CompositesWorld
Issue link: https://cw.epubxp.com/i/919214
NEWS BIZ BRIEF Mikrosam AD (Prilep, Macedonia) reported in November that it is entering into partner- ship with Composite Automation LLC (Collingswood, NJ, US) to bring its solutions to the North American market. Mikrosam says that with the growth in advanced composite parts production, the need for sophisticated automated fiber placement and automated tape laying (AFP/ATL) systems in the North American market has never been greater. To meet that need, Mikrosam also has invested more than US$2.3 million in an advanced compos- ites R&D; and customer solution center, where customers can perform prototyping, testing, product design, and receive help with technology development. 23 CompositesWorld.com Terrafugia Acquired by Geely Holding Zhejiang Geely Holding Group (Hangzhou, China) announced in mid- November that it has entered into a purchase agreement with Terrafugia Inc. (Boston, MA, US), best known for its Terrafugia flying car. The acquisi- tion includes Terrafugia's engineering and production of flying cars, future technologies, and operations and assets in their entirety. Terrafugia was founded in 2006 by five award-winning graduates of the Massachusetts Institute of Technology (MIT, Cambridge, MA, US). Since its inception, the company has delivered a number of working prototypes of what it calls its "road- able aircraft" and still aims to deliver its first commercial model in 2019. The company intends to field the world's first flying car with vertical- take-off-and-landing (VTOL) capabil- ity by 2023. Under the terms of the agreement, Terrafugia will remain domiciled and headquartered in the US, and will continue to focus on its existing mission of developing flying cars. Terrafugia also will benefit from the Geely Holding's significant expertise and track record of innovation within the global auto industry. The deal has received approval from all relevant regulators including the Committee on Foreign Investment in the United States (CIFIUS). Chris Jaran, former managing director for Bell Helicopter China has been announced as a board member and CEO, effective immediately. Terrafugia founder Carl Dietrich will serve on the board of directors, and transition to the newly created role of chief technology officer (CTO). In anticipation of the transaction, Terrafugia's US engi- neering team has tripled, with Geely Holding's support. Read more about Terrafugia's flying car technology | short.compositesworld.com/Roadable China-based Geely acquires Terrafugia and its "roadable aircraft" AUTOMOTIVE