Hamilton's Pacific Aerospace has won a Trade New Zealand export award for developing a new aircraft targeted at the utility aircraft market.
The Pac 750XL has the potential to boost Pacific Aerospace's annual foreign exchange earnings from $8 million to $37 million next year.
The award was presented by Trade Negotiations Minister
Jim Sutton yesterday.
Pacific Aerospace is New Zealand's only manufacturer of conventional aircraft and developed its plane initially to target the fast-growing tourism skydiving and parachute market.
Production has begun at the company's Hamilton Airport base.
The company is privately owned and has been designing and manufacturing aircraft for export since 1954, predominantly destined for the agricultural and military training markets.
It employs 120 people.
General manager John McWilliam said the company developed the Pac 750XL in response to market demand.
"A lot of aircraft operating now in adventure tourism, freight and the 10-passenger- seat market are getting old and expensive to operate. We believe the [plane] will provide a very cost-effective solution to operators."
Mr McWilliam said the company's export success in the "boom and bust" aviation industry came with no outside help.
"That's a huge disadvantage as we are often competing against companies that are subsidised by their Governments, particularly in the military training market."
Pacific Aerospace is now a contender for the supreme exporter of the year award, to be announced next week.
- NZPA
