CORPORATE NEWS:
Leoni agrees joint venture with THB
Leoni Bordnetze Holding GmbH, a subsidiary of Nuremberg-based Leoni AG, has signed a joint venture agreement with the Chinese wiring system and component manufacturer THB.
The agreement provides that Leoni will acquire a majority stake in the THB Group’s largest facility, located in Liuzhou, southern China.
The facility, which covers an area of about 8,000m2, has been making cable harnesses for the automotive industry since 1993.
It will in future bear the name Leoni Wiring Systems Liuzhou and is forecast to generate sales of about 10m Euros in the next financial year.
Acquisition of this equity holding represents a major step in the growth strategy of Leoni’s largest segment, the Wiring Systems Division. It will now have facilities in all of China’s principal car manufacturing regions.
THB’s existing Liuzhou customer base will give Leoni access to key customers
in southern China, such as Dongfeng Motor Corporation and SGMW (SAIC
GM Wuling Automobile Company).
Collaboration with joint venture partner THB will also make local procurement of components and connectors easier.
Company: |
Leoni AG |
Country: |
Germany |
Fax: |
+49 911 202 3231 |
Email: |
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Website: |
www.leoni.com |