Cirrus industries, Inc, the maker of the Cirrus line of general aviation aircraft announced today that they have entered into a 'definitive merger agreement pursuant to which CAIGA would acquire Cirrus Industries per a company press release. Cirrus has built and delivered over 5,000 of it's aircraft over the past ten years, with the SR-22 model being the best-selling general aviation airplane over nine of those years.
China Aviation Industry General Aircraft Co., Ltd. (CAIGA) is headquarted in Zhuhai, Guangdong Province, China and is a holding company that has companies under it that specialize in aviation research and development, as well as the manufacture of light piston, turboprop, jet and amphibious aircraft. They also produce the parts and components for their aircraft.
Both Brent Wouters, Cirrus’s President and Chief Executive Officer, and Dale Klapmeier, Cirrus’s Chairman and Co‐Founder, feel optimistic about the future of the companies current facilities, employees and Cirrus line of aircraft. Wouters stated 'CAIGA understands the strength and the talent of Cirrus’s workforce and the prominence of the Cirrus brand in general aviation. Through this transaction, CAIGA will invest in our employees in both Minnesota and North Dakota by committing to the continued use of our world‐class production facilities.' Klapmeier echoed this optimistic sentiment for the company by stating 'With this transaction, Cirrus will continue to develop and build the best, most exciting aircraft in the world. The original dream remains alive and well at Cirrus. We are just embarking on our next chapter on a global stage.'
Further, Wouters noted that '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.'
The transaction is expected to close around the middle of the 2011 calendar year. The transaction still must be approved by the U.S. Government's Committe on Foreign Investment in the United States and under the Hart‐Scott‐Rodino Antitrust Improvements Act. The merger will also need to obtain all relevant Chinese Government Approvals.
Meng Xiangkai, CAIGA’s President, also stated CAIGA's expectation to enhance and grow Cirrus' current US employee and facility base, saying 'We look forward to working with Cirrus’s management team to build upon Cirrus’s
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