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Parker Aerospace Receives a 'Golden Bull' from ACAC
Zheng Qiang, president of the AVIC 1 Commercial Aircraft Co. (ACAC), yesterday presented Parker Aerospace president Bob Barker with a symbolic gift denoting good will and a prosperous partnership — a golden bull. The unusual gesture came as ACAC and Parker officials signed a contract that makes Parker the supplier of the fuel and hydraulic systems for the new ARJ21 regional aircraft, a deal that could mean as much as $250 million for Parker over the next two decades.
Barker says the company will complete the design of both systems by year-end in order to meet the schedule for an expected first flight of the 90- to 105-passenger twin-turbofan aircraft in 2007. ACAC vp Chen Jin says major systems interfaces have been designed and about 80% of the parts for the first aircraft will be ready by year-end, including the nose section pylon and forward fuselage, which is being built by Xi’an Aircraft. Jin says ACAC has 41 orders so far in its quest for 100 orders by the end of 2008 and 500 sales in the next 20 years. Customers include Shandong Airlines, Shanghai Airlines, Xiamen Airlines and the Shenzhen Financial Leasing Co.
Along with the design work, ACAC signed an MOU with CAE for flight training and simulations for pilots and is investing $50 million to set up a customer support center in Shanghai. The company is also working with certification authorities in the U.S. to smooth efforts when the time comes.
For Parker, the contract could mean revenues in the neighborhood of $250 million, though the amount will depend on how well ACAC does its marketing job — Parker will get $500,000 for each shipset of the fuel and hydraulics systems. —John Croft
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