Automotive steering systems specialist Nexteer has announced strong financial results for the first half of 2014.
The company said that first half revenues increased by approximately 23.1% on last year to US$1,434.4m, with gross profit up by approximately 20.1% to US$204.4m.
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In a statement, the Hong Kong-based company said that its strong financial reports reflected the company’s ability to capitalise on strong market conditions as well as a continued focus on cost optimisation.
It said that the growing global automotive market continues to drive demand in steering and driveline systems.
The company said it plans to grow globally by diversifying steering and driveline products that are customised for different markets’ performance and price requirements. In addition, Nexteer said it plans to “build upon existing relationships with global and local original equipment manufacturers in these markets”.
The group may also pursue global strategic acquisitions and alliances, it said. Nexteer also plans to expand capacity in China.
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By GlobalData
