Wed, Jul 12, 2006
Taiwanese Lawmaker Says Company Must Find Private Funding
Taiwanese-funded jet
manufacturer Sino-Swearingen -- which received FAA certification
for its six seat SJ30-2 last November, and is just now beginning
customer deliveries -- may be facing a significant hurdle from
Taiwan's government, with an opposition lawmaker calling for the US
company to be shut down if it can't secure additional private
funding.
"The Taiwan government should not pour more money into the
company, and if it cannot finance itself it should shut down," said
Lai Shyi-bao of Taiwan's opposition Nationalist Party.
The Herald-Mail reports Taiwan's government has invested about
$500 million in Sino-Swearingen since the company was established
in 1996, making it the majority shareholder in the company. The
venture's other large equity holder is Swearingen Aircraft Corp. of
San Antonio, TX.
Taiwan had invested in the company as part of its plans to build
up its aerospace industry, hoping the island nation would attract
manufacturing jobs associated with the project.
That hasn't come to pass as Taiwan had hoped; Sino-Swearingen is
based in San Antonio, and has its final assembly plant located
there. The company also produces the SJ30-2's fuselage, wings, and
empennage at a plant in Martinsburg, WV.
Another official with the Taiwanese government blamed issue at
Sino-Swearingen on management problems, and the loss of engineering
and other talent.
"For Taiwan, the best possible solution may be to auction off
the company," said the official, who spoke on condition of
anonymity to the Herald-Mail.
The business jet carries a sticker price of about $6.5
million.
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