Trans-Pacific Aerospace Company, Inc. CEO Comments on China’s Recent Jet Orders
SAN MARINO, Calif.--(BUSINESS WIRE)--Trans-Pacific Aerospace Company, Inc. (OTCBB: TPAC.OB), designer and manufacturer of bearing technologies for commercial aircraft use, sees favorable trends in China's recent jet buying activity.
“China's government formally approved the purchase of 200 Boeing jets yesterday in a $19 billion deal,” said Bill McKay, Trans-Pacific Aerospace CEO. “And that announcement comes just days after Boeing’s arch-rival Airbus won the annual ‘who sold more’ competition with 574 orders booked in 2010 worth $84 billion, many of those slated for China.”
Starting later this year and through 2013, China agreed to take deliveries of 185 Boeing 737 jets worth $15 billion and 15 Boeing 777s worth $4 billion. China is projected to purchase some 4,330 new commercial planes over the next 20 years, valued at more than $480 billion, and will be Boeing’s largest customer. China has unfilled orders for 466 Airbus airplanes: five A380 super-jumbos, 55 new A350 mid-size widebodies, 87 current A330 mid-sized widebodies, and 319 single-aisle A320 family jets.
Commented McKay: “We’re beyond excited about this activity because we can sell $500,000 worth of bearings for every one of those new airplanes. As of now, we have the production capacity to meet our third year projections.”
Trans-Pacific Aerospace Company's self-lubricating spherical bearings can be used in both new commercial aircraft built by Airbus and Boeing, as well as spares for the existing fleet. Boeing forecasts that airlines will need 30,900 new jets worldwide between now and 2029, at a cost of $3.6 trillion.
Trans-Pacific Aerospace is currently in the process of qualifying its Guangzhou China manufacturing facility and is producing test parts which will be subsequently submitted to the U.S. Navy for certification.
About Trans-Pacific Aerospace (TPAC)
Trans-Pacific Aerospace designs, engineers and manufactures self-lubricating spherical bearings for commercial aircraft, with planned product extensions using similar proprietary technology into maritime, power plant and space applications. Through its ownership in Godfrey (China), Ltd., it has a special operating license granted by China's Ministry of Science and Technology. Godfrey has completed prototype manufacturing and testing in China and the United States and is pursuing SAE parts qualification of its facility in Guangzhou, China.
Information About Forward-Looking Statements
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