China Aviation Industry General Aircraft (Caiga) of Zhuhai, China, completed its acquisition of Duluth, Minn.-based Cirrus Aircraft on June 28. Sellers include private-equity firm Arcapita, which owned 60 percent of Cirrus, and minority shareholders (including former Cirrus chairman and co-founder Alan Klapmeier).
Convinced that he can round up enough U.S. investors to keep Cirrus Aircraft on American soil, consultant Brian Foley has began organizing a counter-offer in a bid to trump ChinaÕs plan to buy the Duluth, Minn.-based light aircraft builder from Bahraini majority owner Arcapita and the several hundred individual minority shareholders who currently own the company.
Convinced that he can round up enough U.S. investors to keep Cirrus Aircraft on American soil, consultant Brian Foley is organizing a counter-offer in a bid to trump China’s plan to buy the Duluth, Minn.-based light aircraft builder from majority owner Arcapita (58 percent) and the several hundred individual shareholders who currently own the company.
Cirrus Aircraft president and CEO Brent Wouters announced yesterday morning that China Aviation Industry General Aircraft (Caiga) has signed an agreement to purchase 100 percent of Cirrus Aircraft from the several hundred shareholders that own the Duluth, Minn.-based light aircraft manufacturer.
Cirrus Aircraft’s SF50 Vision single-engine jet program is “making good progress,” according to president and CEO Brent Wouters, who added that the company has spent $64 million so far on the program and will need to spend another $64 million to see the aircraft through certification. The order book as of early June stood at 431 aircraft, 106 of which were written in the first half of the year.
Alan Klapmeier, chairman of Cirrus Aircraft, has formed a team to raise funds to try to buy the Vision SF50 single-engine personal-very-light-jet program from Arcapita Bank, the majority owner of Cirrus. “I feel comfortable that we can do this,” said Klapmeier.
Alan Klapmeier, chairman of Cirrus Aircraft, has formed a team to raise funds to try to buy the Vision SF50 single-engine jet program from majority Cirrus owner Arcapita Bank. “I feel comfortable that we can do this,” said Klapmeier. “Obviously it’s a difficult time to be raising capital, but that means more focus on funding better projects.
On the eve of the annual Cirrus owner migration event in Duluth, Minn., Cirrus chairman Alan Klapmeier announced today that he has assembled a team to acquire the aircraft manufacturer’s Vision SF50 single-engine jet program from majority owner Arcapita Bank. We talked with Klapmeier to get more details about this interesting development and find out why he’s proposing to do this.
Cirrus Design Corporation announced last week that its fleet of more than 3,500 SR20 and SR22 composite, single-engine piston airplanes has passed two million flight hours–or the equivalent in distance of two trips to the sun and back.
Cessna’s intended acquisition of Bend, Ore.-based Columbia Aircraft Manufacturing, announced late in September, will complement Cessna’s latest piston-engine development, the next-generation piston (NGP). Not much is known about the NGP; Cessna showed the all-composite high-wing, which is in flight test, at the 2006 EAA AirVenture show in Oshkosh, Wis., but only by flying it over the airfield, thereby denying attendees a close-up look.