As Mooney Aircraft employees go back to work following a recent furlough, a group of investors is in negotiations to buy the aircraft factory in Kerrville.
“We are close to finalizing negotiations with a group of investors who have experience in aviation and have shown a high level of interest in acquiring Mooney International with the intent of re-establishing the company as a viable production and support company for the Mooney brand of aircraft,” said company spokesman Devan Burns in an email on Tuesday. “We have agreed not to disclose any details about the transaction or the parties involved until we complete the transaction.”
The company had been owned by Chinese-based company Meijing Group, which infused money into the troubled airplane maker in 2013. What Meijing’s role will be in the future is not certain. Mooney has built and delivered 41 single-engine airplanes since the Chinese company took over.
Mooney had sold and delivered eight airplanes — including six of its M20V Acclaim Ultra — through the first three quarters of 2019. The company had billed about $6.4 million, according to the General Aviation Manufacturers Association reports.
Mooney has been in Kerrville since 1953 but has had numerous owners since the company parted ways with founder Al Mooney around 1955.
On Monday, Burns announced the end of the furlough that began last month.
“Everyone involved will be working very hard on making this happen as quickly as possible for the benefit of the employees and the company and other stakeholders,” Burns said Tuesday.