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Friday, December 04, 2009

China's Xi'an Aircraft acquires FACC

J-10 / FC-20Chinese plane maker Xi'an Aircraft Industry (Group) Company has purchased a majority stake in Austrian aircraft parts maker Future Advanced Composite Components AG, the companies said.

Xi'an Aircraft and Hong Kong-based private equity firm Advanced Treasure Limited gained a combined 91.25 percent stake in FACC, according to statements released late Thursday.

China's state-run Xinhua news agency called it "the first time a European aerospace manufacturing company was acquired by an Asian aerospace manufacturing company."

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