The Company is pleased to announce the successful conclusion of negotiations to secure a partner for its manufacturing joint venture (“JV”) in China with the signing of an agreement to form a Joint Venture with Chong Qing Landai Industries Co., Ltd. (“Landai”).
Under the terms of the agreement the JV will develop Antonov's 6-speed automatic transmission (“TX-6”) for start of production, planned to begin during the course of 2011. The TX-6 will be manufactured in the JV's facilities, which will provide capacity for a minimum 200,000 transmissions per year. The manufacturing plant will be established at Landai's new site in Chong Qing, reducing the level of investment originally anticipated. Consequently, additional funding will be available to focus on accelerating the development program to achieve production at the earliest possible date. (more…)