A Japanese conglomerate has inked an agreement to purchase Quest Aircraft, maker of the Kodiak single-engine turboprop, with a goal of greatly increased production.
Setouchi Holdings plans to retain Quest's management team and continue building airplanes in Sandpoint, Idaho, as it supplies the cash to allow the manufacturer to hire workers and increase manufacturing capacity.
Setouchi Holdings is part of the Tsuneishi Group, a global entity based in Hiroshima with roots in shipbuilding, transportation and related industries.
"We are very excited to have a strong organization such as Tsuneishi Group believe in Quest, our products and our philosophy and invest its resources in the company," said Sam Hill, Quest Aircraft CEO, who added that the company's new owner wants to help make it "the leading manufacturer of single-engine turboprops in the world."
Quest delivered 30 Kodiaks last year, the most since the rugged utility plane was certified in 2007.
Terms of the acquisition, which closed yesterday, were not disclosed.
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