Thursday, January 22, 2009

Czech Mate?

---Chip Erwin of embattled Czech Aircraft Works (CZAW), producers of the top LSA low-wingers Dynamic and Sport Cruiser, told me that a hostile takeover by his former colleagues in Czech Republic is in the hands of that country's court system. Ultimate ownership of the company will be determined by a highest-bidder process within six months. Erwin says "I hope it will be me."
---His travails come after he - get this - reassumed leadership of the company at the beginning of 2008 and returned it to profitability. "Productivity dropped in 2007. By the end of 2008, we delivered 157 airplanes with 50 less employees (200 instead of 250). That was an increase of 50 airplanes; our revenues went from $7.3 million to $10.8 mil in that period."

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