Changchun Fudi Equipment Technology Development Co. LTD. Signed an Agreement with Magneti Marelli on Establishment of A Joint Venture
Resource from: CBCC Likes:3049
Apr 06,2012
Magneti Marelli and Changchun Fudi Equipment Technology Development Co. LTD. (Fudi), a Chinese manufacturer of automotive components and systems, have signed an agreement to set up a joint venture (JV) aimed at the production of automobile components, specifically powertrain systems.
According to the agreements, Magneti Marelli will own 51 percent of the capital of the new company called Changchun Magneti Marelli Powertrain Components Co. Ltd., while the Chinese partner will hold the remaining 49 percent.
The industrial facilities for the new JV will be located in Changchun, in northeastern China, one of the strategic areas for the automotive sector in that country, where leading Chinese companies in the sector also have their plants. In particular, the JV will settle in the economic and technological development area of Chaoyang, where Fudi can count on a longstanding industrial presence, the company says.
The JV will specifically deal with the production of intake manifolds, throttle bodies, fuel rails and air/fuel modules for automotive applications, aimed primarily at Chinese carmakers operating in the area, such as, for example, FAW.
Production is expected to start at the end of the year, and once the JV is operating at full speed, it will reach a maximum production capacity of approximately 1.7 million intake manifolds and 1.2 million throttle bodies a year. The plant will employ a workforce of about 300 employees.
“As a sign of the continuity of our commitment in China, this JV further expands our presence in the territory, which now also includes a production facility in the northeastern region of the country, a strategic area due to the presence of one of the largest Chinese carmakers,” said Eugenio Razelli, CEO of Magneti Marelli.
Magneti Marelli has been operating in China since 1996, with production plants and research centers in the areas of Shanghai (headquarters and Powertrain, Exhaust Systems and Lighting, in addition to the JV in Jiading with SAGW dedicated to the production of hydraulic components for the Freechoice robotized transmission, Wuhu (Lighting and Powertrain), Guangzhou (Electronic Systems) and Hangzhou (shock absorbers in JV with Wanxiang Qianchao Co.).
(CBCC)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
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