Norfolk company wins China contract
Norfolk-based automotive specialist, Antonov plc, has signed a heads of agreement for a production licence of its TX6 six-speed automatic transmission with one of China’s leading vehicle manufacturers, Geely Automotive.The announcement was made in reaction to shareholder speculation and the board of AIM-listed Antonov has emphasised that a production licence agreement is yet to be signed with Geely. The market still welcomed the news and Antonov’s share price rose 8.79 per cent to 49.5p.
Under the terms of the proposed production licence agreement, Antonov and Geely – through its subsidiary Zhejiang Geely Automobile Gearbox – will work closely to develop the TX6 to production to meet Geely’s production timetable for its own vehicles and to make the transmission available to other vehicle makers worldwide. Antonov would receive both licence fees and production royalties.
Geely has already taken two models of conventional automatic transmission to production and the Antonov TX6 will be an addition to this model line-up. Antonov chairman, Christopher Ross, was also instrumental in securing a deal between Geely and Manganese Bronze, where he is deputy chairman, for the manufacture of the renowned ‘black cab.’