WDAY.com

WDAZ: Your Home Team

Published April 18, 2012, 04:09 PM

Cirrus Secures Funding for Jet Production in GF, Duluth

DULUTH, Minn. (AP) — Cirrus Aircraft says it has the funding to bring production of its light jets to Duluth and Grand Forks, N.D. The personal aircraft has been under development for several years, but has been slowed by a lack of revenue.

By: Associated Press,

DULUTH, Minn. (AP) — Cirrus Aircraft says it has the funding to bring production of its light jets to Duluth and Grand Forks, N.D.

Cirrus says its new owner, China Aviation Industry General Aircraft Co., will make a major investment to significantly increase the momentum of its Vision jet production. Cirrus CEO Dale Klampmeier tells the Star Tribune the financing is most of the estimated $150 million in development costs.

The personal aircraft has been under development for several years, but has been slowed by a lack of revenue. China Aviation purchased Cirrus last year. Its former owner, Arcapita, has since filed for bankruptcy.

Cirrus' Vision jet is $1.7 million. It will be manufactured in Cirrus' hometown of Duluth and in Grand Forks, N.D.

___

Copyright 2012 The Associated Press.

Tags: