3rd
December 2008 - WABCO
Announces Completion of Joint Venture Agreement With Fuwa for
Manufacturing of Air Disc Brakes in China
WABCO Holdings Inc., a
global technology leader and tier-one supplier to the commercial vehicle
industry, today announced that WABCO has completed its agreement with
Guangdong FUWA Heavy Industry Co., Ltd., (Fuwa) to form a joint venture
for production of air disc brakes in China. Fuwa is
the largest manufacturer of commercial trailer axles in
China and in the world.
As previously announced, 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.
The joint venture will encompass manufacturing, assembly and testing of
air disc brakes for commercial trailers. Financial details are not being
disclosed.
"The completion of our partnership
agreement with Fuwa is another mark of WABCO's continued success in
globalizing our reach and growing our presence across the world," said
Jacques Esculier, WABCO Chief Executive Officer. "Our ambition
in the next few years is to manufacture air disc brakes to equip up to
250,000 axles."
"This partnership enables WABCO to offer
its latest-design air disk brakes with competitive advantages such as
robust single-piston technology, light-weight design, and high
performance at lowest weight to Fuwa and other commercial vehicle
manufacturers," said Wu Zhiqiang, President of Fuwa.
"With WABCO as our strategic partner, we further reinforce our
leadership position in axles in the commercial trailer market, and we
achieve the full potential of our long term growth."
"WABCO's joint manufacturing company with
Fuwa establishes a major footprint for our air disc brake business in
China as well as
Asia," said Leon Liu, WABCO President,
Asia Pacific. "We are passionate about supplying and
partnering with commercial vehicle manufacturers in China,
and now with local production of air disc brakes, WABCO can meet the
future needs of local and regional customers."
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: WABCO
Press Release