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The information contained in these press releases and statements was accurate, in all material respects, at the time of issuance. However, Continental Aerospace Technologies GmbH assumes no obligation to update the information to reflect subsequent developments.
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Jul. 29, 2008
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Major investor interest in THIELERT
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Lichtenstein/Saxony (Germany) - Investors are showing major interest in potentially taking over insolvent THIELERT Aircraft Engines GmbH. 24 prospective buyers have so far shown their serious interest by signing a confidentiality agreement. The process of finding an investor is thus moving to the next phase. Prof. Günter Kappler has now been appointed "Accountable Manager" at THIELERT.
The prospective buyers are mainly aircraft industry firms, in addition to a number of financial investors. Having signed confidentiality agreements, within the next few days the interested parties will be receiving detailed information on the current position of the company, on the basis of which they can begin with due diligence.
"The uncommonly large number of potential buyers shows that THIELERT is seen as an attractive investment in the industry," said insolvency administrator Bruno M. Kübler, "though this comes as no surprise. After all, THIELERT’s CENTURION® engines, certified in 50 countries, give the company a technological edge over competitors; this and THIELERT’s infrastructure – a global network of 264 service centers and distribution partners – make it a considerable asset to potential investors."
Meanwhile Prof. Günter Kappler has been appointed "Accountable Manager" at THIELERT with the approval of the Federal Office of Civil Aviation (LBA) and the European Aviation Safety Agency (EASA). As Accountable Manager, Kappler is now solely responsible for aviation safety issues in connection with CENTURION® engines, including quality management in development, production, maintenance and training, and compliance with aviation regulations.
"The appointment of Prof. Kappler as Accountable Manager is an important message to potential investors," said Kübler. "It lets potential buyers know that they would be acquiring a solidly managed company in terms of technology that operates in compliance with national and international aviation safety rules." Kappler has previously held these responsibilities at BMW-Rolls-Royce, Fairchild Dornier and Europrop International.
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