New investor secured, Eclipse adds manufacturing facility | Aviation International News

New investor secured, Eclipse adds manufacturing facility

Eclipse Aviation secured a new source of financing from Etirc Aviation that resulted in sale of a minority stake in Eclipse to the new investors.

By Matt Thurber • Editor-in-Chief

February 5, 2008

Eclipse Aviation secured a new source of financing from Etirc Aviation that resulted in sale of a minority stake in Eclipse to the new investors. The deal also includes a second assembly line in Russia scheduled to begin operating late next year. Etirc Aviation, a subsidiary of Netherlands- based investment and development firm European Technology and Investment Research Center, invested “substantially” more than $100 million in Eclipse in exchange for the minority stake, the right to build the assembly plant in Russia and distributorship rights to sell, service and provide training for the Eclipse 500 in 60 countries in Eastern and Western Europe, Russia, the CIS and Turkey.

Etirc Aviation, based in Luxembourg, is now the largest equity investor of Eclipse Aviation, and Etirc CEO Roel Pieper has been appointed non-executive chairman of Eclipse Aviation’s board of directors. Former chairman Red Poling remains on the board.

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