Volkswagen: towards joint venture with Brose group
(CercleFinance.com) - Volkswagen AG announces that it has signed an agreement to create a 50/50 joint venture with The Brose Group to develop and manufacture vehicle interior solutions, complete seating systems, seat structures and other components.
In this deal, The Brose Group will acquire half of Volkswagen's subsidiary Sitech. The parties have agreed that The Brose Group will take over the industrial management and consolidate the joint venture for accounting purposes. Volkswagen AG will appoint the financial director and will also be responsible for production.
The future structure aims to achieve a leading position in the highly competitive vehicle seating market.
Sitech expects sales of around 1.4 billion euros in the current financial year, generated by a workforce of over 5,200. The joint venture aims to double this to 2.8 billion euros by 2030, with 7,000 employees.
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In this deal, The Brose Group will acquire half of Volkswagen's subsidiary Sitech. The parties have agreed that The Brose Group will take over the industrial management and consolidate the joint venture for accounting purposes. Volkswagen AG will appoint the financial director and will also be responsible for production.
The future structure aims to achieve a leading position in the highly competitive vehicle seating market.
Sitech expects sales of around 1.4 billion euros in the current financial year, generated by a workforce of over 5,200. The joint venture aims to double this to 2.8 billion euros by 2030, with 7,000 employees.
Copyright (c) 2021 CercleFinance.com. All rights reserved.