Industrial Investors' President Sergei Generalov
Photo: Dmitry Lekay
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Russia’s Investors Bought Aircraft Plant in U.S.
Russia’s Industrial Investors Group of Sergei Generalov and Kaskol have closed the deal for buying out Adam Aircraft Industries (AAI), Reuters reported. AAI went bankrupt in February of 2008.
According to previous reports, Industrial Investors will be Russia’s first private owner of an aircraft plant located overseas should it finally succeed to acquire AAI and get the sanction of the U.S. Federal Trade Commission.
The deal budget was $10 million, while the order portfolio of this bankrupt super-light jet maker exceeds $800 million.
AAI has invested $278 million in the design of super-light A700 and Industrial Investors and Kaskol are ready to funnel another $150 million that AAI needs to certify the jet. The plans are to get the certification in 2009 and launch serial production in 2010. The A700 portfolio includes orders for 322 À700s. Russia’s investors expect to annually produce a hundred of A700, each costing from $2.5 million to $2.7 million.
Other assets of Industrial Investors include Fesco transport group, Russian Biotechnologies and Dexter air-taxi operator.
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