Tuesday, December 30, 2003

IHI, GE team for Chinese engines


Tristate summary

Staff reports

Japanese machinery maker Ishikawajima-Harima Heavy Industries Co. is teaming with GE Aircraft Engines to develop engines for the ARJ21, the new Chinese regional jet. IHI said it expects revenues of just under $1 billion in the next 20 years from its 30 percent stake in engine development for the 70-90 seat Chinese jet. IHI said it will be responsible for low-pressure turbines and high-pressure compressor parts for the engine. Evendale-based GEAE signed an agreement in November to develop a version of its CF34 engine for the Chinese aircraft. GEAE anticipates a market for about 500 aircraft and engines sales of about $3 billion over 20 years from the project.

Web event invites minorities, women

Up to 200 minority and women entrepreneurs are expected to attend a Fifth Third Bank event Jan. 7 to help introduce the bank's new Web site targeting those vendors. The Cincinnati-based bank will demonstrate SupplierDiversity.53.com from 8:30 a.m. to 10:30 a.m. at the Bankers Club, 511 Walnut St., Suite 3000, to illustrate its supplier-diversity efforts. The event also will allow minority- and women-owned businesses to network. Melvin J. Gravely II, founder of the Institute for Entrepreneurial Thinking and author of When Black & White Make Green, will host a book signing. More details can be obtained from Karen Stewart, Fifth Third Community Affairs, at 534-6126.

Correction

Despite a strike, Kroger Co. is continuing to operate its stores in Southern California. Also, Joseph Pichler resigned as chief executive officer this year and remains chairman of the company, as part of a succession plan. Information was incorrect on the cover of Sunday's Business section.




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