AgustaWestland and Chongqing Investment Corporation sign statement of intent

AgustaWestland and CQHIC signingAgustaWestland
and the Chongqing Helicopter Investment Corporation (CQHIC) have signed a
statement of intent in Beijing 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
commercial helicopters’ presence in China has experienced rapid success
in recent years for various applications with orders totalling over 40 aircraft
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.”

Terry Spruce

Terry is Senior News Editor and writes for both Corporate Jet Investor and Helicopter Investor. He is also responsible for our helicopter guides. Terry has been an aviation enthusiast since the early 1970s. He is a lapsed Private Pilot and ex-Piper Cherokee owner. He has flown a number of light aircraft and is comfortable sitting in the co-pilot's seat or the back of any aircraft. Before moving to journalism he was a banker for 20 years. You can contact him at: terry@corporatejetinvestor.com or follow him on twitter @Terry_Spruce

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