SHANGHAI, Dec. 12, 2023 /PRNewswire/ --On the afternoon of December 11th, the Brose Group and HASCO Automotive jointly held a joint event in Shanghai, hereinafter referred to as Brose Automotive"Shanghai Brose automotive parts"Joint Venture Contract Renewal Ceremony. Representatives from the local ** and the joint venture parties attended and witnessed this important moment.
Representatives of the Brose Group and HASCO Automotive attended the signing ceremony to witness a new chapter in the cooperation between the two parties (from left to right: Shao Gang, Deputy Secretary of the Party Committee and Mayor of Anting Town).Ma Zhengang, deputy general manager of Huayu Automobile;Xiang Ping, Secretary of the Party Leadership Group of the Jiading District Economic Committee and Director of the District Economic Committee;Wang Jun, Director and General Manager of HASCO Automobile;Philipp Schramm, CEO and Chief Financial Officer of the Brose GroupChristof Vollkommer, Executive Vice President, Brose Group's Exterior BusinessXiang Jie, President of Brose China).
In 1999, the Brose Group and SIIC Transportation, a subsidiary of HASCO Automotive, established the first production site of Brose in Shanghai, China, Shanghai Brose Automotive Components, which supplies door modules, glass regulators, seat frames, cooling fan assemblies, door locks and other products to well-known domestic and foreign OEMs. Since its establishment 25 years ago, the company has been widely recognized by customers for its high-quality products and services. At present, Shanghai Brose Automotive Parts employs around 320 people and has achieved a total of 268 sales so far800 million yuan, with a total production of about 87.5 million products.
The partnership between Brose and HASCO will continue the share allocation of the original joint venture of 60% and 40% for a period of 25 years. During this period, the two shareholders will pool their resources to help Brose Automotive Parts Shanghai further enhance its R&D and innovation capabilities, continuously expand its existing product range, and broaden its customer base while deepening its market development. For example, the company will gradually establish product research and development capabilities for electric tailgate struts and cooling fan assemblies to meet customer and market needs with faster response speed.
The renewal of the joint venture agreement is an important step in the development of the joint venture between Brose and HASCO Automotive based on the solid cooperation between Brose and HASCO over the past 25 years, and is an important milestone in the sincere cooperation between the two companies. In the future, the two parties will continue to deepen cooperation to jointly respond to the challenges and opportunities brought about by the major changes in China's auto market and the new environment, and contribute to the sustainable development of China's auto industry.