China Aviation Industry Corporation, the newly-created state aircraft maker created from AVIC 1 and 2, plans to acquire a foreign general aviation aircraft maker. The idea it to further extend its technology capabilities.
Tan Weidong, president of AVIC’s general aviation unit is quoted as saying the deal is expected to be closed by the end of the year.
Tan did not identify the acquisition target or disclose the size of the acquisition when speaking at an airshow in the southern Chinese city of Zhuhai. He added AVIC, which aims to develop 20- to 30-seat business jets and turbo-prop hydroplanes, will go public in the near future.
Also at the airshow, Miao Wei, the country’s industry and information technology minister (seen here) said the country planned to spend several hundred million RMB in the next five years to develop large aircraft which should be on the market before 2020.
Meanwhile, China has signed up a total of 208 orders for its first self-developed regional jet ARJ21, unveiled in late 2007.
Source: International Herald Tribune