Following the announcement on the 9 January 2006 that automotive technology company Antonov plc had granted an ‘option agreement’ to Great Wall Motor Company Limited (GWM) the board of Antonov has provided additional information relating to this agreement.
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Under the terms of the agreement GWM may, at any time prior to the expiration of the six month period, enter into a ‘licence agreement’ for the Antonov’s six-speed automatic transmission patents.
During the period of the option agreement, Antonov will work with GWM to create a full business plan for the development of the transmission development and its production launch. Antonov will also create transmission designs to GWM 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 facility in Baoding.
Mr Wei, chairman of GWM, said: “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, said: “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.”
