Reuters: Bankruptcy News: China's AVIC to buy German aircraft engine maker Thielert

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China's AVIC to buy German aircraft engine maker Thielert Jul 23rd 2013, 14:30 FRANKFURT, July 23 | Tue Jul 23, 2013 10:30am EDT FRANKFURT, July 23 (Reuters) - Chinese state-controlled firm AVIC is to buy the commercial business of German aircraft engine maker Thielert, banking on a surge in demand for diesel plane engines in China and other emerging markets. AVIC and Thielert, which filed for insolvency more than five years ago, did not provide financial details of the deal announced on Tuesday. Plans for AVIC to also buy Thielert's military business - whose biggest customer is U.S.-based drone maker General Atomics - failed because it was taking too long to get the approval of the German economy ministry under foreign trade law, insolvency administrator Bruno Kuebler said on Tuesday. Thielert, which posted about 25 million euros ($32.98 million) of sales last year, is shutting down the military business, Kuebler said. ($1=0.7580 euros) (Reporting by Alexander Huebner; Writing by Maria Sheahan; Editing by Greg Mahlich)

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