InfoAnda - Report: China's AVIC plans foreign acquisition

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Report: China's AVIC plans foreign acquisition AP - 2 hours 41 minutes ago SHANGHAI, China - State-owned China Aviation Industry Corp. is preparing to acquire a foreign aircraft manufacturer, with the deal expected by the end of the year, a report said Tuesday. AVIC also is planning to list shares in the "near future," the state-run newspaper China Daily cited the company's president, Tan Weidong, as saying. Tan, who spoke on the sidelines of China's International Aviation & Aeospace Forum in the southern city of Zhuhai, did not identify the target of AVIC's acquisition plan. He said the company plans to develop 10-, 20- and 30-seat business jets and hydroplanes. Staff at AVIC's headquarters in Beijing said officials authorized to speak to media about the report were not immediately available for comment. Tan said Zhuhai, site of the country's annual international air show, would become AVIC's base for research and development, final assembly and test flights, according to the report. China recently merged its two major aircraft makers, AVIC I and AVIC II, to help consolidate aviation manufacturing. China Aviation Industry Corp. is parent to six new companies set up to manage the various businesses run by AVIC I and AVIC II, which include airplane engines, helicopters, transporters, general aviation, airborne systems and aviation trade, the report said. AVIC I and AVIC II, both originally units of China's military aviation manufacturer, had been split into separate companies in 1999. Meanwhile, reports cited Miao Wei, vice minister of industry and information technology, as saying that China's first domestically produced large jet will hit the market between 2015 and 2020. "We will finish the concept design and research on key technologies before 2010 and have the first plane roll off the production line before 2014," state-run media quoted Miao as saying. Miao said the aircraft would have at least 150 seats. In another step toward commercialization of Chinese-made passenger jets, Shanghai-based Commercial Aircraft Corp. of China, Ltd. announced it has clinched an order for its 25 of its ARJ21-700 regional jets from an aircraft leasing unit of General Electric. The deal, due to be signed Tuesday in Zhuhai, was worth about $750 million, China Daily said. General Electric is supplying the engines for the ARJ-21 project. The jet, also called the "Xiangfeng," or "Flying Phoenix," is meant to boost AVIC's efforts to compete with international manufacturers such as Bombadier Inc., of Canada, and Brazil's Embraer SA. China will need about 900 mid-sized regional jets over the next two decades, the company estimates, as economic growth drives an expansion of air travel and airlines look for planes best tailored to feeder routes. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Australia slashes interest rate to 5.25 percentAFP - 42 minutes ago China tightens supervision of trade paymentsAFP - 45 minutes ago SKorea's Lee urges exporters to diversify markets amid slowdownAFP - 1 hour 45 minutes ago S.Korea, China agree in principle to currency swapReuters - 1 hour 50 minutes ago Related Articles: Business India to allocate 3G spectrum by end-Jan - govtReuters - 36 minutes ago Fujitsu to buy Siemens stake in PC joint ventureReuters - 36 minutes ago RPT-TOPWRAP 2-Australia cuts rates; world recession gloom buildsReuters - 38 minutes ago Indian rupee pares losses as foreign banks sell dlrsReuters - 40 minutes ago Asian stock markets mixed ahead of US electionAP - 40 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Foods to prevent disease? Obama in command on eve of US vote Hamilton pips Massa to Formula One title in tense Brazil finale Formula One driver Hamilton wins 2008 F1 championship Australia anxious as Indonesia prepares to execute Bali bombers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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