Grammer AG and Yuhua Establish Joint Venture for Truck Seats in China
www.chinatrucks.com: Jiangyin, December 17, 2012 - Grammer AG and Jiangsu Yuhua Automobile Parts Co. Ltd., a well-established Chinese supplier of Components and systems for commercial vehicles and passenger cars, earlier today signed an agreement to establish a joint venture for the production and distribution of truck and bus seats in China. 60% of the new joint corporation Grammer Seating (Jiangsu) Co. Ltd., located in Jiangyin, China will be held by Grammer AG. Yuhua has a 40% stake.
'The collaboration with our strong partner Yuhua offers us a fast and long-lasting entry in the world biggest market for commercial vehicles. This joint venture is another important milestone of our global growth strategy', says Hartmut M??ller, CEO of Grammer AG. Last week Grammer has already announced the takeover of Nectec Automotive s.r.o. and after approval of the antitrust authorities, could thereby acquire another stake in a Chinese joint venture for passenger cars.
'With the agreement signed today, both partners can bring their respective strengths and experiences into the new company and therefore jointly participate in the rapidly growing demand for commercial vehicles in China', says Xie Fang, Board Chairman of Yuhua Automobile Parts Co. Ltd.
More than 1 million medium and heavy trucks are produced and sold in China each year, accounting for almost 50% of the global market. And the growth forecasts for the most important market for commercial vehicles world-wide are also very positive. With the new joint venture Grammer now has an excellent basis to realize its ambitious growth targets in the Chinese truck market. Yuhua provides a new manufacturing location and will, among other things, also bring its existing truck-seat business and a well-established customer base into the joint venture. Together with its partner Yuhua, Grammer now is able to produce market-specific seat-types locally and distribute them to local and international customers.
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