Meijing Group buys US-based Mooney
Print Edition
Meijing Group, a Chinese real estate developer, has completed its purchase of Mooney Aviation Company Inc, a United States-based manufacturer of utility aircraft, a company source said yesterday.
The takeover was completed on October 11 after the US Committee on Foreign Investment approved the deal nine days earlier, said an executive with Henan Province-based Meijing Group.
The deal is another successful acquisition of an American firm by a Chinese company after Shuanghui International’s purchase of Smithfield Foods for US$7.1 billion in September, making it the biggest such deal so far.
Shuanghui International and its subsidiaries are the majority shareholders of Henan Shuanghui Investment and Development Co, which is China’s largest meat processing enterprise, also based in the province.
Meijing Group paid about US$100 million in the deal and promised to invest another US$1 billion at a later stage, according to the executive source, who spoke on condition of anonymity.
Meijing Group has already registered two aviation-related companies in the provincial capital of Zhengzhou. They will engage in aircraft assembly, trading, exhibition and airport construction.
The deal between Meijing Group and Mooney may revive the 84-year-old maker of single-engine general aviation aircraft. The US aircraft producer laid off employees and suspended production in 2010.
Meijing Group, registered in Zhengzhou, aims to expand its business outside of real estate development.
Zhengzhou was approved as the nation’s first air economic zone by the State Council, China’s Cabinet, early this year.
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