November 15, 2012
By Wang Wen, China Daily
Zhuhai Hanxing General Aviation Co Ltd has become the first privately-owned Chinese company to buy a US aircraft builder, after completing the 100 percent takeover of Washington-based Glasair Aviation LLC.
The two sides refused to reveal the transaction amount, but Yan Jun, marketing director at Zhuhai Hanxing, confirmed the deal had been completed, at the 9th China International Aviation and Aerospace Exhibition in Zhuhai.
According to Yan, Hanxing plans to introduce some of Glasair's technology to its aircraft manufacturing operations in China.
Glasair produces five types of aircraft and is expected to launch another soon, which will be powered with ordinary gasoline rather than jet fuel, which it claims will be more efficient and cheaper to run than competitor aircraft.
Zhuhai Hanxing, which operates China's only 4S shop for general purpose aircraft, is a subsidiary of Jilin Hanxing Group Ltd based in Jilin province.
The group plans to build 40 Fixed Base Operators around China in the next five to 10 years, said Fang Tieji, president of the group.
http://www.chinadaily.com.cn
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