Brose International and the Mando Corporation, have formed a joint venture, which bears the name Mando-Brose Corporation. The two partners each hold 50% of the shares.
The companies signed a contract on 31 January 2011, with Jürgen Otto, CEO of the Brose Group and Zung-Su Byun, vice chairman of Mando Corporation, in Songpa-gu/Seoul.
Both companies complement each other in the joint venture: Brose brings its decades of know-how from the development and production of mechatronic systems and engines and has a global presence in all automotive markets.
Mando is Korea’s leading manufacturer of steering, brake and chassis systems and has many years of excellent business relations with the Korean car manufacturers, especially Hyundai / Kia.
The joint venture will develop and manufacture the first step steering engines for the Korean market. To this end, the company is building a plant to be operational in the first half of 2012, just 20km outside of Seoul.
After ramp-up production, the Mando-Brose Corporation expects 2015 a business volume of approximately €80 million per year.