DGAP-News: Grammer AG and Yuhua establish joint venture for truck seats in China
(firmenpresse) - DGAP-News: Grammer AG / Key word(s): Joint Venture
Grammer AG and Yuhua establish joint venture for truck seats in China
17.12.2012 / 17:26
---------------------------------------------------------------------
Grammer AG and Yuhua establish joint venture for truck seats in China
Joint venture offers Grammer a quick entry into the biggest truck market
world-wide
Important milestone of Grammer's growth strategy realized
Amberg / 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 Müller, 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.
About Grammer AG
Grammer AG, Amberg, Germany, is specialized in the development and
production of components and systems for automotive interiors as well as
driver and passenger seats for offroad vehicles (tractors, construction
machinery, forklifts), trucks, buses and trains. Our Seating Systems
division comprises the truck and offroad seat segments as well as train and
bus seating. In the Automotive division, we supply headrests, armrests and
center console systems to premium automakers and automotive system
suppliers.
Grammer is represented in 18 countries worldwide with a workforce of
approx. 9,000 employees across its 24 fully consolidated subsidiaries.
About Yuhua Automobile Parts Co. Ltd.
Jiangsu Yuhua Automobile Parts Co. Ltd. is specialized in the development,
production and distribution of components for passenger cars and commercial
vehicles. The product portfolio includes complete seats, dashboards and
floor mats. Yuhua Automobile is a privately owned stock company, founded in
2001.
In total 980 employees working in 3 locations in China. Yuhua generates
annual revenues of approximately 45 Euro million, supplying well-known
Chinese OEM's within the automotive and commercial vehicle industry.
Contact:
GRAMMER AG
Ralf Hoppe
Phone: 0049 9621 66 2200
investor-relations(at)grammer.com
End of Corporate News
---------------------------------------------------------------------
17.12.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: Grammer AG
Postfach 14 54
92204 Amberg
Germany
Phone: +49 (0)9621 66-0
Fax: +49 (0)9621 66-1000
E-mail: investor-relations(at)grammer.com
Internet: www.grammer.com
ISIN: DE0005895403, DE0005895403
WKN: 589540, 589540
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
197236 17.12.2012
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: EquityStory
" alt="Colt Resources intersects 8.39g/t over 6.88m* and 33.2 g/t over 1.7m* at its Banhos Deposit in the Boa Fé Gold Project, Southern PortugalDatum: 17.12.2012 - 17:26 Uhr
Sprache: Deutsch
News-ID 213416
Anzahl Zeichen: 6425
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 241 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Grammer AG and Yuhua establish joint venture for truck seats in China"
steht unter der journalistisch-redaktionellen Verantwortung von
Grammer AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
