NEW YORK (TheStreet) --French aerospace company Airbus Group (EADSY) signed a general terms agreement with China Aviation Supplies for the purchase of a total of 70 jets, and also signed a tentative deal to open a second plant in China on Friday, Reuters reports.
Airbus signed the letter of intent with Chinese authorities to set up a cabin completion center for its wide-body A330 jets, coinciding with a deal to sell 70 smaller A320-family jets worth $7 billion, Reuters added.
Currently, the in-service Airbus fleet with Chinese operators makes up more than 1,000 aircraft.
In the next 20 year period through the year 2033, Airbus forecasts a demand in China for more than 5,300 new commercial aircraft with more than 100 seats in addition to freight.
Also, Airbus Group announced its plans on Tuesday to reduce its stake in French aircraft maker Dassault Aviation (DUAVF) in half, by selling shares in a transaction valued at about $2.52 billion, Bloomberg reported.
Shares of Airbus Group are climbing 0.32% to $14.31 in late afternoon trading Friday.