(Yicai Global) May 7 -- Honeywell China and its local partner will invest another USD18 million in their airplane parts joint venture to help it become the supplier to Commercial Aircraft Corporation of China’s C919 airplanes, the Chinese partner Hunan Boyun New Materials announced yesterday.

The pair set up the JV Honeywell Boyun Aviation System Hunan in 2012 with Honeywell China holding a 51 percent share and Boyun New Materials 49 percent. The JV develops and produces wheels and brake system for COMAC’s C919 airplanes under development, per the announcement.

The pair will split the investment per their respective stakes. Honeywell will invest USD9.18 million, and Boyun USD8.82 million. The capital increment will raise the JV’s registered capital to USD98 million from USD80 million.

The JV has splurged on research and development of parts, and its USD80 million registered capital from the pair will run out this year, and so the capital infusion is to support the JV’s future daily operation and R&D, the announcement added.

The capital addition will also lay the foundation for the JV to explore new market opportunities in development and production of other large civil aircraft models in future, the announcement noted.

The total investment in their airplane parts development project was USD175 million, per the JV agreement the pair inked in 2012.

The C919 is a medium civil jet COMAC is developing in accordance with international civil aviation regulations and to which it has independent intellectual property rights. It seats 158 to 168 and has a range of 4,075 to 5,555 kilometers. The plane made its successful maiden flight on May 5, 2017 and is still in its test flight stage. Many international partners such as Honeywell International are the plane’s component suppliers.

Boyun New Materials’ stock price [SHE:002297] traded up 0.19 percent at CNY5.19 (73 US cents) as of noon.

Editor: Ben Armour