Mooney Aircraft Corporation was started in 1929 by Albert and Arthur Mooney with funding from Bridgeport Machine Company of Wichita, Kansas. Mooney Aircraft went bankrupt in 1930. The Mooney brothers worked for other aircraft companies from then through World War II. In 1946, Albert started Mooney Aircraft, Inc. with Charles "Pappy" Yankey in Kerrville, Texas. The next year Arthur joined the company.

The first aircraft produced by the new Mooney company was the small, single-seat, Mooney Mite M-18. It was designed to appeal to the thousands of fighter pilots leaving military service (some thought the Mooney Mite looked so much like the Messerschmitt Bf 109 that they called it the "Texas Messerschmitt").

The Mooney Mite established some of the design concepts still used by Mooney today. The model Mooney M20 entered production in 1955 and outwardly resembled a scaled-up Mite.

HISTORY

In 1953, before funds were put in place for production of the M20, Mooney's financial backer, Charles Yankey, died of a stroke. In 1955, Albert Mooney sold his stock in the company to Harold Rachal and Norman Hoffman, then left the company to work for Lockheed Corporation. Shortly after, Arthur left Mooney to also work for Lockheed.

In 1965, the company became the U.S. distributor for Mitsubishi aircraft and began selling Mooney MU-2 operating as Mooney-Mitsubishi Aircraft Inc. In 1967, Mooney acquired production rights to the Ercoupe from Alon Aircraft Company and produced a slightly updated version as the Mooney M10 Cadet. The M10 became the final Ercoupe variant, and production ended in 1970.

Mooney went bankrupt again in early 1969 and was sold to American Electronics Labs, then to Butler Aviation, which ended operations in 1971. For about three years, Mooney failed to produce any aircraft. In 1973, Republic Steel Corporation acquired the rights and tooling for Mooney and resumed production in 1974. The company continued aggressive product development, working on yet another pressurized single-engine aircraft to compete with the Cessna 210. The turboprop Mooney "301" eventually became the TBM700 and is now produced by Socata Aircraft.

In 1984, Mooney merged with the French distribution firm Alexander Couvelaire. In July 2001, Mooney was the victim of yet another bankruptcy and the company was acquired by Advanced Aerodynamics and Structures, Inc. (AASI) in 2002. AASI resurrected Mooney under the name Mooney Aircraft Company, Inc., a division of Mooney Aerospace Group, Ltd.

In 2004, MASG (AASI) sold off the Mooney assets to Allen Holding Finance in May, and filed for bankruptcy on June 10. In December 2004, MASG restructured and reacquired Mooney Aircraft Company from Allen Holding Finance.

In November, 2004, Gretchen L. Jahn joined Mooney, becoming the first woman recruited to be CEO of a U.S. aircraft manufacturer. Jahn served for two years as a turnaround specialist, rebuilding Mooney's sales and dealer network, and after-sales service activities. She also oversaw the development and introduction of the M20TN Acclaim and the Garmin G1000-equipped Ovation2 GX and Bravo GX. In June, 2005, Mooney added a second shift and 50 new workers to boost production.

On April 4, 2006, Mooney Airplane Company announced the release of the M20TN Acclaim at the 2006 Sun 'N Fun fly-in at Lakeland, Florida. The M20TN also features the Garmin G1000 glass cockpit, four heated, leather captains chairs with lumbar support, a range in excess of 1,650 nm (400 miles greater than the Bravo GX), and a top speed of 242 knots (448 km/h) which is also 30 knots (56 km/h) faster than the Ovation 2. At the time of its introduction, the Acclaim was the fastest single-engine, piston-powered production aircraft in the world.

Mooney was a publicly traded company after emerging from bankruptcy under symbol MNYG (OTC BB) until October, 2006, when Mooney Aerospace Group arranged financing to buy out public shareholders.

In the fall 2007, Mooney announced the arrival of its newest model, the M20TN Acclaim Type S. The Acclaim Type S adds 5 knots (9.3 km/h) to the Acclaim's top speed, up to 242 knots (448 km/h). Mooney achieved this performance gain through aerodynamic tweaks to the Acclaim's airframe.

On 5 November 2008, the company announced it was halting all production and had laid off 229 of its 320 employees, due to an excess unsold inventory of aircraft as a result of the late-2000s recession. Virtually all the laid-off employees were on the production line. The company said all other operations would continue and all customer support and existing customer orders would be filled.

In April 2010, after 18 months with no aircraft production, the backlog of unsold aircraft was cleared and the company announced it intended to resume aircraft production in the near future, subject to the market gaining "a little more momentum".

On 8 October 2013, it was announced that the company had been purchased by Soaring America Corporation, a new California-based company headed by President Cheng Yuan (Jerry Chen) of Taiwan, for an undisclosed amount. Chen heads a group of Chinese investors that some reports indicate include the Meijing Group, a Chinese real-estate developer. Chen indicated his priorities included resuming production of the Acclaim and the Ovation, while continuing to supply parts for the existing fleet.

On 1 September 2020 the company was taken over by a new ownership group under US Financial, LLC. The existing company management was replaced by a new CEO, Jonny Pollack, and a team consisting of "pilots and Mooney owners". The company will prioritize providing support for the existing fleet of more than 7,000 Mooney aircraft. Future priorities are anticipated to include increasing the aircraft useful loads by providing lighter parts, such as carbon fiber reinforced polymer engine cowlings. The company will then assess future design changes, including fitting ballistic parachutes, adding auto-landing capabilities and designing larger cabins.

Source: Wikipedia