Canadian automotive parts manufacturer, Magna has expanded its presence in China by setting up a joint venture for the manufacture of automotive seating systems in collaboration with Hubei Aviation Precision Machinery Co., Ltd. (HAPM). The deal is likely to be officially finalized close to the end of the year after getting regulatory approvals. HAPM is a subsidiary of AVIC Electromechanical Systems Co and is a major manufacturer of automotive seat mechanism and frames in the Chinese market.
Commenting on the deal, Magna Seating chief Mike Bisson said that as with China being the largest vehicle market in the world, the company wanted to grow its business further in the region and throughout Asia. Magna chose HAPM as its partner for the venture on the basis of its strong market position and expertise in seating mechanisms. Together, the two companies would be able to deliver a stronger product portfolio and advanced technology development to customers.
Wang Jian, chairman of AVICEM, said “As a world leading automotive supplier, Magna’s global resources and expertise will be vital to the joint venture’s success.
HAPM was established in 1995 and is based in Hubei Xiangyang. The company designs, develops and manufactures a wide range of automotive seating products including manual/power recliners, tracks, height adjusters and structures. The company has many major customers both in China and in overseas markets.
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