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Mooney Aviation to be bought by Chinese Company

Date:30-10-2013

According to reports by Xinhua News Agency, the state run news agency, Mooney Aviation Company will be purchased by Meijing Group. Meijing Group is a real estate agency that is based in Zhengzhou, in the province of Henan. The acquisition of Mooney Aviation, which is a US based manufacturer of utility aircrafts, was completed on 11th October after the deal was approved by the US Committee of Foreign Investment.

Mooney Aviations have been facing difficulties in the past years and the company had to suspend production in 2010. Additionally, it also laid off a vast majority of its employees due to the global economic downturn and issues related to unsold inventory. Mooney Aviations was acquired by Meijing Group for 100 million USD. In addition to this, Meijing Group has assured that the company would invest an amount of 1 billion USD to expand the company. This deal comes at the heel of another successful acquisition by a Chinese company earlier this year when Shuanghui International's bought US based Smithfield Foods for 7.1 billion USD.

Meijing Group is now keen on expanding its business and diversifying the company. The company plans to diversify outside of real estate development. In anticipation of the deal, Meijing Group had already registered two aviation companies in Zhengzhou. The companies will be involved in aircraft construction, its assembly as well as trading.

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