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AVIC unit acquires Cirrus Industries

2-Mar-2011 9:23 AM

China Aviation Industry General Aircraft Co Ltd, a subsidiary of Aviation Industry Corp of China (AVIC), stated it would acquire a 100% stake in Cirrus Industries Inc (Shanghai Daily, 02-Mar-2011). This marks the first time a Chinese company has acquired an aircraft manufacturer from a developed country. The transaction is set to close in Apr-2011 following the receipt of necessary approvals from China's Government and the US Committee on Foreign Investment. The companies did not disclose the value of the deal. Another AVIC subsidiary, CATIC Beijing Co Ltd, last week acquired 20% in KHD Humboldt Wedag International AG for EUR45 million, becoming the largest shareholder in the German company.