New jet engine firm to face rivals
Print Edition
AEROSPACE giant Aviation Industry Corp of China (AVIC) yesterday announced the leadership for a new Chinese jet engine conglomerate that could one day compete against the likes of Rolls-Royce and General Electric.
China does not make large commercial jet engines of its own and the country’s narrow-body airliner, the C919, is powered by engines from CFM International, a venture between GE of the United States and France’s Safran.
China is looking to change that with the creation of a new national champion in the field as it seeks the prestige of having its own aviation sector.
AVIC dominates the aviation industry in China and at least three of its listed subsidiaries will be injected into the new company: Sichuan Chengfa Aero Science and Technology, Avic Aero-Engine Controls, and Avic Aviation Engine, according to separate statements.
The name of the new engine company was given as “China Aviation Engine Group” in Chinese.
Bloomberg News reported in January that the company will have total assets of 145 billion yuan (US$22 billion) and will be formed through the merger of more than 40 firms.
Industry officials say it could take years for the company to develop the engines to power big commercial planes.
AVIC said in a statement that it would provide the new company’s top executives, including its Chairman Cao Jianguo and General Manager Li Fangyong.
The C919, China’s first domestically developed big passenger plane, rolled off the assembly line in November and the 168-seat aircraft, built by the Commercial Aircraft Corp of China, is set to make its first test flight this year.
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