Emirates Investment & Development PSC (Emivest) of Dubai, have obtained approval from the Committee on Foreign Investment in the United States (CFIUS) to acquire an 80% stake in Sino Swearingen Aircraft Corporation (SSAC) of San Antonio, Texas. The acquisition will enable SSAC to initiate full-scale production of its SJ30. The SJ30 is a light jet with a high-speed cruise of Mach .83, a range of 2,500 nautical miles and an operating ceiling of 49,000 feet.
Sino Swearingen Aircraft Corporation, a partnership between Swearingen Aircraft Company of San Antonio, Texas and Sino Aerospace Investment Corporation of Taiwan, was established in 1995 and incorporated in 1997. Since 1963, SSAC is the first company in the United States to develop, build, certify and deliver to the market a new design business jet. Headquartered at the San Antonio International Airport (KSAT), the company currently employs over 550 staff at its facilities in San Antonio, Texas and Martinsburg, West Virginia.
This is the first acquisition of an American company by Emirates Investment & Development PSC.
