Novares Group has acquired all of its joint venture (JV) company in Wuhan, China, buying the final 30% stake from JV partner Yazhong via its Chinese subsidiary Noveastern.
Additionally, the company has relocated its Wuhan production plant to a new, modern site equipped with the latest technology which houses both the factory and the Wuhan Technical Centre. The site is one of the company's most modern facilities, conforming to group global production standards.
Novares (then Mecaplast) signed the joint venture agreement with Yazhong in 1997, becoming one of very few French companies in China at that time. The JV was created to serve customers Citroen and Dongfeng for the manufacture of the ZX car.
The EUR32m turnover Wuhan operation is now located in the Shanghai General Motors (SGM) suppliers park, close to the General Motors subsidiary. It also serves other automotive customers in the region, such as DPCA, Ford, Honda, Renault-Nissan and Dongfeng.
The plant, with more than 300 employees, produces interior plastic components and trunk trims; exterior pillars and cowl tops, along with engine parts: air intake systems, air intake manifolds, cam covers, oil sumps, thermostat housings and beauty covers.
"Novares is an experienced, long term player in the Chinese market and we are planning to expand our operations in the country. The 100% ownership of our Wuhan operation, combined with the relocation and upgrade of facilities at the site marks an important step in that journey," said CEO Pierre Boulet.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData