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Newly Established China Aviation Group to Take Over Foreign Rival
BEIJING, Nov 5 Asia Pulse - Newly merged China Aviation Industry Corporation (AVIC) plans to acquire a foreign general aviation aircraft manufacturer to strengthen its development capabilities.
An acquisition agreement is expected to be signed by the end ofthis year, Tan Weidong, president of AVIC General Aviation Co Ltd,was quoted as saying by Tuesday's China Daily. Tan did not reveal the name of the foreign company.
AVIC is also planning to list its general aviation businesses in the near future, Tan added.
Tan made the remarks on the sidelines of the China International Aviation & Aerospace Forum 2008, on the eve of the Zhuhai Air Show.
AVIC General Aviation, Tan said, also plans to develop 10-, 20-and 30-seat business jets, as well as turbo-prop hydroplanes in the near future.
AVIC was launched at the end of last month with the merging of China's two leading State-owned aviation manufacturers, AVIC I andAVIC II, amid government endeavors to consolidate and strengthen the country's aviation manufacturing capabilities.
The new firm acts as a parent company, under which six new firms specializing in different businesses were set up to manage AVIC I and AVIC II's various firms and subsidiaries across the country. The six companies are involved in transporters, airplane engines, helicopters, general aviation, airborne systems and aviation imports and exports.
