Nov. 15, 2012 (China Knowledge) - U.S. aircraft manufacturer Cessna Aircraft Co has said it recently inked a joint venture contract with China Aviation Industry General Aircraft Co Ltd or CAIGA, a subsidiary of Aviation Industry Corporation of China (AVIC), the country's top aircraft manufacturer, to assemble and sell Cessna's Citation XLS+ business jets in China.
The deal still requires approval from the government.
Located in Zhuhai
Province, the new JV will engage in final assembly, painting, testing, interior installation, customization, flight-testing and aircraft delivery.
Scott Ernest, president and CEO of Cessna, said there is a huge market potential for business jet in China, the cooperation with CAIGA is an exciting opportunity for Cessna, and the company will provide high quality aircraft and proven aircraft to domestic customers.
The board members of the JV are from both Cessna and CAIGA, where Cessna designated with a general manager and CAIGA the deputy general manager.
The JV contract stems from the strategic framework agreement that Cessna inked with AVIC in Mar 23, 2012.