The saga of Ed Swearingen’s 9,250-pound, twin-engine Fanjet, announced in 1986, continues. Emirates Investment and Development Company PSC (Emivest) of Dubai, UAE, the majority owner of Sino Swearingen Aircraft (SSAC), would-be manufacturer of the SJ30 light jet, took the bold step of changing the name of the enterprise to Emivest Aerospace. Except for an injection of $150 million, the strong backing of its new investor and a new management team, nothing else has changed–at least, not yet. Emivest announced the name change at last month’s NBAA Convention.
The new owner, which received approval from the U.S. government to buy its 80-percent stake in Sino Swearingen in June, intends “to infuse new energy into the company” and bring the Williams-Rolls FJ44-2-powered SJ30 (mtow 13,950 pounds) into large-scale production, according to Anthony Power, acting CEO, but right now the new management team is evaluating options regarding the operation. “It’s been only a few months since the transaction was approved,” said Power, who added that his job is to oversee the transition. Emivest Aerospace is a subsidiary of Emirates Investment and Development Company, which was established in 1997.
The other 20 percent of Emivest Aerospace, which is based in San Antonio, is held by a number of shareholders, Power said, including its Taiwanese investors, Ed Swearingen and Doug Jaffe, one of the original investors and owner of the first delivered customer aircraft. Ed Swearingen said at the press conference, “Emivest shares the same vision for the SJ30 as I do. This company has the opportunity to become very important.”