Trans-Pacific Aerospace Company Inc., designer and manufacturer of bearing technologies for commercial aircraft use, today announced that its China enterprise has confirmed its eligibility to receive a 15 million yuan ($2.2 million) business development grant from China.
Bill McKay, CEO of Trans-Pacific, said the eligibility reflects the Ministry of Science and Technology’s favor for the company, and that the eligibility positions Trans-Pacific as a recognized domestic China bearing manufacturer and a high-value company in the Guangzhou Technology Development Zone.
Once the company finishes producing test parts, which will be submitted to the U.S. Navy for certification, McKay said the discussions on the grant will continue.
If Trans-Pacific Aerospace receives the $2.2 million grant, it will use the funds for business development, new product R&D, the purchase of machinery and equipment, building a global sales pipeline, and for other relative purposes.
The company said it expects the grant funds to be paid out in the fourth quarter of 2011.
Trans-Pacific’s self-lubricating spherical bearings are applicable for both new commercial aircraft built by Airbus and Boeing, as well as spares for the existing fleet. It’s a deep market, with Boeing forecasting that airlines will need approximately 30,900 new jets between now and 2029, at a cost of $3.6 trillion.
For more information visit www.transpacificaerospace.com