mw unit separ marin market defin unit mw honeywel market share forecast ge share base market small ga turbin mw rang direct competitor honeywel estim honeywel posit market ge honeywel lead market tf tf tf ga turbin power output mw mw base honeywel turboshaft honeywel mw ga turbin base tpe turboprop lt helicopt engin ge mw output lm ga turbin base tf militari engin design compli strict militari requir parti argu propos merger lead overlap small marin turbin ge produc mw lm sold eea market deliveri worldwid ge receiv order deliveri foreseen parti submit lm compet honeywel product larger heavier expens requir number peripher differ result militari origin ge lm market investig shown ge hwl compet market defin market investig differ ge hwl small mw marin ga turbin suffici relev distinguish product market addit ge honeywel activ militari commerci market product overlap power output parti ge hwl product compet ge particip competit hwl rr case amp canada parti argu ge product compet militari applic market investig shown ge successfulli sold lm commerci purpos past ge lm case sold militari applic case commerci vessel honeywel small marin ga turbin target militari commerci applic rr allison ge honeywel main competitor market share model amp canada competitor market share st mw thest mw model parti expect increas sale small marin ga turbin creation domin posit horizont overlap propos merger merg entiti share market small marin ga turbin combin strongest closest player market creat entiti time larger player merg entiti largest player small ga turbin marin market parti extens argu ga turbin high develop cost deriv aircraft engin quot de novo quot entri market exclud parti put emphasi fact migrat industri small ga turbin imposs expens econom unviabl initi exist industri small ga turbin player enter market solar import competitor industri market aeroderiv solut marin applic parti argu repli commiss decis initi proceed present case solar made sale aeroderiv marin applic sale believ limit foreclosur vertic integr honeywel ge addit horizont overlap honeywel lead posit market strengthen combin ge financi strength vertic integr financi servic aftermarket servic honeywel immedi benefit ge capit willing abil secur exclus suppli posit product ge abil cross subsidis busi segment strong cash flow gener explain analysi market avion avion ge financi strength boost merg firm amp effort area competit prove intens ultim discourag rival compet innov light forego ge ge capit financi favour honeywel product contribut posit merg entiti domin supplier market small marin ga turbin honeywel enjoi lead posit result integr honeywel ge rival depriv futur revenu gener sale origin equip spare part end progress marginalis unabl fund innov expenditur leapfrog merg entiti mean progress foreclosur futur applic lead merg entiti competitor reassess rational presenc market small marin ga turbin make econom ration decis withdraw competit addit ge honeywel product leav realist chanc win parti repli honeywel agre supplier consid honeywel confidenti continu commit project consid honeywel confidenti agreement supplier consid honeywel confidenti accept underlin honeywel repres risk revenu share partner innov project readili replac foreclosur vertic integr honeywel electron control final honeywel supplier kei compon project consid honeywel confidenti ge direct competit project consid honeywel confidenti propos transact give ge direct control suppli kei compon project consid honeywel confidenti addit concern technolog leakag ge aris sourc suppli part specif consid honeywel confidenti limit altern sourc suppli part specif consid honeywel confidenti honeywel merg entiti import stronghold suppli chain line case aircraft engin applic ge propos merger mean prevent project consid honeywel confidenti launch foreclos competitor basi merger lead creation domin posit market small marin ga turbin undertak submit parti introduct june ge submit propos packag undertak address competit concern identifi commiss statement object propos compris structur undertak relat avion avion product engin starter small marin ga turbin larg region jet engin behaviour undertak corpor jet engin commit engag bundl practic geca undertak submit parti consid insuffici elimin major competit problem identifi engin larg commerci aircraft avion avion submiss undertak propos commiss proceed technic verif structur undertak test meet criteria regard viabil stand natur asset result technic verif insuffici address competit concern rais transact propos structur undertak meet basic criteria viabil busi divest descript undertak avion avion product avion avion product concern parti propos undertak avion avion product sold bfe buyer furnish equip sfe sfe option supplier furnish equip basi avion bfe avion product parti propos focus bfe avion equip detail consid honeywel confidenti packag refer consid honeywel confidenti includ product weather radar larg commerci aircraft lca commun navig lca record data manag system lca region corpor aircraft cmu acar commun manag unit aircraft commun address report system egpw enhanc ground proxim warn system tca terrain collis avoid system gp mmr precis approach guidanc airport parti propos divest aeronaut satellit commun quot satcom quot busi sfe avion product parti propos avion focus commerci inerti navig busi busi includ product ir adir ahr air data comput saaru airfram motion navig sens devic navig system apu avion parti submit undertak auxiliari power unit apu parti propos divest descript consid honeywel confidenti divest relat apu corpor region aircraft apu lca parti propos divest honeywel commerci repair overhaul busi raunheim germani mro relat activ conduct raunheim includ thing mro apu ground unit turboprop engin turbofan engin ec regard environment control system sfe equip parti propos divest honeywel european ec center focus region corpor aircraft segment engin starter order resolv competit problem result vertic relationship ge engin manufactur honeywel supplier engin starter parti propos divest honeywel engin starter busi small marin ga turbin propos merger result horizont overlap ge honeywel activ market small marin ga turbin parti propos divest honeywel stake vericor joint ventur compani honeywel market small marin ga turbin mtu hold remain larg region jet engin propos merger result horizont overlap market engin larg region jet aircraft order resolv competit problem parti propos divest seri engin power avro jet develop exist alf lf engin power current version avro jet undertak addit structur undertak parti propos number behaviour commit relat market corpor jet engin geca abstain bundl avion avion aircraft engin product servic corpor jet engin addit creat horizont overlap market engin corpor jet aircraft propos merger extend benefit ge financi strength vertic integr financi servic aircraft purchas leas aftermarket servic honeywel engin corpor jet aircraft counter parti submit compet agreement purchas alf lf engin seri ge includ geca ge capit corpor aviat group geccag abstain purchas corpor jet aircraft specul basi oper leas purpos geca parti propos maintain geca separ legal entiti conduct deal honeywel arm length basi complianc monitor independ expert parti propos geca particip work group airfram manufactur select avion avion equip propos geca act specul buyer aircraft condit purchas incorpor honeywel avion avion equip ge capit financ purchas oper aircraft inclus honeywel avion avion equip final propos geca influenc select avion avion equip custom select competitor avion avion product purchas aircraft leas purpos bundl avion avion aircraft engin product servic parti commit bundl ge product honeywel product make offer custom competitor act team bundl similar product custom request bundl offer ge write order ensur complianc undertak parti propos set arbitr scheme affect interest parti initi arbitr parti undertak compli arbitr decis assess undertak bfe product parti propos constitut partial divestitur honeywel rang bfe product propos leav lead posit product compris divestitur packag instrument displai region corpor jet version product sfe addit honeywel product combin entiti packag offer result foreclosur compet supplier product line addit feed back technic verif stress amp ap busi repres honeywel entir busi relev product line collect matur technolog product gener end life cycl respond honeywel retain busi technolog competit technic verif gener avion product develop honeywel plant research center case avion product specif consid honeywel confidenti product schedul replac avion product specif consid honeywel confidenti develop honeywel facil consid honeywel confidenti gener product integr solut technolog includ propos undertak purchas honeywel busi consid honeywel confidenti busi limit viabil found make signific amp invest order catch honeywel technolog develop product parti propos divest continu compet market buyer honeywel busi consid honeywel confidenti busi achiev competit product develop replac matur posit includ divest packag satcom note sfe product inerti navig product famili repres part avion product honeywel offer sfe basi rang sfe product remain signific main sfe product flight manag system honeywel market share flight control autopilot honeywel strength remain unchang undertak address honeywel integr solut lca product famili integr engin capac honeywel major competit discrimin main strength honeywel integr capac materialis integr avion suit region corpor aircraft primu epic integr avion suit avion integr capabl expect import lca discuss paragraph honeywel integr capac thirdli regard divest ir product line undertak leav honeywel integr expertis unaffect integr ir system gradual replac stand ir product case bfe product parti offer divest product limit life ahead addit parti divest core technolog inerti navig ring laser gyroscop base sensor acceleromet feedback technic verif confirm critic compon inerti navig busi buyer develop stand viabl busi purchas inerti navig busi ir bui product market consid viabl altern render buyer reliant ge honeywel entail addit cost competit disadvantag parti propos suppli purchas product basi quot fulli alloc cost product quot leav buyer depend competitor time suppli servic avail product buyer ir busi verifi fulli alloc cost product honeywel produc comment honeywel product organis consid honeywel confidenti inform addit undertak commit ge sell technolog improv ge develop compon futur gener ring laser gyro air data sensor accelomet includ suppli commit apu commiss consid propos apu inadequ undertak address merg entiti posit lca high volum sell larg commerci aircraft famili apu buyer select equip sold airlin dual sourc basi propos address merg entiti abil packag apu bfe product import underlin market investig unduli narrow scope divest feedback technic verif highlight signific issu critic viabil divest busi respond qualifi import apu model base design technolog year limit notwithstand exist applic competit futur applic apu offer concern newer product limit number applic apu divest technic verif upgrad grow applic corpor region aircraft impact competit limit honeywel small engin busi corpor busi jet engin helicopt engin apu busi larg small hous facil honeywel facil consid honeywel confidenti helicopt engin part facil schedul sold reloc part ge agreement depart justic divest small apu requir divis facil purchas larg region jet engin small apu subsequ lead signific logist complic split common pool employe product line tool test facil busi addit purchas divest apu busi secur altern supplier part honeywel produc hous thirdli mro busi raunheim propos divestitur includ honeywel aftermarket busi purchas viabli compet busi apu sale low margin commit accompani compet provis relev apu mro busi raunheim parti retain exist mro agreement perform locat honeywel product incom contract account divest activ conduct raunheim addit note import multi locat custom turnov attribut raunheim plant account total turnov scope undertak limit constitut viabl busi ec undertak address honeywel posit lca reserv appli apu light forego propos undertak bfe sfe avion avion product suffici elimin domin posit propos merger creat strengthen market larg commerci engin avion avion product engin starter undertak engin starter appear clear cut technic verif divest air turbin starter busi includ air starter valv valv directli physic connect connect short length pipe part technic heavili interrel design match term air flow characterist reason compon purchas complet air starter system singl sourc commit includ refer air starter valv competit concern stem vertic relationship adequ resolv divest busi function stand busi current activ locat dispers honeywel build central build commit parti commit grant purchas control independ access test cell essenti facil purpos engin starter busi final divest mro servic facil provid servic busi express commit transit servic agreement small marin ga turbin accept undertak small marin ga turbin depend resolut number practic issu ge posit address satisfactorili relat necess purchas clear govern respect export control rule commit quot subject approv quot natur rule discretionari refus govern signifi divestitur occur parti respect commit problem relat expect increas input cost divest busi purchas produc helicopt engin relev mtu sharehold vericor produc engin commit attain specif result failur meet give rise penalti larg region jet engin face propos undertak suffici remov competit problem realiti difficult put practic manufactur avro jet bae system drawn commiss attent fact firstli believ interest potenti buyer assum interest buyer found dispos engin claim affect viabil avro jet avro seri engin develop divestitur engin parti lead signific uncertainti timet develop sale prospect aircraft comment airfram manufactur consid honeywel confidenti uncertain propos remedi capabl elimin competit problem identifi respect note commit provid altern divestitur respond technic verif unanim divestitur engin engin singl purchas engin famili continu common custom base whilst parti engin famili part design common argument common remain valid issu appropri dealt commit commit transfer purchas engin team consid purchas fulli support pre post certif program access honeywel suppli input divest current valid term period suffici purchas manufactur part find altern parti supplier effect commit proprietari honeywel design analysi model quot translat quot purchas model effect commit respect disput alloc personnel divest busi stem fact personnel work partli militari helicopt busi divest partli honeywel busi retain partli larg region jet engin busi technic verif addit substant failur propos packag undertak elimin competit problem identifi commiss number gener shortcom commit viabil propos divestitur relat timefram transfer busi extent access intellectu properti right ipr personnel facil custom suppli matter refer respond technic verif addit note propos truste impos measur parti compli commit truste power sell divest busi minimum price constrain call question mechan truste ensur busi divest time frame technic verif stress logist complic transfer busi shown time frame suffici doubt reinforc difficulti transfer divest tca product line alli signal merger provid commiss decis respect access personnel access sale market peopl condit quot mutual agreement quot parti purchas purchas agre purchas busi parti propos limit transfer technic personnel degre involv busi divest specif consid honeywel confidenti consid strict addit mechan foreseen ensur personnel previous work busi divest access sensit inform restrict inform acquir retain busi final parti commit addit incent order ensur kei employe agre transfer purchas access honeywel produc input imposs resourc produc view recur cost certif implic durat specif consid honeywel confidenti suppli agreement consid inadequ control futur cost growth whilst parti addit gener commit enter transit agreement purchas transit agreement purchas avoid structur depend merg entiti propos parti buyer licens intellectu properti right ipr ge strongli reject technic feed back order buyer oper viabli acquir ipr divest busi exclus licenc share ipr field divest busi parti transfer ipr exclus divest busi capabl honeywel product futur share ipr parti retain ipr field divest busi consider facilit entri busi end compet period final fact merg entiti retain potenti access divest propos compet period durat specif consid honeywel confidenti make easi merg entiti enter market addit commit parti acquir joint control compet busi immedi undertak corpor jet engin fact commit relat corpor jet engin pure behaviour accept tantamount reduct output reduc suppli detriment custom commit equival typic compet claus gener sale busi continu oper parti market acquisit leas aircraft difficult approv truste arbitr make distinct call specul purchas financ form purchas domin posit combin entiti remain market corpor jet engin geca commit engag bundl practic undertak engag bundl practic submit relat concern merg entiti vertic integr financi strength abil engag product bundl pure behaviour constitut basi clear elimin concern legal separ geca affect manag control remain hand ge expect separ prevent geca exercis commerci strategi ge rest undertak geca remain pure promis act manner promis contrast commiss state polici remedi purpos merger regul presenc independ expert repres guarante geca conduct intervent control expert occur post true undertak product bundl parti promis bundl respect product fact reserv bundl circumst commit polic post place market investig suggest product bundl characteris formal time competitor detect report monitor mechan propos parti place propos undertak expect requir signific amount monitor work part commiss arbitr mechan give rise endless litig commiss particip capac recipi undertak propos undertak geca bundl elimin relev competit problem identifi effect parti domin strengthen domin posit promis abus addit complex implement monitor undertak consid capabl effect remov competit problem identifi basi forego propos packag unviabl insuffici address competit concern rais propos merger form basi authoris decis set undertak submit parti june introduct late stage procedur june parti withdrew packag undertak submit june propos substanti modifi set undertak propos relat sale minor interest geca parti select ge combin behaviour commit submit geca conduct deal honeywel parallel parti reduc propos divestitur honeywel aerospac product descript geca sale minor interest geca independ parti ge propos creat class common stock repres vote power geca trade share subsequ sold privat placement oppos public offer independ entiti select ge month commiss decis investor target ge consist financi institut bank manag fund ge addit retain veto futur sale dispos share owner class share grant elect geca director independ ge employe director supplier ge independ director receiv advanc notic purchas aircraft leas purpos involv acquisit honeywel product geca complianc behaviour undertak ge maintain prefer ge engin bui aircraft reserv abil prefer honeywel product bui aircraft behaviour commit geca parti retain provis relat geca propos undertak submit june section bfe sfe avion avion product addit parti propos divestitur avion product compar origin set undertak submit june scope divest significantli reduc divest longer includ sfe product avion product mainten repair overhaul facil servic inter alia apu addit number bfe product line divest reduc rational reduc divest packag parti divest sfe product longer due propos solut geca reduct scope bfe packag compens cost account divest minor interest geca divest limit number bfe avion product line parti suffic meet commiss concern bundl bfe avion avion product engin propos divest cover commun navig honeywel busi consid honeywel confidenti includ product transmit receiv pilot voic commun ground airborn oper center lca includ satcom send receiv data voic telephoni ground satellit cover record record flight data inform cockpit voic data manag system aircraft condit monitor system refer quot rdm busi quot lca region corpor aircraft addit parti maintain propos divest honeywel commerci repair overhaul busi raunheim engin starter order resolv competit problem result vertic relationship ge engin manufactur honeywel supplier engin starter parti maintain propos divest honeywel engin starter busi origin set undertak submit june small marin ga turbin order resolv competit problem result horizont overlap activ ge honeywel market small marin ga turbin parti maintain propos divest honeywel stake vericor origin set undertak submit june larg region jet engin order resolv competit problem result horizont overlap market engin larg region jet aircraft parti maintain propos divest seri engin exist alf lf engin origin set undertak submit june evalu introduct make evalu late propos undertak account requir set merger regul commiss notic remedi accept council regul eec commun regul ec appli kind post deadlin submiss articl commiss regul ec march notif time limit hear provid council regul eec control concentr undertak commit intend parti form basi decis compat pursuant articl merger regul submit commiss month decis open proceed commiss except circumst extend period parti put forward reason regard constitut except circumst dai submit propos commit case june parti propos submit june commiss view propos parti includ undertak submit month time limit paragraph commiss notic remedi state parti subsequ modifi propos commit commiss accept modifi commit determin basi assess inform receiv investig includ result prior market test market test commit implement solv competit problem identifi suffici time proper consult member state present case propos undertak insuffici suffici time consult event solv competit problem identifi geca undertak geca submit relat concern merg entiti vertic integr financi strength structur compon ad undertak divestitur vote right geca undertak geca remain pure behaviour natur constitut basi clear elimin concern addit scope limit essenti bfe product exclud engin sale minor interest geca independ parti propos ge creat class share refer class share appar type share vote right financi interest attach repres vote power geca subsequ sell entiti select ge privat place solv issu chang partial control geca result modif geca purchas polici bias ge product propos grant owner class share elect geca director address issu control owner class share design ge chosen institut financi investor involv relev market trade subsequ sale result chang ownership vote right geca subject ge approv select event ge retain control geca structur propos address minimum requir geca float market particip directli subject applic stock exchang regul knowledg industri player interest preserv geca neutral polici geca law enshrin chang purchas polici market orient market approach veto right laid proper ant control aspect geca commerci polici inadequaci propos geca strengthen provis maintain ge prefer ge ge joint ventur engin geca purchas aircraft word propos undertak affect creation strengthen domin posit merg entiti jet engin market final undertak affect geca bia effect select sfe product propos divestitur geca ge genuin chang ge abil exercis control geca favour ge product result ge incent influenc airfram manufactur unalt behaviour commit ge propos retain previous propos behaviour provis submit june preced paragraph bfe sfe avion avion product assess avion avion product address relev product line retain propos summaris propos address lead posit honeywel avion avion market limit merg entiti bundl capac product sold airlin propos packag includ honeywel technolog advanc product repres growth market essenti part futur integr solut thirdli propos product line concern lca address avion avion region corpor aircraft fourthli commun navig avion import product line cover propos concern collect matur technolog product end life cycl honeywel exclud gener product line divest propos fifthli satcom essenti commun navig avion product includ packag propos reduc merg entiti abil bundl product servic addit propos longer envisag divest entir avion plant honeywel facil consid honeywel confidenti facil propos origin undertak product line carv subsequ lead signific logist complic split common pool employe product line tool test facil raunheim plant clear divest mro facil affect merg entiti lead posit apu bundl avion engin addit found analysi packag undertak divest propos exclud contract multi locat custom servic honeywel account raunheim plant total turnov undertak constitut viabl busi engin starter propos undertak relat engin starter modifi analysi respect packag remain valid small marin ga turbin propos undertak relat small marin ga turbin modifi analysi respect packag remain valid larg region jet engin propos undertak relat larg region jet engin modifi analysi respect packag remain valid technic verif divestitur propos structur undertak retain june undertak propos modifi order cure gener shortcom relat timefram transfer busi extent access intellectu properti right ipr personnel facil custom suppli analysi remain valid procedur respect procedur aspect undertak propos june parti set except circumst claim natur propos undertak geca complement structur dimens previous includ event paragraph commiss notic remedi state commit suffici time proper consult member state market test fact packag reason set fulli unambigu straightforward manner address competit concern identifi investig mean undertak propos june fail compli requir merger regul conclus undertak forego reason conclud propos undertak remov identifi competit concern form basi authoris decis vi conclus reason conclud propos merger lead creation strengthen domin posit market larg commerci jet aircraft engin larg region jet aircraft engin corpor jet aircraft engin avion avion product small marin ga turbin result effect competit common market significantli imped propos merger declar incompat common market pursuant articl merger regul adopt decis articl concentr gener electr compani acquir control undertak honeywel intern declar incompat common market eea agreement articl decis address gener electr compani easton turnpik fairfield connecticut usa brussel juli commiss mario monti member commiss oj correct oj oj oj turnov calcul accord articl merger regul commiss notic calcul turnov oj extent figur includ turnov period januari calcul basi averag ecu exchang rate translat eur basi part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk commiss decis eec case iv alenia de havilland oj commiss decis ec case iv boe mcdonnel dougla oj commiss decis ec case comp alliedsign honeywel oj commiss decis declar concentr compat common market case comp singapor airlin roll royc case iv boe mcdonnel dougla iae joint ventur amp rr mtu japanes aero engin corp manufactur engin narrow bodi amp rr control partner larg airlin signific transcontinent activ wide bodi fleet smaller region airlin flight turnaround number back trip aircraft econom perform calendar dai avro secur order larg region jet servic servic br engin manufactur rr deutschland joint ventur bmw engin fit tail wing aircraft conceiv aircraft renam mcdonnel dougla launch md acquisit compani boe mcdonnel dougla aircraft platform product immedi discontinu except md launch comment sale prospect consid rr confidenti inform footnot except situat instanc origin conceiv power pw engin launch demand major potenti purchas air franc cfm engin certifi platform commiss decis eec case iv alenia de havilland oj commiss decis ec case iv boe mcdonnel dougla oj commiss decis septemb case exxon mobil commiss decis ec case iv skanska scancem oj commiss decis januari case iv akzo nobel commiss decis june case iv rvi vbc heuliez addit main compet claus contain origin joint ventur agreement year joint partnership creat bodi compet provis effect parti snecma easili withdraw cfmi engin programm purpos develop competit engin cfm newslett issu principl cooper sign ge snecma januari state ventur revenu share profit share parent profit function effici industri figur north american airlin oper unit worldwid fleet expect aircraft asia pacif airlin oper world fleet expect oper aircraft high traffic growth total world deliveri larg commerci aircraft forecast european airlin increas fleet unit unit http www geae geenginecent servic commavi html snecma independ commerci engin busi cfmi significantli lesser sale technolog presenc ventur lack technolog unsuccessfulli access small engin market collabor amp spwi joint ventur offer spw engin famili exampl annual report page quot continu worldwid leadership ge cfm intern joint compani snecma franc won half world larg commerci engin order quot annual report page quot consist industri leadership ge aircraft engin cfm intern joint compani snecma franc won major world larg commerci engin order quot annual report page quot ge aircraft engin cfm intern joint compani snecma franc won larg commerci engin order engin manufactur quot nick heymann prudenti secur octob quot engin order geae market share roughli market geae market share improv estim market share notabl wide bodi market share quot jennif murphi morgan stanlei dean witt januari quot heavi equip busi continu share domin equip market power gen share medic aircraft engin transport geae share larg engin order turn tremend grow annuiti ten year quot john inch al sipzen bear stearn februari aircraft engin order attribut ge cfm pie chart iae manufactur engin wide bodi aircraft addit period geca ge leas arm contribut substanti increas ge market penetr except outstand order boe md concern ge engin airfram concern mcdonnel dougla aircraft dc dc md wide bodi segment dc md md narrow bodi segment dc md wide bodi replac ge engin rr engin narrow bodi dc md md replac cfm engin famili cfm iae market capitalis usd billion june greater compani activ commerci aircraft market boe usd billion utc usd billion rr usd billion ge appreci competit advantag size offer ge explain size invest hundr million dollar extrem ambiti programm ge world highest thrust jet aircraft engin quot quot turbin world highest effici turbin gener size ge introduc product segment year continu invest busi cycl make acquisit year year year final ge claim inhibit innov size quot bigger swing quot ge rightli recognis succe project ge make point quot size ge miss miss beat quot ge annual report page bear stearn research ge date februari page bear stearn research ge date februari page illustr signific competit advantag enjoi ge industri rival resid aaa credit rate extend subsidiari enabl rais financ cheaper quicker competitor commiss market investig shown cost mainten spare part lifetim engin averag initi net purchas price real term inflat annual increas real term exclus ge power account total aircraft order boe airbu engin select made total aircraft order backlog decemb publish john curran fortun novemb post ge websit http www ge new welch articl htm ge websit http www ge new welch articl htm comparison geca main competitor market aircraft leas intern leas financ corpor ilfc fleet aircraft februari fleet databas back associ data decemb order includ cancel order engin select quot determin quot articl entitl quot airbu chief predict fall aircraft sale quot financi time januari remaind account boe ge engin offer ge annual report page geca involv commerci agreement airlin consid ge confidenti inform gpa fleet approxim aircraft moment acquisit ge rr particip pembrok leas compani compar ge capit achiev geca pembrok tenth size geca commerci unabl reproduc geca bias behaviour respect ge posit european airlin favour ge incumb engin supplier supplier engin instal base european nation flag carrier unit kingdom luxembourg geca involv commerci agreement airlin consid ge confidenti inform annex boe repli commiss questionnair februari gener cost develop scale version exist engin develop engin recent cargolift includ exclus platform ge decid bid deliber withdrawn competit base inform suppli parti argu ge exclus platform capabl support engin airlin demand engin argu addit secur exclus posit platform ge manag turn stretch version multipl sourc classic platform singl sourc airfram note ge bid power bombardi larg region jet brjx event amp cooper snecma develop suitabl engin develop brjx platform eventu cancel ge won competit power remain larg region jet bombardi forb august quot jack welch engin salesman ge land engin contract doesn sell engin sell power quot howard bank ge exist engin platform low sale prospect platform dissuad ge invest engin rr hand exist engin offer power platform geca involv commerci agreement airfram manufactur consid ge confidenti inform quot ride fighter wing quot hartford courant march ge intern document doc quot ride fighter wing quot hartford courant march utc annual report page schroder salomon smith barnei research rr march deutsch bank research rr march deutsch bank research rr march quot ge surpris choic airship quot flight intern march april page threshold industri defin incumb posit engin aircraft supplier airlin ge lead engin supplier major european airlin instanc exclus engin supplier aer lingu alitalia klm olymp tap lead supplier airlin percentag share engin airlin air franc austrian airlin finnair iberia lufthansa sabena sa swissair commiss decis ec case comp alliedsign honeywel oj commiss decis declar concentr compat common market case iv unit technolog sundstrand council regul eec oj quot arinc quot aeronaut radio corpor own major airlin charter creat common oper environ airlin commun arinc committe call airlin electr engin committe aeec function foster freedom choic airlin provid standard form fit function bfe avion standardis interfac airlin select avion multipl provid case iv lockhe martin loral corpor commiss decis march case iv sextant bgtvdo commiss decis decemb avion product constitut market figur reflect net present futur cash flow net cost airlin estim avion repres total oper cost aircraft market data section gener base parti estim sale year correct inform suppli parti evalu basi order consid market accur import rebat incent fact order reduc stage procur process distinct bfe sfe relev larg commerci aircraft except avion avion product region busi aircraft sold sfe basi descript honeywel strateg team agreement racal consid honeywel confidenti inform aircraft inform manag system aim european firm includ thale bae initi approxim year ago project design integr cockpit system includ cmu function project led materi product traffic alert collis avoid system tca term aca figur reflect net present futur cash flow net cost airlin estim avion repres total oper cost aircraft major independ player market timco haeco bedek aviat fl aerospac extent compani sogerma bf goodrich servic honeywel confidenti intern document surveil system iha integr hazard awar avoid system combin number compon iha product tca weather radar equip competit ti egpw honeywel uncontest posit addit competitor offer iha depend honeywel product part iha system rockwel collin compani product hous thale lack honeywel lead system integr capabl develop iha potenti futur applic consid honeywel confidenti inform descript concept consid honeywel confidenti inform honeywel strong posit integr avion suit primu epic includ major function avion suit replac stand system centrepiec control integr expertis found raytheon hawker horizon embraer erj fairchild dornier jet full epic develop nose tail bid market present raytheon pd pd novemb aircraft platform honeywel won engin full epic avion suit develop bid collin supplier prolin seri suit bombardi litton smith teledyn commun nich player technic advanc product gener major revenu market naval construct litton player sell product major establish posit airfram manufactur airlin worldwid servic network support posit product litton ir smith fm integr solut thale collin number product player commun teledyn univers establish posit technolog driven product record printer instrument displai comparison market capitalis thale subsidiari includ thale avion usd billion ge honeywel hamilton sundstrand main aerospac product includ apu ec electr power engin compon hydraul power minor presenc flight control case iv lockhe martin loral corpor commiss decis march case iv sextant bgtvdo commiss decis decemb hamilton sundstrand own unit technolog corpor utc sister compani amp honeywel intern document honeywel intern document case comp alliedsign honeywel decis decemb leapfrog mean supplier replac incumb result technolog develop ge engin servic gee network larg commerci aircraft engin equip honeywel engin system accessori inform consid honeywel confidenti hamilton sunstrand sourc starter supplier number matur engin programm starter develop date hamilton sunstrand activ prior integr amp likewis amp depend honeywel starter number matur engin platform starter interfac engin supplier present track record appli technolog aerospac jet engin applic product liabil servic top signific switch cost relat modif process certif flight test airfram manufactur charg aircraft platform engin select ge acknowledg difficulti sourc engin control compon intern document analys honeywel strength ge conclud quot amp rr engin move supplier due high certif cost quot market larg region jet aircraft engin engin larg commerci aircraft subject technic bundl result effect part merg entiti commerci perform amp engin consid amp confidenti inform result applic ge domin toolkit market amp unabl place engin market date market corpor jet aircraft engin jet engin market question suscept technic bundl merg entiti result effect geca quot ge quot polici alli signal honeywel engin allianc case iv ge eni nuovo pignon ii case iv alliedsign mtu case iv alstom abb aeroderiv ga turbin combin establish aircraft engin power turbin convert energi engin exhaust rotat shaft power footnot repli statement object parti submit basi market marin ga turbin mw past year honeywel market ge rr amp descript compon consid honeywel confidenti inform ge princip competitor project consid honeywel confidenti activ displac project consid honeywel confidenti ge engin consid honeywel confidenti adir adiru devic combin function air data comput inerti refer system ir ahr costli altern ir region market saaru back system adir boe footnot oj oj annex evolut instal base engin larg commerci aircraft product gt pic file quot en tif quot gt