MARTINSBURG, W.VA. -- A Middle Eastern company appears to be purchasing an 80 percent stake in Sino Swearingen Aircraft Corp., a financially embattled business jet maker with operations in Berkeley County and San Antonio.
The investment by Emirates Investment & Development PSC, (Emivest) based in Dubai, United Arab Emirates, was first reported Tuesday by the Central News Agency in Taiwan.
The investment will enable the Texas-based company to initiate "full-scale production" of the SJ30 jet, which has been touted as the world's fastest and highest flying craft of its kind, Emivest's chairman announced Wednesday in a news release distributed by Sino Swearingen.
Mark Fairchild, Sino Swearingen's marketing and sales vice president, declined to comment Wednesday evening.
The financial investment by 10-year-old Emivest was reported to be a minimum of $150 million, according to Peter Harris of MS&L, a New York-based public relations agency.