The recently announced interiors joint venture between Volkswagen and Brose will be called Brose Sitech.
The JV will develop and make seat components, complete seats and related interior components.
VW and Brose will each hold a 50% share in the new business which currently employs 5,200 at six locations in Germany, Poland and China and generates EUR1.4bn in sales a year.
The JV plans to double volume to meet its own needs and become an independent supplier to other carmakers. Brose executive vice president Thomas Spangler will be CEO.
The deal is expected to boost Brose Group revenue to EUR9.7bn by 2025 and increase workforce to 34,000 people.
A comprehensive agreement has now been signed.
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By GlobalDataThe two companies expect the JV will “likely receive antitrust law approval in the second half of 2021”.
