Monday, 22th of July 2002

IRIZAR TIANJIN has increased its capital by 20 M. € and is beginning the construction of a new coach factory on 60,000 m2 of land in the free trade area of Tianjin province. 15,000 m2 will have been built by January 2003, which will allow for a production rate of 1,000 units per year.

IRIZAR is currently carrying out the technology transfer for the Century and Intercentury models, the first units of which will be produced in November this year at the present IRIZAR installations.

In order to meet the 1,000-unit production goals, the manufacture of buses and coaches of up to 8 metres will begin next year.

The capital increase takes into account two new Chinese partners: Tiambao Ltd. (the company managing all the activities in the Free Trade Area) and the Automobile Industry Company Ltd (the number one car manufacturing company with Chinese-only capital).

The Tianjin authorities see IRIZAR as a partner for the future and have put their faith in the project, contributing with two new partners and providing institutional and financial backing for a leading bus and coach factory to be established in the People's Republic of China.