Emivest Adds Its Name To Former Sino-Swearingen

Emirates Investment & Development Company PSC (Emivest), the majority shareholder of Sino Swearingen Aircraft Corporation (SSAC), unveiled a new company name Sunday to attendees of NBAA 2008. Now known as Emivest Aerospace Corporation, the company aims to succeed where its predecessor could not -- by establishing serial production of the SJ30-2 business jet.

As ANN reported, Emivest bailed out Sino-Swearingen earlier this year, acquiring an 80 percent stake in the company that was originally incorporated in 1997 as a 50/50 partnership between US planemaker Swearingen Aircraft Company and the government of Taiwan.

Following a long gestation process, the SJ30-2 was certified in 2005... but since that time only two production aircraft have been completed. Taiwan signaled it wished to drastically cut back its involvement in the company last year.

Enter the now-renamed Emivest Aerospace Corportation, which marks Emivest's first foray into the aerospace sector. Despite the SJ30-2 program's rocky history, the  company appears confident it can establish its name in that market.

"Emivest Aerospace Corporation is embarking on a new direction, fueled by the ongoing commercial acceptance of the SJ30, the light jet with the best range and speed in the industry," said Buti Saeed Al Ghandi, Chairman of Emirates Investment & Development Company PSC and Emivest Aerospace Corporation. "While we have a new name, Emivest Aerospace Corporation will continue to build on our reputation for innovation and high quality in the design, development and manufacture of the world's finest light jet aircraft."

"The projected growth of the business aviation sector is quite strong throughout the world," said Emivest Aerospace Corporation CEO Anthony Power. "Emivest Aerospace Corporation is positioned perfectly to capitalize on heightened demand in the light jet sector, and our new name symbolizes our renewed commitment to innovation-driven growth." 

FMI: www.emivestaerospace.com