International Automotive Components (IAC) and Shanghai Shenda Co. Ltd. (Shenda) have announced the signing of a definitive agreement to form a global joint venture (JV) partnership to supply soft trim and acoustics products to automotive original equipment manufacturers (OEM).
A UK affiliate of Shenda will acquire a 70% stake in the UK-based JV based at an enterprise value of USD $570 million. IAC will maintain a 30% interest. The JV, which will be named at a later date, expands an existing, successful JV partnership between affiliates of IAC and Shenda spanning nearly two decades.
The agreement is subject to various conditions, including third-party consents and other conditions customary for transactions of this type. In connection with the transaction, IAC and its affiliates will enter into various ancillary agreements providing IAC with customary minority shareholder rights with respect to its equity interest in the new JV.
Similar to IAC and Shenda’s existing JV, the new JV’s management team will be comprised of experienced leaders from IAC. Its operations will include substantially all of IAC’s soft trim and acoustics operations, consisting of 21 manufacturing facilities and 4 technical centres worldwide. The JV is expected to generate more than USD $1 billion in annual sales from floor carpets, acoustic insulators, package trays, trunk trim and utility flooring products.
Portronics, one of India’s leading gadget brands, launches the Vayu 7.0 — a sleek, multi-functional tyre inflator designed for today’s on-the-go lifestyle. Ideal for both short commutes and long road ...
Uno Minda, a leading tier 1 supplier of proprietary automotive solutions to Original Equipment Manufacturers (OEMs), has launched its advanced, bright, and focused headlights for 7-Seater cars in the ...
Pure, a pioneer in energy storage products and leader in e-mobility 2W announced the launch of battery-based 5 MWh grid storage product, PuREPower Grid, in Delhi. This innovative product is poised to...