Wednesday, July 24, 2013

AVIC buys Thielert

Aviation Industries Corp. (AVIC), China's biggest aerospace company, agreed to buy Thielert Aircraft Engines GmbH, shifting the insolvent German supplier's focus from military drones to private aircraft. Bloomberg reports that AVIC International Holding Ltd. plans to leverage Thielert's civil engine operations to capitalize on an anticipated private aviation boom. The sale finalizes insolvency proceedings for the Hamburg, Germany-based propeller-engine maker. AVIC bought engine-maker Continental Motors in Mobile, Alal, in April 2011 and also bought Minnesota-based planemaker Cirrus Aircraft. (Sources:, Bloomberg, 07/23/13)