AVIC Subsidiary to Buy U.S. Planemaker Cirrus

(Beijing) – China Aviation Industry General Aircraft Co., Ltd. (CAIGA), the general aviation subsidiary of China's largest plane maker Aviation Industry Corp of China, announced on March 1 its acquisition of Cirrus Industries, Inc. (Cirrus).

The 100 percent takeover represents the first acquisition of Chinese aviation industry in the U.S. aircraft manufacturing sector. CAIGA has yet to disclose financial terms of the deal, but analysts expect the figures to be released in mid-2011.