Parker Aerospace, a business unit of Parker Hannifin Corporation, the global leader in motion and control technologies, and China Aviation Industry Corporation (AVIC) held signing ceremonies to finalize terms and incentive agreements with the local municipal government in support of new joint ventures forming in Nanjing, China, and in Xi’an, China, in support of the Commercial Aircraft Corporation of China, Ltd. (COMAC) C919 program.
These government incentives signing ceremonies are an important step in the process of building permanent facilities in China. The ceremonies follow the recent contract signings between Parker Aerospace and AVIC to form the two joint venture companies, and also with COMAC to supply complete fuel and inerting, hydraulic, and flight control actuation systems on the C919 aircraft.
“Parker is honored to be building two facilities in China in support of the COMAC C919,” said Parker Aerospace Group Vice President of Business Integration Mark Seidel. “We are committed to the Nanjing and Xi’an communities and to the future business these joint venture companies will provide in the fastest growing aerospace market in the world.”
Parker Aerospace and AVIC Jincheng Corporation will form a partnership in development and support of the fuel, inerting, and hydraulic systems on the C919 aircraft. This joint venture will be located in Nanjing and will include a manufacturing facility.A significant portion of the systems’ component assembly, test, and manufacture will take place at the new facilities, as well as systems integration test functions. Parker Aerospace and AVIC’s Flight Automated Control Research Institute will form a partnership to provide local, in-country support of the joint development of the flight control actuation systems products on the C919. This joint venture will be located in Xi’an and include a customer service repair center that will be responsible for Parker Aerospace, AVIC, and third-party products. “Parker is pleased to form these joint ventures in support of our four key systems packages on the C919,” said Parker Aerospace President Roger Sherrard. “Providing local development and support facilities for this new aircraft will allow us to provide the most competitive products in the Asian aerospace industry as it grows at an unprecedented rate.”
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts