10.03.2016
Grammer AG DE0005895403
DGAP-News: Grammer AG establishing a joint venture with the fourth largest truck manufacturer in China
DGAP-News: Grammer AG / Key word(s): Joint Venture
Grammer AG establishing a joint venture with the fourth largest truck
manufacturer in China
10.03.2016 / 06:48
The issuer is solely responsible for the content of this announcement.
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Grammer AG establishing a joint venture with the fourth largest truck
manufacturer in China
Grammer to hold 90 percent of the joint venture with Shaanxi Automobile
Group Co. Ltd.
Further milestone in the expansion of Grammer's local presence in the
Chinese market
Amberg / Fuping (China), March 10, 2016 - Grammer AG has today signed an
agreement with Shaanxi Automobile Group Co. Ltd., Xian, Province of
Shaanxi, China, the fourth largest heavy-duty truck manufacturer in China,
for the establishment of a joint venture for truck seats. Grammer AG will
be holding 90 percent of the new joint venture Grammer Seating (Shaanxi).
The remaining 10 percent will be held by Shaanxi Automobile Group Co. Ltd.
The joint venture will be producing a wide range of mechanical and
air-suspensed driver and co-driver seats locally. The seats will be
primarily fitted to the commercial vehicles produced by Shaanxi. As one of
the largest truck manufacturers in China, Shaanxi produces more than
100,000 heavy-duty trucks per year for the local market and for export to
other Asian countries, Africa and Latin America. With this new local
production at the Fuping industrial park Grammer completes its geographical
footprint in the commercial vehicle segment and ensures close proximity to
important customers by simultaneously optimizing production and logistics
costs in China.
"With the new joint venture with the Shaanxi Automobile Group, we have
passed a further important strategic milestone in our global growth
strategy. By working with a leading local OEM, we will be able to reinforce
our position in the important Chinese market and substantially spur our
planned strong growth in Asia," explains Hartmut Müller, Chief Executive
Officer of Grammer.
In the world's largest market for commercial vehicles, almost three
quarters of a million heavy-duty trucks are produced each year - equivalent
to more than a third of the entire global output of trucks. With a new
total of three facilities for the production of localized commercial
vehicle seats in China, Grammer possesses an outstanding platform to
additionally widen its customer base in China and achieve greater
penetration of the Asian markets.
Already today, Grammer generates around 15 percent of its Group revenue in
China at a total of six facilities addressing both the passenger and
commercial vehicle segments. Looking ahead over the next few years, the new
joint venture in China will additionally support Grammer's high growth
targets.
About the Shaanxi Automobile Group
With headquarters in Xi'an in the Province of Shaanxi, Shaanxi Automobile
Group Co. Ltd. is the fourth largest manufacturer of heavy-duty trucks in
China. The Group has 32,000 employees and assembles heavy-duty trucks,
buses, special-purpose vehicles and vehicle components. In 2014, Shaanxi
produced 110,000 trucks and special-purpose vehicles for the Chinese and
export markets.
Company Profile
Grammer AG, Amberg, Germany, specializes in the development and production
of components and systems for automotive interiors as well as driver and
passenger seats for utility and offroad vehicles. In the Automotive
Division, we supply headrests, armrests and center console systems to
premium automakers and automotive system suppliers. The Seating Systems
Division comprises the truck and offroad seat segments as well as train and
bus seats.
Grammer is represented in 20 countries worldwide with a workforce of over
12,000 employees across its 30 subsidiaries.
The Grammer share is listed in the SDAX and traded on the Frankfurt and
Munich stock exchanges via the electronic trading system Xetra as well as
in over-the-counter trading at the Stuttgart, Berlin and Hamburg stock
exchanges.
Contact:
GRAMMER AG
Ralf Hoppe
Phone: 0049 9621 66 2200
[email protected]
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10.03.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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: [email protected]
Internet: www.grammer.com
ISIN: DE0005895403, DE0005895403
WKN: 589540, 589540
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Munich;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Stuttgart
End of News DGAP News Service
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443935 10.03.2016
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