Wednesday July 1, 4:55 PM
Airbus kicks off construction on new China plant
European aviation giant Airbus said Wednesday it had started building a new plant in China that would make major components for its A350 XWB -- an aircraft designed to compete with Boeing's Dreamliner.
The plant in the northern city of Harbin is part of a programme to realise an Airbus commitment of allocating five percent of the A350 XWB airframe to the Chinese aviation industry, the company said in a statement emailed to AFP.
The factory, scheduled to start operation by the end of 2010, will also manufacture composite parts for A320 planes, the statement said.
Airbus will hold 20 percent of the plant, while its Chinese partner Harbin Aircraft Industry Group (HAIG) will take 50 percent. The remaining stakes will be held by three other Chinese firms, the statement said.
HAIG said in a statement in April that the registered capital of the joint venture was 150 million dollars.
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