23 July 2013
Thielert, the German aviation engine manufacturers, has been sold to AVIC International, the state-owned Chinese aviation group that also owns Continental Motors.
The acquisition will take place under AVIC’s subsidiary, Technify Motors GmbH and includes Thielert’s diesel aircraft engine range, featuring the certified Centurion 2.0 series of 135hp and 155hp Jet-A engines, and the certified Centurion 4.0, 350hp engine. The Centurions have seen nearly 3,500 units fielded during its almost ten year service history.
“AVIC International’s acquisition of Thielert’s assets rounds out the highly successful and popular Continental Motors’ line of gasoline engines acquired by AVIC International in 2011,” said Mr Yu Yimin, Senior Vice President of AVIC International, and Chairman and Chief Executive Officer of Continental Motors, Inc. “It is also the right long-term solution for the market, as this creates a ‘one-stop shop’ for both avgas and Jet-A engine solutions backed by the global support capabilities of Continental Motors.”
“This acquisition adds excellent engine technology to the Continental Motors’ brand that significantly accelerates product offerings that can compete in the global market,” added Mr Rhett Ross, Continental Motors, Inc. President. “We look forward to working with our new sister company to become an integrated leader in global aircraft piston engine products.”
Thielert filed for bankruptcy five years ago and has since been under the management of insolvency administrator Dr Bruno Kübler. A statement from Kübler explained, ‘By acquiring Thielert, AVIC pursues its strategy of driving the General Aviation development in China. As a consequence of the nascent opening-up of low-altitude airspace for private air traffic, the local industry is about to boom. AVIC is taking over all production plants including the buildings. This also includes all patents and trademark rights. All of the development and production sites in Lichtenstein, Altenburg and Hamburg will be maintained and all 200 jobs at these sites remain intact.
‘Together with AVIC, enormous development opportunities will open up for Thielert – and this will not only be the case in China,’ Kübler emphasised. ‘The group has the market position, expertise and necessary financial strength to further expand and substantiate the global market leadership of Thielert kerosene aircraft engines.’
The statement continues, ‘The acquisition of Thielert allows AVIC to also offer kerosene-powered aircraft piston engines in the future. These engines are believed to have substantial growth potential, particularly in the emerging markets and developing countries, as they can be run on kerosene, which is the cheap standard aviation jet fuel and is, unlike leaded aviation gasoline, widely available.’
The parties have agreed not to disclose details on the purchase price. Kübler did however express ‘satisfaction’ that the purchase price adequately reflects the strategic enterprise value and the company’s potential. <a href=”http://http://www.thielert.com”>Click here for more</a>
