XI'AN, China, August 3, 2011 /PRNewswire-Asia/ -- July 31st, the ground-breaking ceremony for the joint venture of AVIC Electromechanical Systems Company Limited (AVIC EM) and Hamilton Sundstrand Corporation was held in Xi'an Hi-Tech Industrial Development Zone (XHDZ). With a total investment of 145 million dollars, a registered capital of 30 million dollars and a mutual contribution ratio of 50%, this project aims at providing power supply products for C919 Aircraft which are manufactured by Commercial Aircraft Corporation of China Ltd(COMAC). The factory will be located in Export Processing Zone B of XHDZ, and scheduled to be completed and operating before 2012.
The vice-managing director of COMAC, Wu Guanghui, the president of Hamilton Sundstrand, Mr. Alain Bellemare, the vice-managing director of Aviation Industry Corporation of China (AVIC), Zhang Xinguo, the member of the Standing Committee and the deputy mayor of Xi'an, Yue Huafeng and the member of Xi'an Standing Committee and director of XHDZ, Zhao Hongzhuan, attended the ceremony.
Due to the strengths of both parties and the importance of the national C919 Project, it is thought that this cooperation can help Xi'an take more participation in the C919 Project. Additionally, it can improve the aeronautical industrial structure of Xi'an, quicken the pace of Chinese aeronautical industrial upgrade and exert a profound impact on the development of the worldwide aerospace power system.
C919 Project, as one of the major projects for science and technology development in China, is launched for accelerating the development of civil aviation and relevant industries, thereby boosting national economy. Since its establishment, it has been highly valued among international communities and has attracted the active participation of many international and domestic aero-enterprises. The extensive cooperation between AVIC and United Technologies Corp. (NYSE: UTX) in C919 Project will not only provide products with advanced levels, but also localize the manufacture, delivery and service of the power systems on C919 large passenger aircrafts. Additionally, it can promote the development of airborne systems, especially the technology and market of Aircraft Power Supply Systems of China's civil aviation.
Hamilton Sundstrand is a subsidiary of NYSE: UTX. AVIC EM, which is a subsidiary of AVIC, is a leading enterprise of the Aircraft Power Supply Products in China.
This program, after put into operation, will achieve the annual output of over 1000 aircraft power products and become the first grade supplier of COMAC's power system. In addition, it can localize the R&D of power products, realize their integrated research, manufacture and service system, and lay a solid foundation for the development of Hamilton Sundstrand Corporation in China. With preliminarily estimates, the C919 Aircraft will be engaged in R&D before 2014 and put into operation after its first flight. According to the estimate of 2300 production by 2030, the output value of this program will achieve about 4 billion dollars.
With the improvement of the investment environment, the industries' strengths and the ability of resource-allocation, XHDZ has been attracting more and more famous world top 500 corporations. Till now, 30 countries and regions have established 971 foreign investment enterprises in XHDZ, including 22 world top 500 companies and over 60 famous transnational corporations.
