Symphony Aircraft Industries (SAI) has raised $3.3 million in private equity and long-term debt to ramp up production of its Symphony 160 two-seat light aircraft to seven a month by the second quarter of next year, at which point the company expects to be generating enough cash to finance future production increases and product developments.
Trois Rivieres, Quebec-based SAI restarted deliveries of the Symphony 160 in May after acquiring the rights to the aircraft from bankrupt German company OMF. The company expects to deliver 17 aircraft this year and 80 next year, says president and chief executive Paul Costanzo.
Production will reach three a month in October. OMF delivered 40 aircraft before it shut down in 2003. Additional funding was raised from the initial investors who backed the buy-out, but the financing round brought in a couple of new shareholders, including a significant local investor, says Costanzo, who adds: “We will spend the money on growing our infrastructure and inventory to increase the production rate.”
SAI expects certification of the Avidyne Entegra integrated flightdeck, S-Tec System 55X autopilot and BRS emergency recovery parachute in the Symphony 160 by early November.
GRAHAM WARWICK/WASHINGTON DC
Source: Flight International
