Well, the march continues to sell US assets to China and other Asian firms, while the US economy continues to sputter with more layoffs and pending bankruptcies by Chrysler and GM. While most are predicting a recovery in the US economy in the second half of 2009, the US and many companies are still seeking cash from China and other Asian companies.
To this end Piper Aircraft, Inc. has been sold by its American investors to Imprimis which has offices in Bangkok, Singapore and Brunei. Terms of the sale were not disclosed; however spokesmen for Imprimis said the company plans to pump cash into Piper Aircraft and keep the current staff of 650 workers along with the headquarters in Vero Beach, FL.
While American Capital's main interest in Piper was to make it profitable for resale, Imprimis appears to be more interested in begin a strategic owner with an emphasis on selling two, four and six seat aircraft in the Asian market where growth is expected over the next five years.
"Imprimis brings a level of support that will propel Piper from its current status as a company with a strong heritage, track record of innovation and great potential to one that is growing and pushing the envelope within general aviation," Piper President and Chief Executive James K. Bass said in a prepared statement.
Good news for Piper, but I wonder if we (the US) isn't selling off its future to Asia.
Until next time keep your wings straight and level Hersch!
To invent a plane is nothing.
To build one is something.
To fly is everything.
-- Otto Lilienthal