Antitrust authorities have issued all of the necessary approvals for the planned joint venture between Brose and Volkswagen, paving the way for the company to begin work as scheduled in early 2022.
Brose Sitech intends to become a leading global supplier of seat systems and interior solutions.
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Brose and VW signed an agreement to establish a joint venture last spring. The company will work on the development and production of complete seat systems, seat structures and components as well as connected interior parts.
Brose will own a half interest in Volkswagen subsidiary Sitech. Supplier and automaker will each hold a 50% share of the planned JV. The parties have agreed that Brose will take over the industrial management and consolidate the joint venture for accounting purposes.
Sitech has extensive expertise in the development, assembly and logistics of complete seat systems. As a leading supplier of seat structures, Brose is bringing its systems knowledge and years of expertise in manual and power adjusters as well as comfort components to the JV.
Brose Sitech wants to expand the existing business with the VW group and be an independent seat supplier for other car manufacturers.
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