European aerospace company Airbus on Wednesday announced a rise in its shareholding at Chinese joint-venture Harbin Hafei Airbus Composite Manufacturing Centre (HMC), in a move to reinforce production of A320 rudders.
"Airbus is increasing its share in the Harbin Hafei Airbus Composite Manufacturing Centre from 20 to 25 percent," it said in a statement posted on its website.
Under the agreement, HMC will increase the production of A320 rudders to 80 pecent from 50 percent of the total production worldwide currently.
Both parties will also work to ensure the ramp up of the A350 XWB work packages at the HMC and also commit to exploring other opportunities, Airbus said.
HMC was set up in 2009 between Airbus and a group of Chinese partners. AVIC (the Aviation Industry Corporation of China) is the holding group of major Chinese shareholding companies that own the centre, according to the statement.
"We are pleased to increase the share in our joint-venture with AVIC companies as our partner. The decision underlines our commitment to the joint-venture and its future," said Gunter Butschek, Airbus CEO.
"Through this project, we are enhancing cooperation with AVIC, which is one of our most important partners in China," he added..