Airbus signs joint venture with China

28th June 2007, Comments 0 comments

BEIJING, June 28, 2007 (AFP) - Airbus signed Thursday a joint venture contract for a north Chinese assembly plant, more than a month after work on the facility kicked off, the European aerospace giant said.

BEIJING, June 28, 2007 (AFP) - Airbus signed Thursday a joint venture contract for a north Chinese assembly plant, more than a month after work on the facility kicked off, the European aerospace giant said.

Airbus managing director Fabrice Bregier signed the pact with the Chinese partners at Beijing's Great Hall of the People in the presence of German Economy Minister Michael Glos.

Construction of Airbus' first plant outside Europe began in mid-May at the site in Tianjin city 110 kilometres (68 miles) east of Beijing.

The aircraft assembly facility is currently slated to begin operations in early 2009 and by 2011 hopes to be producing four A320 planes a month. It is expected to have produced a total of 300 planes by 2016.

The plant marks the most visible sign yet of Airbus' ambition to tackle the challenge posed by US-based Boeing, so far the dominant player in the huge Chinese market expected to quadruple within the next 20 years.

The site is to be run with Chinese partners, the newly formed Tianjin Zhongtian Aviation Industry Investment Co, which will control 49 percent of the company.

Total investment is estimated at between eight and 10 billion yuan (between one and 1.3 billion dollars).


Copyright AFP

Subject: French news

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