Hiller Aircraft Manufacturing Company and the Shanxi Xinhaisheng Trade Company signed an agreement to begin producing civilian helicopters by the close of 2009 with the goal of maufacturing 200 medium and heavy-lift helicopters a year. This is China’s first jointly funded civilian helicopter production. Soon after the contract was signed, China Aviation Industry Corporation decided to build a $1.2 billion commercial helicopter plant in the northern port of Tianjin. A new company will be formed, China Aviation Industry Helicopter Corporation that will fill sales for that burgeoning market. Sales are forecasted to reach between 30-40 billion yuan ($4.4-$5.9 billion) within 10 years.