Cirrus Completes Merger with Chinese Firm CAIGA

New owner says it won’t eliminate U.S. jobs.

Cirrus Merger Big

Cirrus Merger Big

Courtesy of Cirrus

Cirrus Aircraft is now officially owned by the Chinese aviation firm CAIGA. The two companies confirmed the completion of their merger on Tuesday, exactly four months after the deal was first announced.

The change in ownership has sparked much speculation about what kind of presence the manufacturer will maintain in the United States. Cirrus president and CEO Brent Wouters attempted to quell such concerns in a recent company press release by emphasizing that the deal would not trigger an elimination of either Cirrus manufacturing or jobs in the United States in the near future.

“CAIGA will continue to invest in our employees and in our world-class production facilities in Minnesota and North Dakota,” he said.

Cirrus representatives have said the deal will allow the company to invest in its Cirrus Vision Jet program, which has struggled in recent years to find the funding needed for continued development.

“CAIGA has the resources that will allow us to expedite our aircraft development programs and accelerate our global expansion,” Wouters said.

CAIGA currently controls four companies in China. The firm’s total revenue for 2010 topped out at $2.9 billion. CAIGA is acquiring Cirrus Aircraft from a Bahraini investment group, which has owned the company since 2001.