Aug 13 2009
Goodrich Corporation (NYSE:GR) and Xi'an Aircraft International Corporation (XAIC) have signed agreements to form two joint venture companies to support landing gear and engine nacelle components manufacturing focused on the fast-growing Chinese aerospace market. The new companies are expected to compete for market positions on the COMAC C919 single aisle Chinese commercial aircraft currently under development, and also manufacture various landing gear and nacelle components and subassemblies for other aircraft.
The agreements call for creation of two joint venture companies between XAIC and each of Goodrich Landing Gear and Goodrich Aerostructures. The joint ventures will bring together Goodrich's leading market positions on landing gear and nacelles for large commercial aircraft with XAIC's expertise in high quality aerospace manufacturing. In each case, the Goodrich business and XAIC will each own 50 percent of the joint venture company.
Marshall Larsen, Goodrich Chairman, President and CEO said, "Goodrich is committed to extending its footprint in China, the world's fastest growing market for commercial aircraft. These joint ventures with XAIC, one of China's leading aerospace companies, will enhance our competitiveness to pursue business on new Chinese commercial aircraft such as the C919."
Goodrich currently operates facilities in Hong Kong, Tianjin and Xiamen, China.
The formation of the joint ventures is subject to certain conditions including approval by the Goodrich and XAIC Boards of Directors.