Mooney International Corporation

Mooney International Corporation
Subsidiary
Industry General aviation
Founded 1929
Founder Albert Mooney
Headquarters Kerrville, Texas
Key people
 Executive Director: Albert Li
Products Light aircraft
Owner Soaring America Corporation
Website www.mooney.com

The Mooney International Corporation (formerly Mooney Aviation Company, Inc. and the Mooney Aircraft Company) is a Chinese-owned aircraft manufacturer that was founded in 1929 by Albert Mooney and his brother Arthur. The company is based in Kerrville, Texas, United States and manufactures single-engined piston-powered general aviation aircraft.

Mooney International is owned by the Meijing Group and currently markets the M20V Acclaim Ultra and M20U Ovation Ultra. Deliveries of the M20V Acclaim Ultra began in July 2017.

Among historical achievements: the first pressurized single-engined, piston-powered aircraft, the M22 Mustang; production of the fastest civilian single-engine piston-powered aircraft in the world, the M20TN Acclaim Type S; the first production aircraft to achieve 201 mph (323 km/h) on 200 hp (150 kW), the M20J 201; and the fastest transcontinental flight in a single-engine piston-powered production aircraft, the M20K 231.

Many Mooney aircraft have the signature vertical stabilizer with its vertical leading edge and swept trailing edge that gives the illusion of being forward-swept.

History

A Mooney M-18C Mite

Mooney Aircraft Corporation was founded in 1929 by Albert Mooney and his brother Arthur, with funding from the Bridgeport Machine Company of Wichita, Kansas. Mooney Aircraft went bankrupt in 1930. The Mooney brothers worked for other aircraft companies from then through World War II. On June 18, 1948, Albert started Mooney Aircraft Incorporated in Wichita, along with Charles Yankey, Art Mooney and W. L. McMahon.[1]

The first aircraft produced by the new Mooney company was the small single-seat Mooney Mite M-18. It was designed to appeal to the thousands of fighter pilots leaving military service. Some thought the Mooney Mite looked so much like the Messerschmitt Bf 109 that they called it the "Texas Messerschmitt".[2]

The Mooney Mite established some of the design concepts still used by Mooney today. The model Mooney M20 entered production in 1955 and outwardly resembled a scaled-up Mite. Mooney is still producing variants of the M20.

A Mooney M20M "Bravo"

In December 1953, before funds were put in place for production of the M20, Mooney's financial backer, Charles Yankey, died of a stroke. The company had been moved to Kerrville, Texas earlier that year.[3] In 1955, Albert Mooney sold his stock in the company to Harold Rachal and Norman Hoffman, when he left the company to work for Lockheed Corporation. Shortly after, Arthur left Mooney to work for Lockheed, too.

In 1965, the company became the U.S. distributor for Mitsubishi aircraft and began selling the Mooney MU-2, operating as Mooney-Mitsubishi Aircraft Inc. In 1967, Mooney acquired production rights to the Ercoupe from Alon Aircraft Company and produced a slightly updated version as the Mooney M10 Cadet. The M10 became the final Ercoupe variant, and production ended in 1970.

Mooney went bankrupt again in early 1969 and was sold to American Electronics Labs, then to Butler Aviation, which ended operations in 1971. For three years, Mooney failed to produce any aircraft. In 1973, Republic Steel Corporation acquired the rights and tooling for Mooney and resumed production in 1974.[4] The company continued aggressive product development, working on yet another pressurized single-engined aircraft to compete with the Cessna 210. The turboprop Mooney "301" eventually became the TBM700 and is now produced by Socata Aircraft. Engineer, Roy LoPresti was hired as chief of research and development to update the M20, developing the efficient Mooney 201. In a 1979 interview, LoPresti noted that Mooney did not have the resources to develop radical new composite construction aircraft as did other manufacturers, and would focus on evolutionary development of conventional aircraft.[5]

In 1984, Mooney merged with the French distribution firm Alexander Couvelaire. In July 2001, Mooney was the victim of yet another bankruptcy and the company was acquired by Advanced Aerodynamics and Structures, Inc. (AASI) in 2002. AASI resurrected Mooney under the name Mooney Aircraft Company, Inc., a division of Mooney Aerospace Group, Ltd.

In 2004, MASG (AASI) sold off the Mooney assets to Allen Holding Finance in May, and filed for bankruptcy on June 10. In December 2004, MASG restructured and reacquired Mooney Aircraft Company from Allen Holding Finance.[6]

In November, 2004, Gretchen L. Jahn joined Mooney, becoming the first female CEO of a U.S. aircraft manufacturer. Jahn served for two years as a turnaround specialist, rebuilding Mooney's sales and dealer network, and after-sales service activities. She also oversaw the development and introduction of the M20TN Acclaim and the Garmin G1000-equipped Ovation2 GX and Bravo GX. In June, 2005, Mooney added a second shift and 50 new workers to boost production.[7]

Mooney M20T Acclaim

On April 4, 2006, Mooney Airplane Company announced the release of the M20TN Acclaim at the 2006 Sun 'N Fun fly-in at Lakeland, Florida. The M20TN also features the Garmin G1000 glass cockpit, four heated, leather captains chairs with lumbar support, a range in excess of 1,650 nm (400 miles greater than the Bravo GX), and a top speed of 242 knots (448 km/h) which is also 30 knots (56 km/h) faster than the Ovation 2. At the time of its introduction, the Acclaim was the fastest single-engined, piston-powered production aircraft in the world.

Mooney was a publicly traded company after emerging from bankruptcy under symbol MNYG (OTC BB) until October, 2006, when Mooney Aerospace Group arranged financing to buy out public shareholders.

In the fall 2007, Mooney announced the arrival of its newest model, the M20TN Acclaim Type S. The Acclaim Type S adds 5 knots (9.3 km/h) to the Acclaim's top speed, up to 242 knots (448 km/h). Mooney achieved this performance gain through aerodynamic tweaks to the Acclaim's airframe.

2008 production halt

On 16 June 2008, Mooney announced it would lay off 60 employees and cut production from eight aircraft per month to five. Mooney CEO Dennis Ferguson said:[8]

The reasons for the cutbacks and layoffs cited by the company include the weak US economy and the high price of fuel inhibiting sales.[8]

On 5 November 2008, the company announced it was halting all production and had laid off 229 of its 320 employees, due to an excess unsold inventory of aircraft as a result of the late-2000s recession. Virtually all the laid-off employees were on the production line. The company said all other operations would continue and all customer support and existing customer orders would be filled.[9]

In carrying out the layoffs, the company did not comply with the notification requirements of Texas law. In a statement Mooney said:

In a third round of layoffs in December 2008, the company let go an additional 40 workers, leaving only about 50 employees at work. The company had 25 unsold aircraft at its factory in December 2008.[10]

2010s

In April 2010, after 18 months with no aircraft production, the backlog of unsold aircraft was cleared and the company announced it intended to resume aircraft production in the near future, subject to the market gaining "a little more momentum".[11]

On 19 November 2010, Mooney started a new round of layoffs, intending to reduce company staff from 53 to less than ten employees by 1 January 2011. The remaining staff will be employed maintaining the company's physical facilities, its type and production certificates and providing parts and technical support to aircraft owners. The company is continuing negotiations with potential investors to allow production to resume. Company Chief Financial Officer Barry Hodkin stated, "We are not shutting down. However, we cannot continue to subsidize the company at the level we have in the recent past. We have been in discussions with potential investors for more than 18 months and will continue to work with them. If things change, then the scope of this layoff could change".[12][13]

By August 2013, the company was still not producing new aircraft, but continued to support the existing fleet with parts. The company indicated that a return to production of complete aircraft was contemplated, depending on new investment being found.[14]

On 8 October 2013, it was announced that the company had been purchased by Soaring America Corporation, a new California-based company headed by President Cheng Yuan (Jerry Chen) of Taiwan, for an undisclosed amount. Chen heads a group of Chinese investors that some reports indicate include the Meijing Group, a Chinese real-estate developer. Chen indicated his priorities included resuming production of the Acclaim and the Ovation, while continuing to supply parts for the existing fleet. Chen stated the company would remain in Kerrville, and concentrate on supplying new aircraft for the Chinese market. Paul Bertorelli, AVweb's Editorial Director, Aviation Publications, questioned whether the outdated and expensive-to-produce Mooney models, that use engines burning avgas, can succeed in the Chinese market.[15][16][17][18][19][20][21]

With the injection of capital from its new Chinese owners, production resumed on 26 February 2014, beginning with the completion of five previously incomplete airframes already on the assembly line. In April 2014 at Sun n Fun, the company announced a US$50M investment, including the construction of a Mooney museum in Kerrville to be run by a new nonprofit organization. With production underway, 85 employees were at work, with the workforce forecast to expand to 140 by the end of 2014. CEO Chen stated the company would deliver six aircraft in 2014 and 30 in 2015. In January 2015 the first aircraft, a Mooney M20TN, was delivered to a customer in China. The aircraft was shipped disassembled and then assembled and test flown in Zhengzhou, China.[22][23][24]

Two new Mooney models were announced on 11 November 2014. The Mooney M10T and the M10J are fixed gear composite aircraft powered by Continental’s CD-135 and CD-155 Diesel engines. The M10 series certification and deliveries are expected to begin in 2017.[25][26]

In August 2016, Mooney named Vivek Saxena as its new President and CEO.[27][28] Under his tenure, Mooney's newest models, the M20V Acclaim Ultra and the M20U Ovation Ultra, received full FAA ceritification.[29][30] Mooney also secured a partnership with Carter Aviation Technologies, LLC to work towards the Uber Elevate initiative.[31][32][33] In April 2017 it was announced that Saxena and Mooney “have decided to part ways", with CFO Albert Li assuming the role of interim executive director.[34][35]

It was announced in July 2017 that investors decided to shut down Mooney's R&D facilities in Chino Airport, California, and relocate to their headquarters in Kerrville, Texas.[36]

Current product

Former products

References

  1. ↑ Ball 1998, p. 206.
  2. ↑ Aviation History Online Museum (1996). "Mooney M-18C "Mite", 1947". Retrieved 6 August 2008.
  3. ↑ Ball 1998, p. 206.
  4. ↑ Mike Shore (May 2015). "Mooney Hibernation Ends". aopa pilot: 75.
  5. ↑ "Designers talk about the future". Air Progress. January 1979.
  6. ↑ Grady, Mary (December 2004). "Mooney Aerospace Group Reorganizes". AvWeb. Retrieved 22 November 2010.
  7. ↑ Grady, Mary (June 2005). "Mooney Adds A Second Shift". AvWeb. Retrieved 22 November 2010.
  8. 1 2 3 Grady, Mary (June 2008). "Layoffs And Production Slowdown At Mooney". Retrieved 19 June 2008.
  9. 1 2 Niles, Russ (November 2008). "Mooney Temporarily Halts Production". Retrieved 6 November 2008.
  10. ↑ Pew, Glenn (December 2008). "Piper, Mooney See Cutbacks". Retrieved 29 December 2008.
  11. ↑ Niles, Russ (April 2010). "Mooney Production On The Horizon". Retrieved 18 April 2010.
  12. ↑ Pew, Glenn (November 2010). "Mooney Shrinks To Skeleton Crew, Seeks Investor Support". AvWeb. Retrieved 22 November 2010.
  13. ↑ Mooney Aviation Company (November 2010). "Mooney Aviation Company Announcement". Retrieved 22 November 2010.
  14. ↑ Bertorelli, Paul. "Mooney Celebrates Anniversary, Stands Firm". Avweb. Retrieved 9 August 2013.
  15. ↑ Yaqing, Mao (8 October 2013). "Chinese Company to Buy U.S. Aircraft Maker". CRI. Retrieved 8 October 2013.
  16. ↑ Niles, Russ (8 October 2013). "Mooney Sold To Chinese Company: Report - AVweb flash Article". Avweb. Retrieved 9 October 2013.
  17. ↑ Niles, Russ (12 October 2013). "Mooney Confirms Funding To Resume Production". Avweb. Retrieved 14 October 2013.
  18. ↑ McMillin, Molly (12 October 2013). "Mooney Aviation to again manufacture planes". Wichita Eagle. Retrieved 14 October 2013.
  19. ↑ Cole, Tim (19 October 2013). "Mooney's New CEO: Production to be Resumed at Kerrville". AVweb. Retrieved 21 October 2013.
  20. ↑ Bertorelli, Paul (19 October 2013). "Mooney's Future With Chinese Investment". AVweb. Retrieved 21 October 2013.
  21. ↑ "Mooney's Fortunes Tied to China". AVweb. 18 October 2013. Retrieved 21 October 2013.
  22. ↑ Niles, Russ (8 February 2014). "Mooney Resumes Production Feb. 26". AVweb. Retrieved 10 February 2014.
  23. ↑ Grady, Mary (4 April 2014). "Mooney Will Auction Off First New Acclaim". AVweb. Retrieved 5 April 2014.
  24. ↑ Niles, Russ (11 January 2015). "Mooney Ships First M20TN To China". AVweb. Retrieved 12 January 2015.
  25. ↑ Trimble, Stephen (13 November 2014), "Mooney adds composite, diesel-powered aircraft to portfolio", Flightglobal, Reed Business Information, retrieved 13 November 2014
  26. ↑ "Mooney International Introduces First New Mooney Models". Retrieved 11 November 2014.
  27. ↑ "Mooney Announces New Leadership". flyingmag.com. Retrieved 6 July 2017.
  28. ↑ "New Mooney International CEO". www.aopa.org. 16 August 2016. Retrieved 6 July 2017.
  29. ↑ "New Mooney Ultras certified". www.aopa.org. 30 March 2017. Retrieved 6 July 2017.
  30. ↑ "Two Latest Mooney Models Get FAA Papers". ainonline.com. Retrieved 6 July 2017.
  31. ↑ Williams, Brett. "Uber plans to have its flying car ready by 2020". Mashable. Retrieved 6 July 2017.
  32. ↑ "Carter partners with Mooney for Uber Elevate air taxi concept - Vertical Magazine". verticalmag.com. Retrieved 6 July 2017.
  33. ↑ "Uber promises flying cars by 2020". www.aopa.org. 27 April 2017. Retrieved 6 July 2017.
  34. ↑ "Mooney International Parts Ways With CEO Saxena - Plane & Pilot Magazine". planeandpilotmag.com. Retrieved 6 July 2017.
  35. ↑ "Mooney CEO Steps Down". flyingmag.com. Retrieved 6 July 2017.
  36. ↑ Nisperos, Neil. "Aircraft maker Mooney moving from Chino Airport to Texas, settlement in works with Threshold". Daily Bulletin. Retrieved 26 July 2017.

Bibliography

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