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- Grammer AG signs Joint Venture Agreement with FAWSN Group, an affiliated company of one of the largest automotive manufacturers in China
Rabu, 06 November 2019 12:43:00
Grammer AG signs Joint Venture Agreement with FAWSN Group, an affiliated company of one of the largest automotive manufacturers in China
Further milestone of Grammer's expansion plans in China achieved
Grammer to hold 50 percent of the Joint Venture with CHANGCHUN FAWSN GROUP CO., LTD.
CHANGCHUN FAWSN Group is an affiliated company of FAW Group, a leading passenger car and truck manufacturer in China
CHANGCHUN, - EQS Newswire - November 5, 2019 - Grammer AG has signed today an agreement with CHANGCHUN FAWSN GROUP CO., LTD., Changchun, China, an affiliated company of FAW Group Co., Ltd., one of the largest automotive manufacturers in China, to establish a Joint Venture for automotive interior components. Grammer AG will be holding 50 percent of the new Joint Venture GRAMMER FAWSN Vehicle Parts Co., Ltd. The other 50 percent will be held by CHANGCHUN FAWSN GROUP CO., LTD.
The Joint Venture will be developing and producing a wide range of automotive interior components for vehicles produced by the FAW Group and its foreign partners. Grammer will be contributing its development and manufacturing know-how for all products such as consoles, interior components and functional plastics.
As one of the largest automobile manufacturers in China, the FAW Group produced last year more than 3.2 million passenger cars for the local market and exports to other Asian countries, Africa and Latin America.
"Through the Joint Venture with the CHANGCHUN FAWSN GROUP, we reach another important milestone in our growth strategy in China. By working closely with a leading local OEM, we will be able to reinforce our position in the largest automotive market and substantially spur our planned growth in Asia," explains Thorsten Seehars, Chief Executive Officer of Grammer. "This Joint Venture combines the strengths of a leading Chinese manufacturer with the expertise of one of the leading suppliers for interieur components".
More than twenty-six million passenger cars are produced each year in China making it the world's largest market for automobiles. With its new partner FAWSN Group, Grammer possesses an outstanding platform to widen its customer base in China and achieve a greater penetration of other Asian markets at the same time.
Grammer generates today around 15 percent of its Group revenues in China with a total of six production and two research and development sites addressing both the passenger and commercial vehicle segments. Looking ahead the new Joint Venture in Changchun will further support Grammer's growth plans in China. (roc/red/*) #for information on collaboration publications, questions and other e-mails email@example.com