Magnus Aircraft Unit Could set up EUR 90 mln Factory in China
FB
A unit of Hungary's Magnus Aircraft could set up a manufacturing base in China with an investment of close to EUR 90 million, according to a report by state news wire MTI.
Magnus Aircraft told MTI the investment would involve a showroom as well as composite, aircraft assembly, and maintenance units on an area of 18,000 sqm. The site would also be home to a development center established in partnership with the University of Óbuda, it added.
Magnus Aircraft's Chinese subsidiary, Jiangsu Magnus Aircraft Manufacturing Company, has signed an agreement with the People's Government of Huishan District, Wuxi City, China, on an investment that would create 300 jobs.
The planned units are expected to be able to turn out more than 2,800 of the Hungarian-developed Fusion aircraft and over 400 four-seater aircraft within nine years.
With the agreement, Magnus Aircraft aims to create "a large-scale business environment" in which Jiangsu Magnus Aircraft Manufacturing Company "will become a dominant aircraft manufacturing corporation in the Chinese market", the company said.
Magnus Aircraft has a manufacturing base on the outskirts of Pécs set up with the support of the Hungarian government.
The company told MTI it expects this year's revenue to be a "multiple" of last year's HUF 850m.
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