- October 9, 2008, 11:27 AM
Sino Swearingen Aircraft Corp. is now known as Emivest (Emirates Investment and Development Co.) Aerospace, it was announced this week at the NBAA Convention. Dubai-based Emivest became the majority (80 percent) shareholder of the San Antonio-based aircraft manufacturer in June, when it agreed to pump a minimum of $150 million into the aircraft manufacturer to restart and accelerate production of the SJ30 light jet. Other than this sizable influx of funds, the strong backing of its new investor and a new management team, nothing else has changed–at least not yet. The new owner intends “to infuse new energy into the company” and bring the SJ30 into large-scale production, according to acting CEO Anthony Power, but right now the new management team is evaluating options regarding the operation. So far, two SJ30s have been delivered since the twinjet obtained FAA certification in October 2005. Sino Swearingen once claimed to hold orders for about 300 SJ30s, and Power maintained that most of the aircraft’s buyers have stuck with the company, with orders for some 200 aircraft still on the books.