Plastic Omnium Auto Inergy (Levallois-Perret, France) has formed a joint venture with China's Beijing Hainachuan Automotive Parts Co., a unit of Beijing Automotive Industry Co. (BAIC). BAIC is one of China's leading auto manufacturers and sells vehicles in China under its own brand and through joint ventures with Mercedes-Benz and Hyundai Motor.
The new company will be owned 40% by BHAP and 60% by Plastic Omnium Auto Inergy, which will contribute its Beijing production plant, where fuel systems for Hyundai are already being produced.
The transaction strengthens Plastic Omnium Auto Inergy's growth potential in China, the world's largest automobile market, by creating a cooperative relationship with BAIC and its partners Mercedes and Hyundai in China. With a combined total of 12 plants in China for its two automotive businesses - exterior components and composites and fuel systems - Plastic Omnium is pursuing its rapid development in the market, with the goal of fast growing revenues in the years to come....