Yet another American aviation company goes Chineese....
HAWKER BEECHCRAFT AGREES TO OFFER FROM CHINESE COMPANY
(http://www.avweb.com/avwebflash/news..._206946-1.html)
Hawker Beechcraft will be sold to Superior Aviation Beijing Co. for
$1.79 billion, the company announced on Monday, assuming that a final
agreement is worked out over the next 45 days. The transaction will
not include the Hawker Beechcraft Defense Co., which produces the T-6
trainer and is developing the AT-6 light attack aircraft. "The
decision to move forward with Superior was based on two key factors,"
said Chairman Bill Boisture. "The bid for the company was the most
attractive we received during the strategic review process and the
going-forward plan offered the most continuity for our business,
allowing us to preserve jobs, product lines and our ability to
maintain our commitments to our customers." The company will maintain
a "strong presence" in the U.S., Boisture said, retaining its current
employee base and management team.
Superior Aviation Beijing intends to make Hawker Beechcraft its
"flagship investment," the company said in a news release. During the
45-day review period, the companies will negotiate a "definitive
agreement," which would be subject to various regulatory reviews and
approval processes both in the U.S. and in China. Superior will start
to make payments to Hawker over the next six weeks to "support ongoing
jet-related operations" and help Hawker keep the business going until
the close of the transaction. Hawker CEO Steve Miller says the
agreement will give the company greater access to the Chinese business
and general aviation marketplace, which is forecast to grow more than
10 percent a year for the next 10 to 15 years.
>>> Watch AVweb.com for More on This Story
Stay tuned to AVweb.com for more updates on this story:
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HAWKER BEECHCRAFT AGREES TO OFFER FROM CHINESE COMPANY
(http://www.avweb.com/avwebflash/news..._206946-1.html)
Hawker Beechcraft will be sold to Superior Aviation Beijing Co. for
$1.79 billion, the company announced on Monday, assuming that a final
agreement is worked out over the next 45 days. The transaction will
not include the Hawker Beechcraft Defense Co., which produces the T-6
trainer and is developing the AT-6 light attack aircraft. "The
decision to move forward with Superior was based on two key factors,"
said Chairman Bill Boisture. "The bid for the company was the most
attractive we received during the strategic review process and the
going-forward plan offered the most continuity for our business,
allowing us to preserve jobs, product lines and our ability to
maintain our commitments to our customers." The company will maintain
a "strong presence" in the U.S., Boisture said, retaining its current
employee base and management team.
Superior Aviation Beijing intends to make Hawker Beechcraft its
"flagship investment," the company said in a news release. During the
45-day review period, the companies will negotiate a "definitive
agreement," which would be subject to various regulatory reviews and
approval processes both in the U.S. and in China. Superior will start
to make payments to Hawker over the next six weeks to "support ongoing
jet-related operations" and help Hawker keep the business going until
the close of the transaction. Hawker CEO Steve Miller says the
agreement will give the company greater access to the Chinese business
and general aviation marketplace, which is forecast to grow more than
10 percent a year for the next 10 to 15 years.
>>> Watch AVweb.com for More on This Story
Stay tuned to AVweb.com for more updates on this story:
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