Air France Industries and Hangxin Aviation Engineering Group made a new strategic move in China. Within the context of the ongoing economic crisis, AFI KLM E&M reviewed the key elements of its presence and perspectives in the Chinese MRO market. As a result of the review, Hangxin Aviation Engineering Group and Air France Industries initialed a share transfer agreement in December 2008 and signed on Feb 19 the final agreement in Hong Kong.
This move was successfully achieved for both parties and guarantees an appropriate return of investment for both shareholders. Senior management and cadre employees of Hangxin Aviation Engineering Group (Hangxin A.E. Group) have purchased the Hangxin shares owned by Air France.
Mr. Bu Fansheng, Chairman of the board and President of Hangxin A. E. Group, said:
