CIBT Licenses Corinthian’s Wyotech Brand And Curricula To Target China’s Growing Automotive Training Market
CIBT School of Business & Technology Corp. (CIBT), a leading business school in China and a subsidiary of Capital Alliance Group Inc. (TSX-V: CPT) and Corinthian Colleges, Inc. (NASDAQ: COCO) have signed a licensing agreement that will allow CIBT to offer a full line of transportation maintenance certificate, diploma and degree programs to meet growing demand for these skills in the greater China market.
Under the agreement, CIBT will have exclusive use of Corinthian’s WyoTech brand name and curricula to operate automotive training schools in China, Taiwan and Hong Kong, with an option to expand into Thailand. Terms of the transaction were not disclosed.
WyoTech is part of the Titan Schools division of Corinthian Colleges and operates seven automotive, motorcycle, aviation and marine technical training schools across the United States.
The automotive industry continues to be one of the fastest growing sectors of the Chinese economy, according to a special report on China published in Business Week magazine on May 9, 2005. The article estimated that 40 percent of Chinese families are planning to buy a new car. General Motors chairman and chief executive officer Rick Wagoner was quoted in Fortune magazine’s October 4, 2004 issue as saying that he expects China to become the world’s second largest auto market. Consequently, there will be a huge, unfulfilled demand for skilled workers and factory certified automotive technicians in China.
“WyoTech has been a leader in automotive technology and maintenance training in the United States for nearly 40 years,” said Tim Schutz, president and chief operating officer of Corinthian’s Titan Schools Division. “We are enthusiastic about the potential in the greater China market and pleased to have the opportunity to extend our expertise beyond U.S. borders.”
“We see tremendous growth opportunities ahead for automotive training in China and are excited to be entering into this untapped sector with WyoTech as our partner,” said Toby Chu, CIBT’s president and chief executive officer. “Our corporate strategy is to become the largest education platform in China, with a wide array of academic degree, technical and trade programs catering to various student population segments.”
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