GRAMMER Aktiengesellschaft
Grammer AG signs Joint Venture Agreement with FAWSN Group, an affiliated company of one of the largest automotive manufacturers in China
DGAP-News: Grammer AG
/ Key word(s): Joint Venture
Grammer AG signs Joint Venture Agreement with FAWSN Group, an affiliated company of one of the largest automotive manufacturers in China
Changchun (China), November 5, 2019 – Grammer AG has signed today an agreement with CHANGCHUN FAWSN GROUP CO., LTD., Changchun, China, an affiliated company of FAW Group Co., Ltd., one of the largest automotive manufacturers in China, to establish a Joint Venture for automotive interior components. Grammer AG will be holding 50 percent of the new Joint Venture GRAMMER FAWSN Vehicle Parts Co., Ltd. The other 50 percent will be held by CHANGCHUN FAWSN GROUP CO., LTD. The Joint Venture will be developing and producing a wide range of automotive interior components for vehicles produced by the FAW Group and its foreign partners. Grammer will be contributing its development and manufacturing know-how for all products such as consoles, interior components and functional plastics. As one of the largest automobile manufacturers in China, the FAW Group produced last year more than 3.2 million passenger cars for the local market and exports to other Asian countries, Africa and Latin America. “Through the Joint Venture with the CHANGCHUN FAWSN GROUP, we reach another important milestone in our growth strategy in China. By working closely with a leading local OEM, we will be able to reinforce our position in the largest automotive market and substantially spur our planned growth in Asia,” explains Thorsten Seehars, Chief Executive Officer of Grammer. “This Joint Venture combines the strengths of a leading Chinese manufacturer with the expertise of one of the leading suppliers for interieur components”. More than twenty-six million passenger cars are produced each year in China making it the world’s largest market for automobiles. With its new partner FAWSN Group, Grammer possesses an outstanding platform to widen its customer base in China and achieve a greater penetration of other Asian markets at the same time. About the CHANGCHUN FAWSN GROUP About Grammer AG Contact: GRAMMER AG Boris Mutius Phone: 0049 9621 66 2200 investor-relations@grammer.com
05.11.2019 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Grammer AG |
Georg-Grammer-Str. 2 | |
92224 Amberg | |
Germany | |
Phone: | +49 (0)9621 66-0 |
Fax: | +49 (0)9621 66-1000 |
E-mail: | investor-relations@grammer.com |
Internet: | www.grammer.com |
ISIN: | DE0005895403, DE0005895403 |
WKN: | 589540, 589540 |
Listed: | Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart, Tradegate Exchange |
EQS News ID: | 904403 |
End of News | DGAP News Service |