 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
China's Xi'an Aircraft wraps up acquisition of FACC
Shanghai (AFP) Dec 4, 2009 Chinese plane maker Xi'an Aircraft Industry (Group) Company has purchased a majority stake in Austrian aircraft parts maker Future Advanced Composite Components AG, the companies said. Xi'an Aircraft and Hong Kong-based private equity firm Advanced Treasure Limited gained a combined 91.25 percent stake in FACC, according to statements released late Thursday. China's state-run Xinhua news agency called it "the first time a European aerospace manufacturing company was acquired by an Asian aerospace manufacturing company." Xi'an Aircraft, a subsidiary of state-owned Aviation Industry Corporation of China (AVIC), holds 90 percent of the combined stake and ATL holds 10 percent, according to the statements. The terms of the purchase were not disclosed. The acquisition is part of the Chinese plane-maker's strategy to "build a group with international influence and competitiveness," Lin Zuomin, president of AVIC, said in the statement. The Chinese group will inject at least 40 million euros (58 million dollars) in fresh capital into FACC, a supplier to large aircraft manufacturers such as Airbus, Boeing and Bombardier, FACC said. Share This Article With Planet Earth
Related Links Aerospace News at SpaceMart.com
Greener landings in climate-aware SwedenIn The Cockpit Of An Airbus A321 (AFP) Dec 4, 2009 At 9,000 metres, the pilot idles the engines and begins gliding the Airbus toward Stockholm's Arlanda Airport in a fuel-slashing "green landing". By pulling back the engines, pilot Henrik Ekstrand is saving his charter company, Novair, 300 litres (66 gallons) of fuel -- cutting costs and carbon emissions in an industry under financial and environmental pressure. His flight is also an ... read more |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2009 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
del.icio.us
Digg
Reddit
YahooMyWeb
Google
Facebook