Cirrus Industries Inc has agreed to a takeover by China Aviation Industry General Aircraft Co Ltd (CAIGA), which it says will allow it to more rapidly develop its new aircraft programs.
Terms of the transaction have not been disclosed, but it is expected that the acquisition will be completed by mid-2011. The acquisition is still subject to approval from the US and Chinese governments.
“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,” said Cirrus president and CEO Brent Wouters. “CAIGA brings new resources that will allow us to expedite our aircraft development programs and accelerate our global expansion.”
Minnesota based Cirrus last year delivered more aircraft than any other GA manufacturer, according to the General Aviation Manufacturers Association. Currently, it is producing the SR22 piston and is also in the process of developing the SF-50 Vision very light jet.
The Cirrus deal is the latest in a round of other acquisitions for CAIGA, which recently acquired the assets of Epic Air and is also in talks to acquire engine manufacturer Teldyne. CAIGA is also understood to be the frontrunner to take over Emivest Aerospace, which has taken over production of the SJ30 business jet.