A Chinese aviation company said late Thursday that it had successfully completed the acquisition of AIM Altitude, a Britain-based aircraft cabin interior supplier.
The acquisition by AVIC International, a subsidiary of Aviation Industry Corporation of China (AVIC), will facilitate research, development and manufacturing of aircraft cabins and interiors in the Chinese market, the company said.
It will also fill the gap in domestic aircraft payloads for AVIC to improve its aviation manufacturing and operation service capabilities.
With this acquisition, AVIC will directly enter the international payload industry, guide domestic industries in international competition, and improve the R&D, certification, designing and manufacturing of cabin payload products for civil aircraft.
In addition, through the opportunities in Boeing and Airbus' cabin payload partnerships with China, AVIC will be able to better serve aviation manufacturers and airlines both at home and abroad.
Lai Weixuan, president of AVIC International, said his company regards Britain as an important destination for future cooperation and overseas investment.
AVIC International hopes the acquisition will be an opportunity to gradually deepen cooperation with its British counterparts, he added.
"We believe the combination of the two businesses has the potential to grow a major presence in cabin interiors market," said Mark Edwards, CEO of AIM Altitude.
AVIC is an aviation-based enterprise capable of providing customers with whole value chain services from R&D to operations and from manufacturing to finance in a number of sectors.
After the acquisition, AIM Altitude will continue its services for customers in Europe, the Middle East, the United States, China and the Asia-Pacific as a wholly owned subsidiary of AVIC International.
AVIC International will use its worldwide business network to help expand the global market for the existing products and services of AIM Altitude and fully support AIM's future sustainable development.
