AAI Up for Sale by Russian Investors
Russian investment firm Industrial Investors late last month announced it is seeking to sell all or a portion of AAI Acquisitions, the company formed to buy the assets of bankrupt very light jet developer Adam Aircraft Industries last April. According to a company spokesman, “All options are on the table, and our goal is to see [the A700 very light jet] succeed.” He added that Industrial Investors would prefer to find a partner to develop the A700, but it would also sell AAI outright if needed. The Russian firm has set a deadline of February 28 for “initial requests.” In November, AAI downsized from about 100 to 35 employees and further slowed development of the A700. A month later the company said it revised its business plan to offer engineering and composite manufacturing services to other companies.
The spokesman said this plan is going well, with two OEMs already selecting AAI for consulting work.