Icon sold to an American, er...German, er...Chinese sewing machine company

Jim_R

Jim_R

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Technically I guess the deal has yet to officially close, but according to this story, Icon has been purchased for just under $16M by "SG Investment America, owned by a 160-year-old German manufacturer of sewing machines, Dürkopp Adler GmbH, which is, in turn, owned by ShangGong Group of Shanghai, China, which also makes sewing machines."

www.aopa.org

Court approves Icon Aircraft sale

With days of cash remaining, Icon Aircraft was sold during a bankruptcy proceeding to a new owner that makes sewing machines.
www.aopa.org
 
Do they really have any IP that the Chinese already don't know/own?
 
I dunno. But $16M isn't very much in today's world. I don't know what sort of machinery or tooling was involved in the manufacture of those planes, but perhaps just the real estate and equipment is worth that much.
 
Cessna is owned by a company that makes golf carts and screwdrivers.
 
Jim_R said:
I dunno. But $16M isn't very much in today's world. I don't know what sort of machinery or tooling was involved in the manufacture of those planes, but perhaps just the real estate and equipment is worth that much.
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Would part of the sale include satisfying outstanding debt? Cause I can think add that number to the 16M and it looks more reasonable. Otherwise, as you said this may be a fire sale of assets only.
 
Half Fast said:
I anticipate upgraded seat upholstery....
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With a Guarantee of a lifetime personal Monogram on the seatbacks, etc. which can be changed in case of Divorce, Death, sale of the aircraft, new Girlfriend/Boyfriend or other unspecified changes that might be embarrassing.
 
Tokirbymd said:
Would part of the sale include satisfying outstanding debt? Cause I can think add that number to the 16M and it looks more reasonable. Otherwise, as you said this may be a fire sale of assets only.
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Since the article says unsecured creditors look to be getting less than a penny on the dollar of what they're owed...I'd say, "No."
 
A 100k plane like that would make perfect sense but since apparently they cant possibly make and sell it for 100k ,well, it is what it is ….
 
Warmi said:
A 100k plane like that would make perfect sense but since apparently they cant possibly make and sell it for 100k ,well, it is what it is ….
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At 2x the price of a Super Petrel, and competing for the same customers, I don’t see how the Icon had a chance.
 
MountainDude said:
Do they really have any IP that the Chinese already don't know/own?
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It’s not clear from that article, which says there was a dispute over IP between shareholders of the now-bankrupt entity. The previous majority owner was Pudong Science and Technology Investment Co. Ltd. It clearly got some IP, but it’s unclear if it got all of it.

Interesting that an aircraft maker in the US that was mostly owned by one Chinese company went BK and will be taken over by another Chinese company.
 
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Zeldman said:
www.popularmechanics.com

When the Singer Sewing Machine Company Built the Best .45 Pistol Ever Made

The gun was so good, the military asked the company to build something else.
www.popularmechanics.com www.popularmechanics.com
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Threadjack!
International Harvester manufactured M1 Garands for the Korean War.
www.americanrifleman.org

An Official Journal Of The NRA | The International Harvester M1 Garand: A New Rifle For The Nuclear Age

Of the four manufacturers contracted by the U.S. Government to produce the M1 rifle, International Harvester was the least obvious of the choices.
www.americanrifleman.org www.americanrifleman.org
 
Domenick said:
Threadjack!
International Harvester manufactured M1 Garands for the Korean War.
www.americanrifleman.org

An Official Journal Of The NRA | The International Harvester M1 Garand: A New Rifle For The Nuclear Age

Of the four manufacturers contracted by the U.S. Government to produce the M1 rifle, International Harvester was the least obvious of the choices.
www.americanrifleman.org www.americanrifleman.org
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And WWII tracked landing vehicles, the M113 armored personnel carrier, and the Bradley Fighting Vehicle were built by the Food Machinery Corporation. Bean sprayers, army tanks - what's the difference? If you can build one, why not the other?
 
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