The GEDIA Automotive Group and the HyUnion Holding Co., Ltd. agreed on a joint venture (JV), headquartered in Shanghai. In addition to the realization of synergy effects, the target is also the technology development and the development of the Chinese automotive market. After a successful conclusion of all negotiations, the representatives of both partners signed the JV-agreement on February 27th in a festive ceremony. Each company holds 50% of the shares.
In recent years the Chinese automotive market has become the largest in the world. Significant driving forces for this development include the large growth of the entire national economy, the rising purchasing power and the consumer desire for individual mobility.
The GEDIA Automotive Group, headquartered in Attendorn, Germany, recognized this potential early on and founded its own engineering center in China in 2008. The GEDIA Automotive Systems Nanjing Co. Ltd. dealt with method development, tool design and tool making in Nanjing. This engineering company of the GEDIA Group will continue to exist and provide technical support to GEDIA Group and the joint venture, and serve the customers timely.
As a global family-owned company with around 4,200 employees, GEDIA develops and manufactures structural parts and assemblies for automotive lightweight body construction. With eight production plants in Germany, China, India, Mexico, Poland, Spain, Hungary and the USA, the automotive group is an internationally operating and expanding company.
The HyUnion Holding Co., Ltd., headquartered in Qingdao of China, is also specialized in the development and manufacturing of complex body components, motors and special vehicles, and steel trade. At the same time, it holds a leading position in the field of financial technology. The company was founded in 2004, has around 4,500 employees, and is firmly established on the Chinese automotive market. HyUnion has 27 local production sites, its own development center with high-tech machinery.
"With combined technical expertise, improved market access to the international and Chinese automotive market and a strengthened purchasing position, we`ll be a major player in China," said Helmut Hinkel, CEO of the GEDIA Group and Ms. Liu Guoping, Chairman of the Board of HyUnion.
As a result of intensive market analyses, GEDIA and HyUnion have been in lively exchange for years and have since been working on a growth strategy in the local market.
"We look forward to the new opportunities together with GEDIA. The customers have already shown interest in our products." said Mr. Yu Tiejun, Vice President of HyUnion.
"We agree to develop new opportunities for the Chinese automotive market and actively help to shape them. Both companies see themselves as partners with the objective of facilitating market access and sharing existing know-how." says Stefan Gessner, Managing Director of GEDIA China, who will in future also assume the function of General Manager of the joint venture.
GEDIA Automotive Group & HyUnion Holding Co., Ltd