China Aviation Industry Corporation (AVIC) is to acquire Minnesota-based aircraft manufacturer Cirrus Industries for an undisclosed amount.
The deal will provide AVIC access to Cirrus’s technology, which includes a small jet in development.
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The new jet, named Vision, will include five full-size seats.
The acquisition will also give AVIC the scope to enter the US general-aviation market, the world’s largest.
The deal will be finalised by the middle of 2011, according to the Wall Street Journal.
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