Auto interiors and textiles joint venture formed / Auria to supply global and regional automakers
Shenda has taken a 70% stake in the new company with IAC holding the remainder. The joint venture expands a partnership between affiliates of both companies that spans nearly 20 years.
?The completion of this transaction not only marks the beginning of a new global start-up company, Auria, but it also builds on what has been a very strong and productive partnership between IAC and Shenda in China. We believe this will contribute to a fast start and bright future for Auria,? said Shenda?s chairman, Yao Minghua.
UK-based Auria will operate 21 manufacturing and four technical facilities in 10 countries with nearly 7,000 employees. It will also have operational control of three joint ventures across China, South Africa and the US. Regional headquarters are located in Southfield, Michigan / USA, and DÃ¼sseldorf / Germany.
?As vehicles move toward more electrification and hybridisation, lighter weight materials and a quieter cabin will become even more important, while car-sharing and ride services will require more durable flooring and trim materials to withstand the increased use,? explained Brian Pour, Auria?s president and CEO.
The new company is expected to generate more than USD 1 bn (EUR 833m) in annual sales. IAC said proceeds from the joint venture would allow it to continue investing globally in its core Cockpit & Overhead Systems business.25.09.2017 Plasteurope.com [237911-0]
» Publication Date: 25/09/2017
This project has received funding from the European Union's Horizon 2020 research and innovation programme under grant agreement Nº 737882.
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