HONG KONG, CHINA -- (Marketwire - March 9, 2011) -
Interfast Inc., a leading global aerospace and industrial fastener distributor, and China's AVIC International Zhuhai Company Limited (www.avic-intl.com) today signed a Letter of Intent to create a joint venture company in Guangdong Province that will supply specialized fasteners and hardware, fastening systems, and value-added services to the growing aerospace market in China and Asia-Pacific Rim. The agreement was signed at the same time that Interfast is in Hong Kong as part of a trade mission put on by the Ontario Ministry of Economic Development and Trade to attend the 2011 Asian Aerospace International Expo and Conference.
"We're very pleased to partner with AVIC International Zhuhai Co. on this significant initiative to create a premier fastener integrator for the Chinese aerospace market that will service the growing needs of both the domestic Chinese aerospace community, as well as international aerospace manufacturers, airlines and maintenance repair and overhaul facilities," says Peter Oleck, President, Interfast Inc. "Interfast is a leader in the supply of specialized aerospace fasteners and brings customized supply chain logistics and management programs that minimize costs and maximize competitiveness. AVIC International Zhuhai Co. is an influential, state-owned enterprise, whose parent company (AVIC) has been in charge of China's aerospace programs related to high-quality aerospace research & development and manufacturing and has become more and more acknowledged by the global aerospace industries."
The joint venture company will be located in Zhuhai City in Guangdong Province in China.
The Chinese aerospace market is growing rapidly with strong participation by both global aerospace manufacturers as well as an increasingly robust indigenous aerospace industry with its own aircraft programs. Research firm AeroStrategy recently reported that China is one of the three most popular locations for new aerospace manufacturing investments.
Interfast has worked with AVIC since 1995 and has a long history of servicing customers in China, working both with global aircraft manufacturers as well as Chinese aircraft manufacturers.
About Interfast Inc.
Interfast (www.interfast.ca), headquartered in Toronto, Ontario, Canada, is a value-added distributor of specialty fasteners, fastening systems, and production installation tooling for the aerospace, automotive, electronics and general industrial markets. Interfast serves the global market through a network of strategic business partnerships, combining its extensive business and product knowledge with local representatives. The company works with the aerospace OEMs and their suppliers, airlines and the MRO sectors to deliver proactive and innovative fastener-based solutions for a broad base of applications from key aerospace fastener manufacturers. Interfast also has a strong presence in the industrial market with recognized branded products.
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Interfast-AVIC Aerospace Co., Ltd. will supply specialized aerospace fasteners and hardware and offer a series of services, such as engineering support, to service domestic and international aerospace...
Interfast purchased certain assets of UK-based Burwood Fastener Products Ltd. and has launched a new European division.
The acquisition provides Interfast with a firm base of operations in Europe and will operate under the name Interfast Europe Ltd.