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Cirrus sold to Chinese firm
NEWS HIGHLIGHT
Cirrus sold to Chinese firm
Plane manufacturer Cirrus Industries of Duluth, Minn., says it has been sold to a Chinese company.
February 28, 2011 By The Associated Press
Feb. 28, 2011, Duluth, Minn. – Plane manufacturer Cirrus Industries of Duluth says it has been sold to a Chinese company.
The sale of Cirrus to China Aviation Industry General Aircraft Co. is expected to close in mid-year. Terms of the deal were not disclosed.
Cirrus CEO Brent Wouters tells the Duluth News Tribune there is an agreement to keep jobs in Duluth and in Grand Forks, N.D., where Cirrus also has a plant.
Former U.S. Rep. Jim Oberstar calls the sale "an all-around strong, good development.'' Oberstar helped bring the company to Duluth in the 1990s.
Oberstar says the Chinese have long wanted to get into the aviation manufacturing industry — and buying Cirrus is a major step toward that goal.
