Magnus to Start Construction of Chinese Production Plant
A unit of Hungary's Magnus Aircraft could start the construction in July of the first production plant of a base it is setting up in Wuxi, near Shanghai, China, while a showroom will be ready within six months, the company said on Wednesday, according to a report by state news wire MTI.
Magnus Aircraft told MTI the company's management recently visited China to review the status of the project that started last September.
Support from China's government is covering 70pc of the costs of the EUR 175 million investment.
The investment involves setting up 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.
Magnus Aircraft's Hungarian-Chinese joint venture, Jiangsu Magnus Aircraft Manufacturing would create 300 jobs with the investment.
During the visit of Magnus's management, they signed a CNY 65 million order for 50 of Magnus's Fusion aircraft with China's Rizhao Wohe Aviation Service, the company said in May. Magnus CEO László Boros said they also signed a cooperation agreement with a Chinese company that manufactures radiology and medical technology equipment, as well as composite devices.
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