Aircraft manufacturer Sino Swearingen announced this afternoon that it has sold a majority controlling interest in the company to Action Aviation Investors, a joint venture between Sino Swearingen’s largest distributor, Action Aviation, and ACQ Capital.
The deal is expected to close by the end of October. Action Aviation’s chairman Hamish Harding says this “new beginning” will help guide the SJ30 to dominance in the light jet market.
“I have been a believer in this aircraft since becoming the largest SJ30 distributor. I have flown the aircraft all over the USA and made eight Atlantic crossings. This aircraft will revolutionize business travel in the light jet sector, and I am proud to be a part of the team to make it happen.” He will have seat on the manufacturer’s board of directors.
Officials are hopeful the sale will be a turning point for Sino Swearingen, which has encountered numerous problems since the certification of its SJ30 light jet in October 2005. Production problems caused by inferior tooling delayed the first delivery until 23 February this year. The second was delivered to Action today at the convention. Serial number seven is on static display at booth 17.
Sino Swearingen chairman Max Lo says its biggest customer will bring strong guidance. “Action Aviation is the perfect partner for us. They bring industry knowledge, resources and enthusiasm for our future.” Although Action Aviation has not yet announced its other candidates for the airframer’s board or senior management, Taiwan will continue to have board representation.
More news from NBAA 2007 ...
Source: Flight Daily News
