On November 5, Grammer Corporation and Changchun FAW Group Co., Ltd., a subsidiary of FAW Group Co., Ltd., one of China's largest car manufacturers, signed an agreement in Changchun to formally establish a joint venture company for automotive interior parts, Changchun Fusheng Gramer Vehicle Parts Co., Ltd., each party holds 50% of the new joint venture.
The joint venture will develop and produce various automotive interior parts for FAW Group and its domestic and foreign partners. Grammer will be dedicated to the professional development and production of products such as center consoles, interior parts and functional parts.
As one of China's largest automakers, FAW Group produced more than 3.2 million vehicles for the local market last year and exported them to other Asian countries, Africa and Latin America.
"By establishing a joint venture with Changchun FAW Fusheng Group, we have achieved another important milestone in our growth strategy in China." Gramer CEO Thorsten Seehars explained: "Through close cooperation with China's leading local OEMs, Grammer has consolidated its position in the largest automotive market and fully stimulated our growth in the Asian market; the joint venture combines the strengths of a leading Chinese manufacturer with the expertise of a leading global parts supplier. "
As the world's largest automotive market, China produces more than 26 million passenger cars each year. With the addition of its new partner FAW Fusheng Group, Grammer will have a better platform and expand its customer base in the Chinese market. , While achieving greater breakthroughs in other Asian markets.
Grammer's current revenue in China accounts for about 15% of the Group's total revenue. There are six production plants and two R & D bases in two fields, passenger cars and commercial vehicles. Looking ahead, Changchun's new joint venture will strongly support Grammer's growth goals in the Chinese market.
About Changchun FAW Fusheng Group
Changchun FAW Fusheng Group Co., Ltd., headquartered in Changchun, Jilin Province, is a subsidiary of FAW Group, one of the largest car manufacturers in China. The group has 9,500 employees and mainly produces various auto parts for FAW Group in China and export markets And system.
About Gramer AG
Grammer AG, based in Amberg, Germany, develops and produces automotive interior parts and systems, as well as driver suspension seats and passenger seats for road and construction machinery vehicles. Grammer Automotive provides headrests, armrests, central access systems, high-quality interior components, operating systems and innovative thermoplastic solutions to high-end car manufacturers and automotive system suppliers. The commercial vehicle business includes truck seats, construction machinery seats (tractors, construction machinery, forklifts), and train and passenger car seats. Grammer operates in 20 countries and employs approximately 15,000 people. Grammer shares are listed on the German main market and are traded on the Frankfurt and Munich stock exchanges through the electronic trading system Xetra.