July 16, 2008 / 8:52 AM / 11 years ago

Airbus says agrees on parts JV with HAIG in China

A miniature replica of Airbus A380 is seen in front of Airbus logo during a news conference in Mumbai, May 9, 2007. REUTERS/Arko Datta

SHANGHAI (Reuters) - Airbus EAD.PA said on Wednesday it has agreed to set up a venture with Harbin Aircraft Industry Group (HAIG), the parent of Hafei Aviation Industry Co (600038.SS), to make aircraft components.

Airbus’s China operation will hold 20 percent of the venture with HAIG holding 80 percent, it said in a statement. It gave no financial details.

The venture, to be set up in early 2009, will make composite materials parts and components for A320 aircraft and participate in the production of A350 XWB work-packages, it said.

The European aircraft maker, which competes with Boeing Co (BA.N) globally, agreed last November to allocate 5 percent of the A350 XWB airframe to Chinese aircraft makers and has estimated that the annual value of its industrial cooperation with China’s aviation industry will be near $200 million in 2010.

Reporting by Fang Yan; Editing by Edmund Klamann

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