You’ll have to forgive the people who work for Duluth’s Cirrus Aircraft if they’re a little nervous. The recession has hammered the general aviation business in the U.S. and there has been — apparently — the occasional rumor that the company is either for sale or would move.
The company has shot down the “move” rumor by pointing out that labor costs in Duluth and Grand Forks are already as low as they are overseas. But the aviation Web site, AvWeb, confirms that Cirrus is looking for an “investor.”
It says a group of potential investors visited the company last week from China. “All I’m trying to tell you is that this is a very good thing for jet position holders and Cirrus customers,” CEO Brent Wouters said. “We’re not on the verge of something quick.”
“If you compare us now to 2008, when the world started coming apart and we had twice the volume, we are $90 million dollars better at the bottom line,” Wouters told TheStreet.com last month. “The trajectory of the business is terrific at the bottom line, but the revenue line stinks. Even today, with a better bottom line than last year, we are still bouncing around break-even, which tells you how much money we’ve lost.”