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Sat, Jul 26, 2008

Boeing Takes Controlling Stake In AVIC I Joint Venture

Looks Towards Future Expansion

Boeing plans to significantly increase its presence in China... and to that end, the American aerospace giant announced this week it increased its 40 percent stake in an aircraft parts joint venture with China's AVIC I twofold, giving Boeing the majority ownership position in the company.

China's Xinhua news agency reports Boeing now owns 80 percent of BHA Aero Composites Parts Co, after purchasing additional shares in the joint venture from Hexcel Corp. of Stamford, CT. Boeing reportedly also plans to purchase land surrounding the current facility in the New Binhai Area of Tianjin, with an eye towards future expansion.

Boeing refused to officially disclose the size of its stake in BHA. Hexcel announced earlier this month Boeing paid $22.3 million for its shares.

"Our investment will grow BHA as a global supplier, expand the Boeing presence in China and strengthen our efforts to develop this important market," said Carolyn Corvi, vice president and general manager of Airplane Programs at  Boeing Commercial Airplanes.

AVIC I holds the remaining 20 percent stake in BHA, which began operations in 2002 providing composite structures and interior components for commercial aircraft.

FMI: www.boeing.com, www.avic1.com.cn/English/EnglishIndex.asp

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