DULUTH, MINN. – Cirrus Industries, Inc. (Cirrus) and China Aviation Industry General Aircraft Co., Ltd. (CAIGA) announced February 28, 2011, that they have entered into a definitive merger agreement pursuant to which CAIGA would acquire Cirrus. Brent Wouters, Cirrus’s President and Chief Executive Officer, commented that CAIGA brings new resources that will allow Cirrus to expedite its aircraft development programs and accelerate its global expansion. Wouters noted the positive impact on jobs and job growth stating that CAIGA will invest in Cirrus employees in both Minnesota and North Dakota by committing to the continued use of Cirrus’ world-class production facilities in these states. CAIGA is a world-class provider of general aircraft products and related services headquartered in Zhuhai in the Guangdong Province of China. Meng Xiangkai, CAIGA’s President, stated, “CAIGA is dedicated to being an international leader in the provision of general aviation products and services, and light piston aircraft is one of CAIGA’s business focuses.” CAIGA is a subsidiary of Aviation Industry Corporation (AVIC), the state-owned aviation company of China that makes everything from military jets to airliners. Another China aviation firm recently announced its intention to purchase Teledyne-Continental Motors, the supplier of engines for the Cirrus SR20 and SR22. The CAIGA deal is scheduled to be finalized in mid-2011. It must be approved by the federal Committee on Foreign Investment in the United States. |