About Antonov transmissions
Does Anybody have information what is the status of GWM and the interest from GWM for the Antonov Automatic Transmissions.
For more info see message below about the interest of GWM in the interes tin the Antonov Transmisson technology.
Update to Option Agreement
26 January 2006
Following the announcement on the 9 January 2006 that it had granted an Option Agreement to Great Wall Motor Company Limited (“GWM”), the Board of Antonov plc, the automotive technology company, is pleased to provide additional information relating to this Agreement.
Under the terms of the Option Agreement, GWM may, at any time prior to the expiration of the six month period, enter into a Licence Agreement for the Company’s six speed automatic transmission patents. The terms of the Licence Agreement will be negotiated reasonably to the satisfaction of GWM.
During the period of the Option Agreement, Antonov will work with GWM to create a full business plan for the transmission development and production launch. Antonov will also create transmission designs to GWM’s specifications.
GWM is one of the largest pick-up truck and SUV manufacturers in China. It currently has production capacity for 170,000 vehicles and 200,000 engines a year at its state-of-the-art facility in Baoding. In its last reported full-year figures, revenue was RMB 3,184,614,000. Profit before tax was RMB 552,969,000.
Mr Wei, Chairman of GWM, commented:
“We are very pleased to have this opportunity to strengthen our involvement with Antonov and the Company’s six speed automatic transmission patents. The collaboration is of great significance to both parties.”
John Moore, CEO of Antonov, commented:
“As already announced, this is a significant step towards the production application of our six speed automatic transmission technology. The sale of the Option will facilitate our support for GWM and demonstrates their commitment to develop an independent transmission manufacturing capability in China. As a profitable and independent manufacturer, they are uniquely placed to progress this opportunity rapidly and effectively.”