Page 89 - ΕΛΛΗΝΙΚΗ ΑΕΡΟΠΟΡΙΚΗ ΒΙΟΜΗΧΑΝΙΑ - 50 ΧΡΟΝΙΑ | HELLENIC AEROSPACE INDUSTRY - 50 YEARS

support to meet the needs of state radio and tele- vision. to bring in the necessary know-how, the HAI teamed up with the German telecommunications company Hirschmann. the project was finished in 1989. Another important contract was signed in 1987, when the HAI became the main contractor in a joint venture with DEI and Steel Corner Ltd. for the construction, assembly, and installation of 40 90 kW and 50 100 kW wind turbines.
New Fighter aircraft
In 1985, the Greek government proceeded with the largest purchase of military equipment in the country’s history, ordering 40 Mirage 2000s from the French company Dassault and 40 F-16 C/D from General Dynamic.
the HAI was established as the main body that would implement the off-set program for the pur- chase of the new fighter aircraft, in 1986. the HAI, as the main agency responsible for implementing the off-set program set by the two companies, was involved from the outset in the selection process for the aircrafts in question, having formed the New Fighter Aircraft Program Directorate, which had been in contact with the prospective suppliers. this was followed by separate offset agreements with the two selected companies. the agreement with Dassault provided for cooperation on three sepa- rate programs, worth 7 billion francs:
• An agreement was reached with Dassault for the manufacture of components for the Mirage-2000.
• With thomson, the construction of power supply units for the Mirage-2000 radars and a series
of other electronic components
• Snecma agreed to assemble and test 50 M-53
aircraft engines in a new test facility at 114 PM, specially designed in collaboration with HAI-PA (Hellenic Airforce).
Financial performance and company crisis
At the turn of the decade, the HAI’s management faced a critical financial situation, as the company was unable to cover its operating expenses and pay its employees’ salaries. the crisis was due to structural factors in the company’s economic agree- ment that dated back to its founding. the lack of sufficient capital from its inception led the company to resort to borrowing from the outset to cover its needs, with the result that the HAI’s financial activity was consistently operating at a loss. the situation was exacerbated by the fact that a large propor- tion of the loans taken out were in foreign currency, with the devaluation of the drachma against the dollar leading to a multiplication of the value of the liabilities. Another factor was that ΗΑι offered preferential prices and deals to the Hellenic Navy, which were often financially unprofitable. In the late 1980s, HAI’s financial deficits had affected the progress of its repair and construction programs, leading to further revenue losses.
Assembly of cl-215 aircraft components at the HAi’s facilities in the 1980s
(© Hellenic Aerospace industry s.A.)
Development during the 1980s
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