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4-Traders Homepage  >  Equities  >  Nyse  >  Alaska Air Group, Inc.    ALK

Delayed Quote. Delayed  - 07/29 10:02:33 pm
67.22 USD   -1.81%
07/29 ALASKA AIR : Airlines moves forward with new $40 million maintenance..
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Alaska Air : Airlines moves forward with new $40 million maintenance facility in Anchorage,

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07/29/2016 | 10:08pm CEST

ANCHORAGE, Alaska, July 29, 2016 /PRNewswire/ -- Alaska Airlines today announced plans to build a new $40 million airplane maintenance facility at the site of the current Signature Flight Support building on Old International Airport Road. Located on the east side of the Ted Stevens Anchorage International Airport, the new hangar is located about a half mile from Alaska's existing 37,500-square-foot facility. The company has hired local architect firm McCool Carlson Green and general contractor Kiewit to build the hangar, which is scheduled for completion in the second quarter of 2018.

'Our existing facility has served us well for many years. As we grow and add larger planes to our fleet, it's time we upgraded our northernmost maintenance facility,' said Kurt Kinder, Alaska Airlines' vice president of maintenance and engineering.

'We've made a very conscious decision to hire local companies that closely align with our values, and the creative design reflects our brand and company pride as well as the unique needs of operating the largest airline in the state,' said Karen Gruen, Alaska Airlines' vice president of real estate.

McCool Carlson Green is an Anchorage-based firm that has provided aviation, academic, civic, and military design across the state for more than 40 years. MCG has designed several projects in Anchorage, including the C Terminal at the Anchorage Airport, the Mountain View Library and the Alaska Airlines Center at the University of Alaska Anchorage.

'The state of Alaska is a unique part of the country, where aviation is entrenched in our culture,' said Jason Gamache, MCG principal architect. 'Alaska Airlines understands this and the challenges and needs that face both its employees and the communities it serves. The new hangar was designed to celebrate aviation, culture and place, and we look forward to sharing the design during the groundbreaking soon.'

Kiewit has been a permanent fixture in Alaska since before statehood. Over the course of nearly 70 years, Kiewit has worked on hundreds of projects across the state for the U.S. military, as well as transportation and logistics companies.

'Kiewit is proud of our history in Alaska and of the tremendous subcontractors and talented craft workers of Alaska who have helped us complete many important projects,' said Kiel Beloy, Kiewit Building Group vice president - Alaska manager. 'We are honored to continue this legacy on the construction of the new Anchorage hangar for Alaska Airlines.'

The new hangar in Anchorage is part of an almost $100 million investment the airline is making across Alaska, which also includes updating and, in some cases, expanding the 11 airline-owned terminals throughout the state. Also included in this figure is an investment by Alaska Airlines to add three 737-700 freighter aircraft to its fleet, improving the ability to serve cargo customers' needs with scheduled freighter service.

'Alaska Airlines provides a vital and unique service in the state of Alaska, unlike any other place we fly,' said Marilyn Romano, Alaska Airlines regional vice president - Alaska. 'These improvements within the state will allow us to better serve our communities, business partners and the people of Alaska for decades to come.'

Alaska Airlines hangar facts

  • When complete, Alaska's new hangar will measure 105,000 square feet, twice as big as Alaska's existing Anchorage maintenance hangar.
  • The new hangar will be able to house two 737-Max 9 aircraft, which will be the longest/widest plane in the carrier's fleet.
  • In addition to the Anchorage hangar, Alaska Airlines has a maintenance hangar in Seattle.
  • Built in 1954, Alaska Airlines' current hangar was originally owned by Northern Consolidated Airlines. The original hangar was designed to accommodate Douglas DC-3 aircraft.

Anchorage Hangar Project Timeline

  • Design selected - August 2016
  • Construction start - Fall 2016
  • Construction complete - Spring 2018

Alaska Airlines, which is the largest passenger carrier in the state with 126 peak season departures, flies to 19 destinations throughout Alaska. In the next two months, the airline will continue investing in its airports adding new, refreshed branding in Anchorage, as well as Los Angeles and Portland, Oregon.

Editor's note: Artistic renderings of the hangar will be revealed in late August. Download a map of the new location at http://alaskasworld.com/newsroom/documents/New-Alaska-Airlines-Hangar-Anchorage.pdf.

Caption: Alaska's current maintenance hangar in Anchorage, Alaska

Alaska Airlines, together with its regional partners, flies 32 million customers a year to more than 110 cities with an average of 970 daily flights throughout the United States, including Hawaii, Canada, Costa Rica, and Mexico. With Alaska's 17 global airline partners, customers can earn and redeem miles to more than 800 destinations worldwide. Onboard, customers are invited to make the most of their flight with amenities like power outlets at every seat, streaming entertainment direct to your device, Wi-Fi and an inspired food and beverage selection featured on most flights. Alaska Airlines ranked 'Highest in Customer Satisfaction Among Traditional Carriers in North America' in the J.D. Power North American Airline Satisfaction Study for nine consecutive years from 2008 to 2016. Alaska Airlines Mileage Plan also ranked 'Highest in Customer Satisfaction with Airline Loyalty Rewards Programs' in the J.D. Power Airline Loyalty/Rewards Program Satisfaction Report for the last three consecutive years. Alaska Airlines is a subsidiary of Alaska Air Group (NYSE: ALK). Learn more on the airline's newsroom, blog, alaskaair.com,@AlaskaAir, facebook.com/alaskaairlines and linkedin.com/company/alaska-airlines.

Photo - http://photos.prnewswire.com/prnh/20160729/394265

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/alaska-airlines-moves-forward-with-new-40-million-maintenance-facility-in-anchorage-alaska-300306429.html

SOURCE Alaska Airlines

Media Relations, (907) 266-7230, newsroom@alaskaair.com

Alaska Air Group Inc. published this content on 29 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 July 2016 20:08:04 UTC.

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Financials ($)
Sales 2016 5 802 M
EBIT 2016 1 397 M
Net income 2016 862 M
Finance 2016 34,4 M
Yield 2016 1,60%
P/E ratio 2016 9,63
P/E ratio 2017 9,73
EV / Sales 2016 1,42x
EV / Sales 2017 1,37x
Capitalization 8 285 M
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Number of Analysts 11
Average target price 79,3 $
Spread / Average Target 18%
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Bradley D. Tilden Chairman, President & Chief Executive Officer
Benito Minicucci Chief Operating Officer & EVP-Operations
Brandon S. Pedersen Chief Financial Officer & EVP-Finance
Veresh Sita Chief Information Officer & Vice President
Patricia M. Bedient Independent Director
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