AVIC unit buys German aircraft engine builder

AVIC International Holding Corp has acquired the diesel aircraft engine and manufacturing assets of Thielert Aircraft Engines GmbH, the subsidiary of Aviation Industry Corp of China said on Tuesday in Saxony, Germany.

It did not disclose the cost of the transaction. Both the Chinese and German governments have approved the acquisition, AVIC International said.

The new assets are being added to the Continental Motors Group, the global main piston aircraft engine builder for small aircraft in the United States, which was purchased by AVIC International for $186 million in 2011.