Aviation group set to acquire foreign rival

ZHUHAI: Newly merged China Aviation Industry Corporation (AVIC) plans to acquire a foreign general aviation aircraft manufacturer to strengthen its development capabilities, a senior company executive said yesterday.

An acquisition agreement is expected to be signed by the end of this year to that effect, said Tan Weidong, president of AVIC General Aviation Co Ltd. Tan did not reveal the name of the foreign company.

AVIC is also planning to list its general aviation businesses in the near future, Tan added.