AgustaWestland, CQHIC sign Statement of Intent

AgustaWestland, a Finmeccanica company, and Chongqing Helicopter Investment Corporation Limited (CQHIC) have signed a Statement of Intent in Beijing today to explore potential collaboration in the helicopter field to satisfy the market requirements of China. The parties plan to set up a joint venture in Liangjiang New Area of Chongqing, with the test-flight of the first aircraft assembled by the joint venture expected to be performed by the end of 2012.

AgustaWestland is committed to offering the best commercial rotorcraft solutions to meet the requirements of the rapidly expanding Chinese market and this cooperation further develops its collaboration with the preeminent Chinese aerospace industry and new industrial partners. AgustaWestland commercial helicopters' presence in China has experienced rapid success in recent years for various applications with orders totalling over 40 units so far. Chongqing, one of the fastest growing provinces in China, has a solid industrial base and it is playing a key role in the industrial growth of Central Western China.

Emilio Dalmasso, Senior Vice President, Commercial Business Unit, AgustaWestland said: "AgustaWestland is giving the highest priority to the Chinese market and together with CQHIC we will be able to satisfy the helicopter requirements of this increasingly important province. Aerospace is one of the most promising industrial sectors in the province and we are committed, through this partnership, to play a major role in its future growth."

Xie Huajun, Board Chairman of CQHIC said: "The cooperation between AgustaWestland and CQHIC will allow AgustaWestland to further strongly expand its presence in China's market, and boost the development of the aerospace industry in Chongqing, helping us to achieve our common goal."

Apart from AgustaWestland's sales in the country, the company has also set up an important industrial collaboration with Jiangxi Changhe Aviation Industries Company, an AviChina company, establishing the Change Agusta Helicopter (CAH) joint venture. The cooperation between AgustaWestland and CQHIC will add to CAH in the Chinese market. AgustaWestland's presence in the region is expected to grow further due to the expanding market and the multi-role capabilities of its wide range of modern high performance helicopters.

Backed by the Chongqing Municipal Government, Chongqing Helicopter Investment Company was established in January 2011 and is located in the Liangjiang New Area, CQHIC has registered assets of RMB 3.3 billion, and covers an area of 2000 Mu (about 50 acres). Business scope of the company includes R&D, manufacturing, selling, maintenance, consulting, training, service-providing and operation of helicopters, other aircraft and their parts. It will strive to develop the aerospace industrial base in Chongqing and supply the whole of China

Source: AgustaWestland