Shanghai Shenda and IAC Group have officially closed a joint venture transaction, forming Auria Solutions, a new global supplier of soft trim and acoustical products for the automotive industry.
"We're very pleased to have completed this transaction and launched the next global leader in the soft trim and acoustics segment, said IAC President and CEO, Robert Miller.
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"Shenda has acquired a 70% stake in the joint venture and IAC maintains a 30% interest. The joint venture expands an existing JV between affiliates of IAC and Shenda spanning nearly two decades."
For his part, Shenda chairman, Yao Minghua added: "The completion of this transaction not only marks the beginning of a new global start-up company, Auria, but also builds on what has been a very strong and productive partnership between IAC and Shenda in China."
UK-based Auria will have its regional headquarters in Southfield, Michigan, as well as Dusseldorf, Germany and will operate 21 manufacturing facilities and four technical centres in ten countries along with operational control of three joint ventures across China, South Africa and the US.
The company will employ around 7,000 people and will supply all of the world's global automakers, as well as several regional manufacturers.
Separate from Auria, IAC will continue to focus on its core product portfolio, including instrument panel and cockpit systems, door trim systems, console systems and overhead and headliner systems.
