Wed, Jul 18, 2012
Buffenbarger: 'The Sale Should Not Be Rushed Through'
The International Association of Machinists and Aerospace Workers (IAM) today filed papers in U.S. Bankruptcy Court opposing an attempt by Hawker Beechcraft, Inc., to expedite the sale of its assets to a little-known Chinese company, Superior Aviation Beijing Co., Ltd. (Superior).
“The proposed sale of Hawker Beechcraft to a Chinese government-backed entity has broad implications for the U.S. economy and national security,” said IAM International President Tom Buffenbarger. “The sale should not be rushed through without adequate scrutiny by all interested parties, including federal regulators, state officials and the Wichita community. As the necessary review process has not yet commenced, giving Superior the exclusive right to negotiate the purchase of Hawker at this time is premature.”
In its court filing, the IAM expressed serious concern that the sale could facilitate the transfer of valuable commercial and military-related technology to China, leading to the loss of high-skilled, high-paying aerospace jobs while compromising U.S. national security interests. “While Superior claims that it does not intend to purchase or control Hawker’s defense-related businesses, Superior would retain an interest in the defense businesses and would be entitled to receive proceeds from the eventual sale of those businesses,” said Buffenbarger. “Such terms and conditions warrant the most serious scrutiny from members of Congress and the appropriate intelligence agencies.”
The proposed Hawker-Superior sale agreement also requires the termination of all three of Hawker’s defined benefit pension plans, including the one for more than 3,500 IAM-represented members employed at Hawker Beechcraft. “The prospect of lost pension benefits for Hawker’s workers, while China’s aerospace industry benefits from the transfer of valuable U.S. technology is simply outrageous,” said IAM Aerospace Coordinator Ron Eldridge.
More News
Aero Linx: International Flying Farmers IFF is a not-for-profit organization started in 1944 by farmers who were also private pilots. We have members all across the United States a>[...]
From 2017 (YouTube Version): Remembrances Of An Israeli Air Force Test Pilot Early in 2016, ANN contributor Maxine Scheer traveled to Israel, where she had the opportunity to sit d>[...]
"We renegotiated what our debt restructuring is on a lot of our debts, mostly with the family. Those debts are going to be converted into equity..." Source: Excerpts from a short v>[...]
Also: B-29 Superfortress Reunion, FAA Wants Controllers, Spirit Airlines Pulls Back, Gogo Galileo Van's Aircraft posted a short video recapping the goings-on around their reorganiz>[...]
Chart Supplement US A flight information publication designed for use with appropriate IFR or VFR charts which contains data on all airports, seaplane bases, and heliports open to >[...]