AVIC unit spreads wings to buy Cirrus
By Winny Wang |
March 2, 2011, Wednesday
|
Print Edition
Print Edition
A subsidiary of China's biggest plane maker yesterday announced the acquisition of the world's second-largest general aircraft maker - the first time a Chinese company has acquired a plane maker from a developed country.
China Aviation Industry General Aircraft Co Ltd, a subsidiary of Aviation Industry Corp of China, will buy a 100-percent stake in United States Cirrus Industries Inc as the Chinese company taps the global aviation industry.
The transaction is set to close in April after they obtain approval from the Chinese government and the US government's Committee on Foreign Investment in the United States. The companies didn't disclose the value of the deal.
"We are dedicated to being an international leader in the provision of general aviation products and services," said Meng Xiangkai, president of China Aviation Industry General Aircraft Co Ltd. "Light piston aircraft is one of our business focuses and we are deeply impressed with Cirrus' performance in the global general aviation industry."
Brent Wouters, president of Cirrus, is also positive over the acquisition by CAIGA.
"This transaction will have a positive impact on our business and our customers because we share a common vision with CAIGA to grow our general aviation enterprise worldwide," Wouters said.
CAIGA controls four listed companies in China and total revenue in 2010 reached 19.1 billion yuan.
Another subsidiary of the AVIC group - CATIC Beijing Co Ltd - last week acquired 20 percent in Germany's KHD Humboldt Wedag International AG for 45 million euros (US$62 million) to become its biggest shareholder.
China Aviation Industry General Aircraft Co Ltd, a subsidiary of Aviation Industry Corp of China, will buy a 100-percent stake in United States Cirrus Industries Inc as the Chinese company taps the global aviation industry.
The transaction is set to close in April after they obtain approval from the Chinese government and the US government's Committee on Foreign Investment in the United States. The companies didn't disclose the value of the deal.
"We are dedicated to being an international leader in the provision of general aviation products and services," said Meng Xiangkai, president of China Aviation Industry General Aircraft Co Ltd. "Light piston aircraft is one of our business focuses and we are deeply impressed with Cirrus' performance in the global general aviation industry."
Brent Wouters, president of Cirrus, is also positive over the acquisition by CAIGA.
"This transaction will have a positive impact on our business and our customers because we share a common vision with CAIGA to grow our general aviation enterprise worldwide," Wouters said.
CAIGA controls four listed companies in China and total revenue in 2010 reached 19.1 billion yuan.
Another subsidiary of the AVIC group - CATIC Beijing Co Ltd - last week acquired 20 percent in Germany's KHD Humboldt Wedag International AG for 45 million euros (US$62 million) to become its biggest shareholder.
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