Cirrus Aircraft completes sale to China

Cirrus Aircraft has announced that its sale to the state-owned China Aviation Industry General Aircraft Co., Ltd. (CAIGA) has been completed.

With the merger, originally announced in early March, now finalised at a cost of US$210 million to CAIGA, Cirrus Aircraft joins China’s leading General Aviation product and services company to form a worldwide GA enterprise. Cirrus President and CEO Brent Wouters, who insists the sale won’t see the company’s production shifted from the current facilities in Minnesota and North Dakota,  said the SR20 and SR22 manufacturer is excited to join forces with CAIGA.

“This partnership will benefit our business and our customers; we share with CAIGA a vision of worldwide growth,” Wouters said. “CAIGA has the resources that will allow us to expedite our aircraft development programs and accelerate our global expansion.”
 
Cirrus Aircraft co-founder Dale Klapmeier added that the completion of the merger was
an important milestone in the company’s history.

“This is a very positive development that allows us to continue our mission to develop and build the best, most exciting aircraft in the world,” he said. “Through our merger with CAIGA Cirrus will continue to lead the industry in bringing increased safety, performance, and comfort to the General Aviation community.”

CAIGA President Meng Xiangkai adds: “We are very impressed with Cirrus’ performance in the global General Aviation industry. We look forward to working with Cirrus’ management team to build upon its success and to expand production volume to further cement Cirrus’ leadership position in the global General Aviation industry.”

As we’d previously reported, the Cirrus sale to CAIGA sale was highly debated when it first surfaced and a number of US investors, led by aviation analyst Brian Foley, were planning a counteroffer to deliver the company back into US hands. Cirrus had previously been owned by Bahraini interests.

With the cash injection from CAIGA, Cirrus plans to expedite its SF50 Vision personal jet program. Cirrus currently holds more than 400 orders for SF50, and Wouters expects to bring the aircraft to market within three years.

And while on the subject of CAIGA buying up major GA entities – they’ve also recently acquired Teledyne Continental Motors – Bombardier Business Aircraft President Steve Ridolfi has quashed recent rumours that Bombardier Learjet may be sold to the Chinese conglomerate.