Airbus to set up JV with its China partners

European aircraft maker Airbus has agreed to set up a US$22 million technical service centre with three Chinese firms, two of its Chinese partners said on Tuesday.

The sources say that Airbus, owned by European aerospace, will hold 70% of the venture, while Jiangxi Hongdu<600316> and Hafei<600038> will hold 7% and 18% stake respectively, and Chinese aircraft maker AVIC I will own the remaining 5%.

The joint venture will provide engineering, aircraft component design, consulting and training services to Airbus and its affiliates in China and elsewhere.

Hongdu, Hafei and AVIC I had previously teamed up with Airbus to assembly aircraft in the northern port city of Tianjin.