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Mooney partners with Spanish sport aircraft maker - Kerrville-based Mooney Airplane Co., a subsidiary of Mooney Aerospace Group Ltd. (OTCBB: MASG), has entered into a strategic relationship with Construcciones Aeronauticas De Galicia, manufacturer of the Toxo light sport aircraft in Spain.
Under the agreement, Mooney will undertake the manufacture, design, assembly and marketing of the two-seater aircraft at its plant in Kerrville. The aircraft will be renamed the Mooney Toxo.
"This is a major step for our company. No other traditional aircraft manufacturer has entered the light sport aircraft market before, but we believe that the time has come for us to do this," says Mooney President J. Nelson Happy. "We have flown many of the light sport aircraft available today, and we chose the Toxo because we believe it best represents Mooney's philosophy of offering the highest-performing aircraft in its class."
The new Mooney Toxo will be priced substantially below $100,000 to make it available to a much wider group of pilots, Happy adds.
The airplane has a 120 horsepower engine, a maximum speed of 230 mph, a cruise speed of 180 mph, a 10-hour range and a service ceiling of 14,000 feet.
Mooney recently announced that it has formed an alliance with a number of other foreign firms to introduce a new generation of Mooney aircraft. Those firms include London-based BAE Systems Ltd., Russian aerospace and defense firm the Kaskol Group, private equity investment firm Foxton Investments Ltd. and plastic injection molding firm Venture Industries.
Founded in Kerrville in 1953, Mooney markets three models: the Ovation, the Ovation2 DX and Bravo DX.
© 2003 American City Business Journals Inc.
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