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Tuesday, September 25, 2007

Cessna Aircraft Enters Acquisition Discussions with Columbia Aircraft

Joy Finnegan

Cessna Aircraft Company has signed a Letter of Intent (LOI) with Columbia Aircraft Manufacturing Corporation to acquire selected assets and certain liabilities of the Bend, Oregon-based aircraft manufacturer. According to Cessna Chairman, President and CEO Jack J. Pelton, "Columbia's unique capability in the high-end single-engine piston market makes it a perfect complement to our Next Generation Piston product line and could provide our customers with the option of an outstanding low-wing, high-performance piston airplane. We believe the combination of this superb product line and Cessna's world class support structure and brand will be unbeatable.” Columbia filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code on Monday.
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