AgustaWestland and Chongqing Investment Corporation sign statement of intent


Plans to set up a joint venture in Liangiang

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.

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.

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.”