Safran and AVIC sign strategic partnership
Zhuhai, 16 November 2010
Relations between Safran and China started 100 years ago, and have especially deepened and expanded since the 1970s through various industrial collaboration agreements in aerospace. Over the last 30 years this has been particularly true of Safran's relations with the AVIC group, one of its preferred partners.
Today, to further extend this collaboration, Jean-Paul Herteman, Chief Executive Officer of Safran, and Lin Zuoming, President of AVIC, signed a general strategic partnership between the two groups.
The signing ceremony was held at Airshow China 2010 in Zhuhai, and was attended by Hervé Ladsous, French ambassador to China, and Zhang Xiangmu, Director General of the Procurement Department at the Chinese Ministry of Industry and Information Technologies.
The partnership between Safran and AVIC is designed to expand the scope of collaboration between the two groups to include all of their subsidiaries' business sectors.
A strategy committee will be created, comprising leaders of the two groups, who will study each new project and determine the best joint response.
Safran's experience in aerospace propulsion and equipment, combined with AVIC's industrial capacity and expertise, will enable the two partners to submit more competitive proposals in the Chinese and international markets, and place them in better position to seize the many opportunities arising in the global aerospace market.
Safran is a leading international high-technology group with three core businesses: Aerospace (propulsion and equipment), Defence and Security. Operating worldwide, the Safran group has 55,000 employees and generated sales exceeding 10.4 billion euros in 2009.
Working alone or in partnership, Safran holds world or European leadership positions in its core markets. The Group invests heavily in Research & Development to meet the requirements of changing markets, including expenditures of 1.1 billion euros in 2009.
Safran is listed on NYSE Euronext Paris and its share is part of the SBF 120 and Euronext 100 indexes.
Safran has several industrial entities and joint ventures in China, based in Beijing, Shanghai, Suzhou, Chengdu, Guiyang and Yangzhou.
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