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 U.S. 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.
