23rd
October 2008 - WABCO Announces
Joint Venture With Fuwa for Manufacturing of Air Disc Brakes in China
WABCO Holdings, a global
technology leader and tier-one supplier to the commercial vehicle
industry, today announced that WABCO has signed a letter of intent with
GuangDong Fuwa Engineering Manufacturing Co., Ltd., (Fuwa) to form a
joint venture for production of air disc brakes in China. Fuwa is the
world's largest manufacturer of commercial trailer axles.
It is expected that the
joint venture agreement will be finalized by year-end, and that WABCO
will have a 70 percent holding and Fuwa will have a 30 percent holding
in the joint venture, which will be located at Fuwa's newly established
manufacturing facility in Taishan, Guangdong, China.
"As a technology leader in
braking and air management systems, we are enthusiastic about partnering
with Fuwa to support their global growth while further strengthening our
market position in air disc brakes," said Jacques Esculier, WABCO Chief
Executive Officer. "We further enhance our path to develop the Chinese
market as a major pillar of WABCO's growth, by teaming up with Fuwa, a
key industry player and the biggest manufacturer of trailer axles in
China and in the world."
The proposed joint venture
will encompass manufacturing, assembly and testing of air disc brakes
for commercial trailers. WABCO will bring air disc brakes to the
partnership, featuring competitive advantages such as robust
single-piston technology, light-weight design, and high performance at
lowest weight.
"This cooperation will
provide technology related to air disc brakes that will further
reinforce our leadership position in axles in the commercial trailer
market," said Wu Zhiqiang, President of Fuwa. "With WABCO as our
long-term partner, we secure proven and advanced technology to help
achieve the full potential of our strategic export growth."
"Establishing this
manufacturing footprint in China will provide WABCO with a strategic
entry into the growing Chinese market for air disc brakes," said Leon
Liu, WABCO President, Asia Pacific. "It represents another major step in
the establishment of WABCO as a key partner for Chinese commercial
vehicle manufacturers. Our passion is to support Fuwa's growth ambitions
as we prepare WABCO for the future expansion of the market for air disc
brakes in China."
About WABCO
WABCO Vehicle Control
Systems is one of the world's leading providers of electronic braking,
stability, suspension and transmission automation systems for heavy duty
commercial vehicles. Customers include the world's leading commercial
truck, trailer, and bus manufacturers. Founded in the U.S. in 1869 as
Westinghouse Air Brake Company, WABCO was acquired by American Standard
in 1968 and spun off in 2007. Headquartered in Brussels, Belgium, WABCO
employs more than 7,700 people in 31 countries worldwide. In 2007,
WABCO's total sales were $2.4 billion. WABCO is a publicly traded
company and is listed on the New York Stock Exchange with the stock
symbol WBC.
Source: Test