Chinese investor has bought a stake in a Dorset-based aerospace company, Gilo Industries Group, which produces rotary engines for jet-backpacks.
China’s Kuang-Chi is purchasing a stake in Gilo Industries Group, a manufacturer of engines that are use in jet-backpacks and unmanned aeronautical vehicles. The Chinese conglomerate is headquartered in Shenzhen, the deal is believed to give the investment group a substantial minority stake in the British firm according to industry insiders.
The investment comes despite a recent, sharp decrease in the value of the pound and is seen as a vote of confidence in British business. It is believed that this investment is the first in a series that is expected to see China pump hundreds of millions of pounds worth of investment into British technology and leverage British expertise in engineering and aerospace.
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Speaking to City AM last year, Gilo’s founder, Gilo Cardozo commented: “We jumped into an industry which is incredibly demanding on specification, quality control and a whole host of other things.”
“A lot of the companies in this industry have been in it for years and have great track records. We promised a lot of great things to clients, and had to ensure we delivered.”
The founder of the Chinese conglomerate, Liu Ruopeng, is a keen investor and believe in future technologies. He has reportedly expressed an interest in space exploration projects and has outlined plans for a future-technology theme park.
The exact details of the deal have not been released at this moment and no comment has been provided.