Futuris Corporation has announced that its wholly owned subsidiary Air International, has secured an agreement for the expansion of its vehicle interior systems operations in China.
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Air International will hold a 70% interest in a joint venture which will design, develop, manufacture and supply a range of interior products for the Chinese market.
Other partners in the new business are a Chinese automotive investment group with 20% equity and a local government authority holding the remaining 10%.
The new venture, known as Futuris Automotive Interiors (Anhui) Company Limited, will be located in Anhui Province and will initially supply seating systems, with the scope of the venture covering other interior products to be introduced in future.
The new joint venture has already secured its first contracts and has commenced work on three seat system programmes for Chery Automobile, for vehicles which will be sold in both local and export markets.
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By GlobalDataA new facility to support the production of interiors systems products is currently being designed and will be constructed in Wuhu, which was chosen as the location for the venture because of its close proximity to a number of vehicle producers in both the Anhui and Jiangsu provinces.
Delivery of the interior programmes for Chery is the initial priority but the venture later will pursue additional interiors business with other vehicle producers in China.
