Chinese auto maker Chery Automobile Ltd said recently it will set up a joint venture at Anhui Wuhu with auto-parts supplier ArvinMeritor Inc. to build chassis systems. This is the third company from the Global 500 that has established cooperative relationships with Chery following Johnson Controls and PPG Industries Inc.
The two parts will co-invest a total of $20 million for the joint venture, named as ArvinMeritor Chassis Systems Wuhu Co, of which ArvinMeritor owns a 60 percent stake and Chery owns the remaining. Scheduled annual revenue for the venture is $150 million by 2010, the company said. ArvinMeritor will provide design, engineering and manufacturing support, and production will begin by August 2008.
"Chery is the fastest-growing auto maker in China and I believe our cooperation will result in a win-win situation", said Phil Martens, president of ArvinMeritor's light vehicle systems group, at the sidelines of the signing ceremony.
In Chery, ArvinMeritor said it found an auto maker looking to global suppliers for specific expertise to help support its ambitious growth plans. It also reflects key aspects of ArvinMeritor's growth strategy: increasing Asian business, expanding in emerging markets and growing its light-vehicle chassis business.
ArvinMeritor, Inc. is a premier global supplier of a broad range of integrated systems, modules and components to the auto industry. The company serves light vehicle, commercial truck, trailer and specialty original equipment manufacturers and offers some aftermarket services. Headquartered in Troy, Michigan, ArvinMeritor have about 19,000 employees in 24 countries and sales in 2006 reached approximately 9.2 billion. ArvinMeritor trades as ARM in the New York stock exchange.
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