Positive Update from China
June 02 2009 - 7:00AM
UK Regulatory
TIDMATV
RNS Number : 1924T
Antonov PLC
02 June 2009
ATV.L
Antonov plc
("Antonov" or the "Company")
Antonov signs cooperation agreement with Lifan and Landai
Following the previous announcements by the Company regarding possible formation
of a manufacturing joint venture in China relating to the TX6 ("JV"), the
Company is pleased to announce it has signed a cooperation agreement with Chong
Qing Landai Industries Co., Ltd ("Landai") and Lifan Industry (Group) Co., Ltd
("Lifan").
The agreement brings Lifan into the engineering programme to bring the Antonov
TX-6 automatic transmission to production. The first step will be to build a
TX-6 prototype into two Lifan 620 cars, and is expected to take about six
months. Engineering costs will be covered jointly by Antonov and Landai. Once
the project has been successfully completed, Lifan shall be a preferred customer
for the TX6 and are expected to place an order for the first batch of the
transmissions to be produced.
COFTEC, a governmental body in the Chongqing province, has played a significant
role in bringing the three parties together and will play a further role in
governmental support of the projects.
Mr Zhu, chairman of Landai, commented: "I am very happy my company can
participate in this activity, which will help us to become the major
transmission manufacturer in China."
Mr Guan, vice president of Lifan commented: "We are impressed by the quality of
the TX-6 prototype and want to secure at least the first 10,000 units produced
plus a percentage of planned production we need".
Mr. Hu representing COFTEC commented: "We are very pleased to have played a
significant role in bringing the parties together and to give them strong
support, which the government in Chongqing will continue to do in the future
with all facilities being available."
Dr. Jos E. Haag, Executive Chairman of Antonov Plc commented: "I am delighted
with the fast pace of progress in China and to have gained the support of Lifan
as a Chinese car manufacturer".
We will keep the market informed of further progress.
Enquiries
Please contact: -
+-----------------------------------------------------+-----------------------------+
| Dr. Jos Haag, Executive Chairman | +44 |
| Antonov plc | 1926 |
| | 455 |
| | 800 |
| | +31 |
| | 651 |
| | 561 |
| | 767 |
+-----------------------------------------------------+-----------------------------+
| Tony Rawlinson/Antony Legge | +44 |
| Dowgate Capital Advisers Limited | 207 |
| | 492 |
| | 4777 |
+-----------------------------------------------------+-----------------------------+
| Shane Dolan, Biddicks | +44 |
| | 207 |
| | 448 |
| | 1000 |
| | |
+-----------------------------------------------------+-----------------------------+
| Company's website: | www.antonovplc.com |
+-----------------------------------------------------+-----------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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