Faurecia and Beijing WKW Automotive Parts have signed a 50/50 joint-venture agreement to create an entity named Beijing WKW-FAD Automotive Interior Parts (BWKWFAD). Beijing WKW Automotive Parts is a major supplier of vehicle interior aluminium decoration in China.
Faurecia, which claims to be the world market leader for aluminium decoration, will gain an industrial footprint in China to serve its customers, starting with Infiniti and Volvo. Together, the partners claim, they will lead the Chinese market and achieve synergies.
With total planned investment of EUR14m (US$15.9m), BWKWFAD will specialise in interior aluminium decoration parts for the Asian market, covering development, manufacturing, assembly and marketing. The company will also provide after sales services and technical consulting.
"As a the global leader in vehicle interior decoration, Faurecia is reinforcing its market presence globally, building on the strong foothold of Beijing WKW in China's automotive aluminium decoration market. Beyond China, we are confident that our alliance will enable us to further develop our business with our Asian customers," said Jean-Michel Vallin, president of Faurecia China.
"This new joint-venture will enhance Beijing WKW's current operations as well as play a key role in developing a stronger presence in China. The joint venture will help bring together the best of both companies' expertise in vehicle interior decoration to deliver highest quality products and better serve automakers in China," said Li Jingyu, president of Beijing WKW.