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Friday, May 16, 2008

AgustaWestland and Oboronprom's Venture

The companies signed a letter of intent for a long-term agreement that would promote the relationship of the two companies in various sectors of the helicopter industry. Oboronprom Corp and AgustaWestland have agreed upon a consolidation of the two companies cooperation.   
The companies signed a long-term contract and a distribution agreement that included Loyd’s Investments Corp. The agreement provided for the acquisition of AgustaWestland helicopters to the approximate value of €450 million ($698 million) up to 2012. Commitments for 2008 includes 10 helicopters to the total value of around €65 million ($101 million) comprising two AW119 Ke single engine, two AW109 Power, four Grand light twin and two AW139 medium twin helicopters. The agreement also provides for marketing of AgustaWestland helicopters in Russia as well as in the majority of CIS helicopter markets for various applications.
The second stage of the cooperation will be the establishment, by Oboronprom Corp and AgustaWestland, of maintenance centers for AgustaWestland helicopters in Russia. The companies see an evolving relationship that will help develop a joint production agreement of AgustaWestland helicopters in Russia for both domestic and international markets. A team is currently working on how to implement this portion of the agreement and will select a site in Russia. For related news
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