Chinese complete acquisition of Cirrus Aircraft
Merger expected to be completed in 2011
Cirrus Industries and China Aviation Industry General Aircraft Co (CAIGA) have announced that they have entered into a definitive merger agreement.
Brent Wouters, Cirrus president and chief executive officer, said: “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. CAIGA brings new resources that will allow us to expedite our aircraft development programs and accelerate our global expansion.”
Wouters further noted the positive impact on jobs and job growth, and said: “CAIGA understands the strength and the talent of Cirrus’s workforce and the prominence of the Cirrus brand in general aviation. Through this transaction, CAIGA will invest in our employees in both Minnesota and North Dakota by committing to the continued use of our world-class production facilities.”
Meng Xiangkai, CAIGA president, said: “CAIGA is dedicated to being an international leader in the provision of general aviation products and services, and light piston aircraft is one of CAIGA’s business focuses. We are very optimistic to begin our partnership with Cirrus and add Cirrus’s strong brand as the cornerstone in our aviation product portfolio. We are deeply impressed with Cirrus’ performance in the global general aviation industry, especially with its consistent product performance, comprehensive safety features, outstanding management team, highly-skilled employee base and advanced production facilities as well as its expanding global footprint. We look forward to working with Cirrus’s management team to build upon Cirrus’s proven success and to further expand production volume in order to cement Cirrus’s existing leadership position in the global general aviation industry, as well as to produce greater job opportunities in Duluth and Grand Forks.”
Cirrus chairman and co-founder Dale Klapmeier said: “On behalf of everyone at Cirrus, we are thrilled to make this announcement. With this transaction, Cirrus will continue to develop and build the best, most exciting aircraft in the world. The original dream remains alive and well at Cirrus. We are just embarking on our next chapter on a global stage.”
The transaction is expected to close around mid-2011.
