Pinnacle Energy, a US company involved in coal and alternative energy, has decided to move into the aerospace sector by buying assets from Harbin Aerospace's aircraft component part design, engineering and manufacturing business.
The US firm says "following the acquisition, Pinnacle has appointed aerospace industry veteran William Reed McKay as its CEO" replacing David Walters. McKay is the founder of Harbin Aerospace.
Walters says: "We are extremely pleased to have completed the acquisition of the aircraft component part design, engineering and manufacturing business of Harbin Aerospace."
"Harbin's proprietary aerospace bearing technologies present a significant opportunity to enter into a joint venture in China to manufacture component parts for commercial aircraft."
He adds that "McKay is a successful aerospace veteran with over 25 years of experience."
McKay says: "We are very excited about the opportunities in China with the development of the Comac C919 commercial aircraft and the ongoing expansion by Boeing, Airbus and Embraer into the region."