Antonov Signs Joint Venture Agreement with Landai


 

TIDMATV 
 
RNS Number : 6403T 
Antonov PLC 
10 June 2009 
 

ATV.L 
Antonov plc 
("Antonov" or the "Company") 
Antonov signs Joint Venture agreement with Landai. 
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 programme to achieve 
production at the earliest possible date. 
Each party will hold 50% of the shares in the JV, which will involve investment 
of RMB 150 million (around Euro 15 million) by each party, totaling RMB 300 
million, or approximately Euro 30 million. The registered capital of the JV will 
be RMB 50 million (around Euro 5 million), of which each party will contribute 
its RMB 25 million (approximately Euro 2.5 million) share in cash. This funding 
will be brought into the company as soon as it is legally established, which is 
expected to occur in the next few weeks. 
Landai recorded turnover of USD 70 million in 2008 and employs 1,400 people in 
the Chong Qing province,. with a well established customer base among Chinese 
vehicle manufacturers including Geely, Chery, Lifan, YuAn and FAW. It also has 
established long term partnerships with companies in Iran, India and Korea. 
Further information on Lan Dai is available at http://en.cqld.com. 
Mr Zhu, chairman of Landai, commented: "After visiting the Antonov Technical 
Centre in Warwick and assessing its technical capabilities and organisation, I 
am very happy to have signed the agreement for the joint venture and look 
forward to working closely with our new partner". 
Dr. Jos E. Haag, Executive Chairman of Antonov Plc commented: "I am 
delighted that Antonov is now at the point where we can work towards production 
with the best possible partner in China, considering that Landai already 
has good relationships with customers like Lifan, Geely and Chery". 
We will keep the market informed of further progress. 
Enquiries. 
Please contact: - 
+-----------------------------------------------------+------------------------+ 
| Dr. Jos Haag, Executive Chairman                    | +44 1926 455 800       | 
| Antonov plc                                         | +31 651 561 767        | 
+-----------------------------------------------------+------------------------+ 
| Tony Rawlinson/Antony Legge                         | +44 207 492 4777       | 
| Dowgate Capital Advisers Limited                    |                        | 
+-----------------------------------------------------+------------------------+ 
| 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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