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.
As general aviation slowly takes hold in China, light aircraft manufacturer Cirrus has partnered with city and airport authorities to establish a new FBO at Zhuhai Airport. The 30,000-sq-ft facility was completed in November, and the backers held an opening ceremony during Airshow China.
Cirrus Aircraft said it is continuing to refine the design of the SF50 Vision single-engine jet but further development “is paced by funding,” according to chairman Dale Klapmeier. It has selected 91 percent of the suppliers for the jet and has begun development work on the jet’s parachute system, including nine test drops using weights.
For our final podcast from the 2010 NBAA Convention in Atlanta, AIN talked to Kestrel Aircraft chairman and CEO Alan Klapmeier at the show static display area, where he gave an update on his company's all-composite turboprop single project.
The trajectory for single-engine very light jets is up and to the right. List prices for what were initially envisioned as $1 million pocket rockets are now bumping up against, and in some cases through, $2 million–and likely to go higher.
The Kestrel single-engine turboprop, whose developers had been seeking funding, has found new life under the leadership of Alan Klapmeier, cofounder and former chairman of Cirrus Design. Klapmeier’s new company, Kestrel Aircraft, is based in Brunswick, Maine, and plans call for an investment of more than $100 million in the program.
EAA AirVenture, as usual, brought the aviation family together for another week of celebration, innovation and pure enjoyment at Wittman Regional Airport in Oshkosh, Wis.
Alan Klapmeier, the former chairman of Cirrus and new CEO of Kestrel Aircraft, told AIN yesterday at EAA AirVenture that the company still needs to raise additional funds to certify its six- to eight-seat, 350-knot single-engine turboprop, but was confident it would succeed.