“Cirrus Industries of Duluth, a manufacturer of general aviation planes, announced Monday that it has been sold to China Aviation Industry General Aircraft Co. (CAIGA).
Terms of the transaction, expected to close in mid-year, were not disclosed.
CAIGA is a global provider of general aircraft products and related services headquartered in Zhuhai in the Guangdong Province of China.
Cirrus is a privately held company whose majority owner is Atlanta-based Arcapita Inc. In a statement, Cirrus CEO Brent Wouters, said: “This transaction will have a positive impact on our business and our customers because we share a common vision with CAIGA to grow our general aviation enterprise worldwide. CAIGA brings new resources that will allow us to expedite our aircraft development programs and accelerate our global expansion.”
Wouters also said the deal should have a positive impact on jobs and job growth for Cirrus, which has facilities is Duluth and Grand Forks, N.D.”
Ahh…Chinese “Communism” at work!