Airbus increases its industrial presence in China.

Airbus increases its industrial presence in China. Borsen-Zeitung reports that Airbus has agreed to form a joint venture with Chinese Harbin Aircraft Industry Group. The plane maker will hold a 20% stake in the joint venture, with its Chinese partners controlling the remaining 80%. The newly-created supplier is meant to build composite components for the A320 and the planned A350 XWB. Production is scheduled to start at the beginning of 2009. Last year, recalls the German daily, Airbus had agreed with Beijing to get 5% of the A350 programme manufactured in China. Besides, the joint venture will help Airbus’s reorganisation, which aims at reducing costs by relocating production to the dollar area. Borsen-Zeitung