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.
Also: Female Skydive Record, ANN November Efforts, Dream Chaser, SecTrans Reax, FAA SAFO, Able Flight, Airline Group Grounded On November 21, the Stratos 714 very light jet took to>[...]
“All three institutions have now sent a strong signal in favour of modernizing the Agency and the European aviation system as a whole. There is clear political will to ensure>[...]
Wichita-Based Center Is Authorized To Sell And Install Garmin G1000 Through G5000 Avionics On Broad Range Of Business Aircraft Yingling Aviation has been named a Garmin Integrated >[...]
Aero Linx: The Colorado Airport Operators Association (CAOA) The Colorado Airport Operators Association (CAOA) serves the common interests of the owners, operators and users of the>[...]
Downburst A strong downdraft which induces an outburst of damaging winds on or near the ground. Damaging winds, either straight or curved, are highly divergent. The sizes of downbu>[...]