Mooney Aviation will restart production of the Ovation and Acclaim aircraft with capital from a Chinese-owned company.
The company ceased manufacturing five years ago, but plans to re-start the production lines in their Kerrville, Texas plant in January 2014
New funding from Soaring America Corporation, a California-based company, will provide necessary capital to re-launch and sustain the production of the Acclaim Type S and the Ovation series.
Soaring America's Jerry Chen will take over Mooney as President and CEO. The company is thought to represent a group of Chinese investors that may include the Meijing Group.
“It’s a new day for Mooney," said Barry Hodkin, Chief Financial Officer. "It’s been a long time coming and we couldn’t be more excited about our return to manufacturing one of the finest and most trusted airplane fleets in the industry.
"And with a new investment group that is committed to the future, we’re expecting to make a strong move in the industry."
The Acclaim Type S is recognized as the world’s fastest single engine aeroplane. It holds over 130 speed records with a normal cruise speed of 230 KTAS and a service ceiling of 25,000 feet. The Ovation series has cruising speeds up to 190 KTAS and a service ceiling of up to 20,000 feet.
“It’s too early to provide the details, but we’ll have some very exciting announcements in the near future about the technological advances that will accompany the Acclaim Type S and Ovation series,” said Hodkin.
The company now plans to recruit and train 100 new people, with more to be added according to demand for the aircraft.