ChinaDaily
WASHINGTON - China's AVIC International Holding Corporation announced
on Wednesday that it has consummated the acquisition of 100 percent of
the shares of Teledyne Continental Motors, Inc. and Teledyne Mattituck
Services, Inc. from their parent company Teledyne Technologies
Incorporated.
The deal was completed through AVIC International's wholly- owned
subsidiary Technify Motor (USA) Inc. This is the first time that a
Chinese aviation company has acquired a US aviation manufacturing firm,
said the Beijing-headquartered AVIC International.
AVIC International believes that the acquisition is an important step
in implementation of its global aviation strategy, and also views the
successful completion of the deal as a symbol of friendly cooperation
between the two nations in the field of aviation manufacturing and
servicing. The acquisition was in line with relevant governmental
regulations of both countries, the company told Xinhua on Wednesday.
"China is opening its regulations for low-altitude airspace
continuously, and the Chinese general aviation market is just now
unfolding," said Wu Guangquan, president of AVIC International.
"AVIC International is excited about the new possibilities created by
the combination of its overseas sales network with the sophisticated
technologies and advanced processes owned by Continental Motors," Wu
added.
AVIC International has specialized in aviation trade and international market development for more than 30 years.
Located in Mobile, Alabama, Continental Motors has been recognized as
a global industry leader in the development and supply of aircraft
piston engines, parts and components for more than eight decades.
Continental Motors provides engines to most of leading piston aircraft
manufacturers in the world.
