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Trans-Pacific Aerospace signs letter of intent with AVIC Harbin Bearing Company

Trans-Pacific Aerospace Company, Inc. (“TPAC” or the “Company“), a manufacturer of spherical bearings for the commercial aerospace industry through its China-based subsidiary, is pleased to announce that it has signed a Letter of Intent (“LOI”) with AVIC Harbin Bearing Corporation, Ltd. (“AVIC Harbin”) to form a joint venture (“JV”) to produce plain spherical bearings and to improve manufacturing methodology for all bearings. Additionally, TPAC will advise AVIC Harbin on management and operations.

AVIC Harbin is the preeminent aerospace bearing manufacturer in China. With over 3 million square feet of manufacturing space under roof and state-of-the-art machinery and equipment, AVIC Harbin is in a position, through the JV with TPAC, to provide first in class quality bearings to the worldwide aerospace industry. AVIC Harbin is AS9100 approved and manufactures key components for the COMAC C919. Its parent, AVIC, has as its major OEM customers Boeing, Airbus, Embraer and Bombardier. TPAC anticipates its AVIC Harbin JV will enjoy the same customer base that currently exists with AVIC. AVIC has sales in excess of $45 billion USD annually, through its various divisions, including AVIC Harbin. TPAC and AVIC Harbin expect to finalize a JV agreement sometime during the third quarter of 2014 and immediately move forward with the qualification of the Harbin facility. TPAC anticipates revenue shortly after the finalization of the JV with potential first year revenue of $10 million USD+.

“We are thrilled with this LOI and anticipated joint venture,” said Trans-Pacific Aerospace's CEO, Bill McKay. “This is a project that we have focused on for a long time, having first visited the Harbin facilities 20 years ago. AVIC Harbin is deeply committed to the aerospace industry and becoming a major player in the international aerospace bearing market. The anticipated JV has the capability and capacity to achieve this goal within a relatively short time period and the staffs at TPAC and AVIC Harbin are committed to this goal. All parties are excited to push this synergistic relationship forward.”

Press release issued by Trans-Pacific Aerospace Company on May 20, 2014


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