Mon, Dec 20, 2010
Avcorp and Cessna Agree To Production Transition
Avcorp Industries Inc. has confirmed that, following discussions
with Cessna, Avcorp and Cessna will transition current production
work back to Cessna. Avcorp will continue to fulfill orders until
transition and the transition timeline is not yet defined. Avcorp
and Cessna are entering into discussions with respect to the timing
and associated expenses in connection with the transition.
A production transition plan, as well as a remuneration
agreement is subject of discussion. The transition timeline is
anticipated to be over an extended period of time and is contingent
on factors which will be the subject matter of the ongoing
discussions with Cessna.
Avcorp Vertical Stabilizer
Assembly Built For Cessna CJIII
Avcorp promises an update when the details of the transition
plan are determined.
Avcorp notes that they "believe that our current work flow and
other and new business opportunities will provide a sustainable
business for Avcorp. In addition the capital restructuring and
financing activities undertaken during 2009 and 2010 have provided
a less expensive cost of capital and debt service requirements
which will assist Avcorp through this period of transition."
Avcorp, Canadian public company traded on the Toronto Stock
Exchange, has been a major contractor in Cessna's sphere of
influence. The company "designs and builds major airframe
structures for some of the world's leading aircraft companies,
including Boeing, Bombardier, and Cessna. With more than 50 years
of experience, 500 skilled employees and 354,000 square feet of
facilities in Delta BC and Burlington ON, Avcorp offers integrated
composite and metallic aircraft structures to aircraft
manufacturers..."
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