Mon, Oct 06, 2008
Emivest Adds Its Name To Former Sino-Swearingen
Emirates Investment & Development Company PSC (Emivest), the
majority shareholder of Sino Swearingen Aircraft Corporation
(SSAC), unveiled a new company name Sunday to attendees of NBAA
2008. Now known as Emivest Aerospace Corporation, the company aims
to succeed where its predecessor could not -- by establishing
serial production of the SJ30-2 business jet.
As ANN reported, Emivest bailed out
Sino-Swearingen earlier this year, acquiring an 80 percent stake in
the company that was originally incorporated in 1997 as a 50/50
partnership between US planemaker Swearingen Aircraft Company and
the government of Taiwan.
Following a long gestation process, the SJ30-2 was certified in
2005... but since that time only two production aircraft have been
completed. Taiwan signaled it wished to drastically cut back
its involvement in the company last year.
Enter the now-renamed Emivest Aerospace Corportation, which
marks Emivest's first foray into the aerospace sector. Despite the
SJ30-2 program's rocky history, the company appears confident
it can establish its name in that market.
"Emivest Aerospace Corporation is embarking on a new direction,
fueled by the ongoing commercial acceptance of the SJ30, the light
jet with the best range and speed in the industry," said Buti Saeed
Al Ghandi, Chairman of Emirates Investment & Development
Company PSC and Emivest Aerospace Corporation. "While we have a new
name, Emivest Aerospace Corporation will continue to build on our
reputation for innovation and high quality in the design,
development and manufacture of the world's finest light jet
aircraft."
"The projected growth of the business aviation sector is quite
strong throughout the world," said Emivest Aerospace Corporation
CEO Anthony Power. "Emivest Aerospace Corporation is positioned
perfectly to capitalize on heightened demand in the light jet
sector, and our new name symbolizes our renewed commitment to
innovation-driven growth."
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