Archive for March, 2011

From Fox News

US President Barack Obama and Brazilian President Dilma Roussef

BRASILIA, Brazil – President Obama welcomed Brazil’s rise as an economic power and said the United States would be an eager customer for its oil exports as he opened a Latin America tour against the backdrop of an escalating Western military showdown with Libya’s Muammar al-Qaddafi.

Obama arrived in the highland capital of Brasilia early Saturday morning to start a three-country, five-day tour aimed at increasing U.S. economic ties with the region. After private meetings with Brazil’s newly elected President Dilma Rousseff at the presidential palace, the Palacio do Planalto, Obama said the U.S. “enthusiastically” supports Brazil’s economic growth.

“President Rousseff and I both believe this visit is an historic opportunity to put the United States and Brazil on a path toward even greater cooperation for decades to come,” Obama said during remarks to reporters following his meetings with the president.

Brazil stands out for its strategic and economic importance to the United States. As the world’s seventh-largest economy, it is a member of an exclusive club of influential developing nations along with Russia, India and China, collectively known in economic circles as the BRIC nations. Obama is looking to reset the U.S. relationship with Brazil, an emerging economic power that even without being hostile has annoyed Washington with its independent ways.

Obama was to address a meeting of executives from Brazil and the United States later Saturday. The chief executive session is designed to illustrate the commercial opportunities for the United States in Brazil. American officials and business leaders point to the opportunities presented by the infrastructure challenges Brazil faces in its role as host of the 2014 World Cup and the 2016 Olympic Games.

The CEO session will include a number of executives from American corporations, including International Paper, Cargill, Citigroup and Coca-Cola.

Obama’s trip threatens to be overshadowed by the ominous developments in earthquake-ravaged Japan, where officials struggle to prevent a meltdown at a damaged nuclear power plant, and in Libya, where a U.S. and European coalition launched a risky military operation to protect civilians from attacks by Libyan leader Moammar Gadhafi’s force.

Air Force One touched down in Brasilia in an early-morning mix of sunshine and raindrops with the president, Michelle Obama, and daughters Sasha and Malia aboard. Several hours later the president and Mrs. Obama met with Rousseff at the presidential palace in an elaborate arrival ceremony featuring color guards and children waving American and Brazilian flag.

In between his arrival at the airport and his meeting with Rousseff, Obama got a briefing on Libya from his national security adviser, Tom Donilon — underscoring the balancing act Obama faces in traveling through Latin America with events in Libya at a boiling point.

In his Saturday radio and Internet address Obama singled out the economic benefits of the trip, noting the rapid growth of Brazil and Chile, the second country on his itinerary. Obama said that the United States exports more than three times as much to Latin America as to China.

“What is clear is that in an increasingly global economy, our partnership with these nations is only going to become more vital,” the president said.

After Brazil, Obama travels to Chile, which has established itself as one of the wealthier nations in South America. His third and final stop is in El Salvador.

Obama departed Washington just hours after endorsing military action against the strongman’s regime, leaving an array of military might at the ready and raising the prospect that he would have to authorize military action from a foreign land. Leaders from the Arab world, the United States and other Western powers were holding emergency talks in Paris on Saturday over possible military action as Gadhafi’s troops swarmed into the one-time rebel stronghold of Benghazi.

Obama opted to depart for Brazil on schedule despite those international crises. For the president, the visit represents a chance to engage with Rousseff and get a firsthand assessment of what administration officials believe is her practical approach to governance and foreign relations after eight years of the flamboyant Luiz Inacio Lula da Silva, commonly known as Lula.

But as Obama and Rousseff were poised to meet, a disagreement between their administrations had already changed the dynamic of the trip. The Brazilian leader did not want to have reporters ask the two presidents questions — after the White House had already promised a news conference — so that event was scrapped. It had the potential effect of keeping the press from asking Obama about the Libyan crisis just as it seemed at its most dire.

A press officer at the Brazilian presidential palace said the two presidents would issue a joint statement at about noon but would not take any questions. The officer, who declined to be identified in line with internal regulations, said he did not know why no questions would be taken.

Rousseff, unlike her charismatic predecessor Lula, who spoke with the press nearly every day, has rarely given press conferences in her three months in power and almost never gives interviews. During her campaign for the presidency last year she often seemed uncomfortable in public and was criticized for a mechanical speaking style.

The trip comes as China has surpassed the United States as Brazil’s top trading partner and in the wake of recent discoveries of vast oil reserves off the Brazilian coast. The reserves — estimated at between 30 billion and 80 billion barrels — place Brazil in the top 10 countries in the world in reserves. Since Brazil is energy self-sufficient, that oil would all be available for export.

Brazil is also a giant agricultural exporter, competing head-to-head with the United States.

Obama arrives bearing no major policy gifts. And he’s not likely to deliver on two of Brazil’s top wishes — an endorsement for Brazil to become a permanent member of the U.N. Security Council and a relaxation of tariffs on Brazilian ethanol.

CIRRUS INDUSTRIES TO BE ACQUIRED BY CHINA AVIATION INDUSTRY
GENERAL AIRCRAFT CO., LTD.

Duluth, Minnesota and Zhuhai, China ]] Monday, February 28, 2011 ]] Cirrus Industries, Inc. (Cirrus), a recognized leader in general aviation, and China Aviation Industry General Aircraft Co., Ltd. (CAIGA) today announced that they have entered into a definitive merger agreement pursuant to which CAIGA would acquire Cirrus.

Known for incorporating luxury automotive ergonomics, pilot]friendly avionics and advanced safety features into its high performance airplanes, Cirrus has delivered nearly 5,000 new piston airplanes over the last decade. For nine years in a row, the Cirrus SR22 family of aircraft has been the best]selling four]place airplane in the world. Cirrus pioneered the use of the FAA]certified Cirrus Airframe Parachute SystemTM that is standard equipment on all Cirrus aircraft.

Brent Wouters, Cirrusfs President and Chief Executive Officer, commenting on the transaction, noted that This transaction will have a positive impact on our business and our customers because we share a common vision with CAIGA to grow our general aviation enterprise worldwide. CAIGA brings new resources that will allow us to expedite our aircraft development programs and accelerate our global expansion.h Mr. Wouters further noted the positive impact on jobs and job growth stating that gCAIGA understands the strength and the talent of Cirrusfs workforce and the prominence of the Cirrus brand in general aviation. Through this transaction, CAIGA will invest in our employees in both Minnesota and North Dakota by committing to the continued use of our world]class production facilities.

CAIGA is a world]class provider of general aircraft products and related services headquartered in Zhuhai in the Guangdong Province of China. Meng Xiangkai, CAIGAfs President, stated, CAIGA is dedicated to being an international leader in the provision of general aviation products and services, and light piston aircraft is one of CAIGAfs business focuses. We are very optimistic to begin our partnership with Cirrus and add Cirrus strong brand as the cornerstone in our aviation product portfolio. We are deeply impressed with Cirrus’s performance in the global general aviation industry, especially with its consistent product performance, comprehensive safety features, outstanding management team, highly skilled employee base and advanced production facilities as well as its expanding global footprint. We look forward to working with Cirrusfs management team to build upon Cirrus proven success and to further expand production volume in order to cement Cirrusfs existing leadership position in the global general aviation industry, as well as to produce greater job opportunities in Duluth and Grand Forks.

Commenting on the transaction with CAIGA, Cirrusfs Chairman and Co]Founder Dale Klapmeier expressed the same optimism about the future noting that gOn behalf of everyone at Cirrus, we are thrilled to make this announcement. With this transaction, Cirrus will continue to develop and build the best, most exciting aircraft in the world. The original dream remains alive and well at Cirrus. We are just embarking on our next chapter on a global stage.

The transaction is expected to close around mid]2011. The acquisition of Cirrus by CAIGA is subject to customary closing conditions, including clearance under the Hart]Scott]Rodino Antitrust Improvements Act and by the U.S. Governmentfs Committee on Foreign Investment in the United States (CFIUS), as well as obtaining all relevant Chinese Government Approvals.

VRA Partners, LLC acted as financial advisor and King & Spalding LLP acted as legal advisor to Cirrus in relation to this transaction. Citigroup Global Markets Limited and CITIC Securities acted as joint financial advisors to CAIGA in relation to this transaction. Dewey & LeBoeuf LLP acted as legal advisor and Ernst & Young LLP acted as accounting and tax advisor to CAIGA.

About Cirrus
Cirrus, a member of the global portfolio of Arcapita companies, is a recognized leader in general aviation. The all]composite line of personal aircraft . SR20, SR22 and turbocharged SR22T . incorporate innovative and advanced performance, electronic and safety technologies, including Cirrus Perspective. by Garmin avionics and the unique Cirrus Airframe Parachute System. (CAPS). Through 2010, total time on the worldwide Cirrus Aircraft SR]series fleet surpassed 4.3 million flight hours with more than 48 lives saved to date as a direct result of CAPS being a standard safety feature on all Cirrus aircraft. The Cirrus Aircraft Vision Jet, with nearly 500 production positions reserved, will provide a new personal and regional business transportation solution ] the ‘personal jet’. All Cirrus aircraft are made in the USA with a direct sales force in North America and authorized sales centers covering export markets in 60 countries around the world. For additional information on Cirrus and its products please visit cirrusaircraft.com.

About CAIGA
Headquartered in Zhuhai, Guangdong Province in China, China Aviation Industry General Aircraft Co., Ltd. (CAIGA) is a leading solution provider in the general aviation industry of China. As a company with diversified shareholders, CAIGA controls 4 listed companies in China and the total revenue in 2010 reached US$2.9bn. Its main businesses include the R&D and manufacturing of light piston aircraft, turboprop aircraft, jet, amphibious aircraft as well as their parts & components. It also provides services including general aviation operations, pilot training and aviation clubs.

Contact:

Todd Simmons, Vice President of Marketing, Cirrus Aircraft.
218.788.3302
tsimmons@cirrusaircraft.com