Webasto Establishes New Roof System Company with Pininfarina

DETROIT and STOCKDORF, Germany, Jan. 9 -- Webasto AG and Pininfarina SPA Turin, Italy) today announced that they are setting up a new company to develop and produce convertible roofs. This agreement to proceed with a joint venture (JV) follows a letter of intent between the companies that was signed last October. The JV will combine both companies' expertise in the field of roof systems for convertibles: Webasto brings to the deal its decades of experience in the development and series production of roof systems and Pininfarina its whole-vehicle competence and its design know-how.

The new company, called OPEN AIR SYSTEMS, aims to capture, in the medium term, at least 15 percent of the international convertible market niche. The JV, in which each company has an equal share, will be run by Webasto from its base in Stockdorf/Munich. It will focus on development and production of convertible roof systems such as soft tops, retractable hardtops, hardtops, variotops with removable side rails and Targa tops.

``We are happy that the joint venture can now begin operations,'' said Dr. Wolfgang Thurow, member of the board of Webasto AG, who is responsible for key roof business. ``We have established a strategy for both parties, which enables us to provide our international customers with tailored solutions. This combination of expertise is unique within the supplier sector. We are rising to the challenge of the competition and the car manufacturers by producing innovations at the right time and of perfect quality.''

Webasto already has a business relationship stretching back more than ten years with Pininfarina, which is well known for its styling and production of exclusive series models. In addition to the Ford-based Start concept car introduced at the North American International Auto Show in Detroit this month, Pininfarina has been directly involved in the design, development and production of open-air vehicles and/or roof systems, including the Alfa Spider, Peugeot 306 Cabriolet, Bentley Azure, Rolls-Royce Corniche and MG F, and long-lasting relationships with Ferrari.

The new company, OPEN AIR SYSTEMS, is aiming for average annual sales of around euro 150 million ($135 million) over the next five years. Webasto's international presence means that jointly developed convertible roofs can be manufactured at a number of different locations. The criteria for selecting the location will be determined by the market (i.e. by the customer).

Cooperation between Webasto and Pininfarina has begun and is already being intensified. Work will start in Stockdorf and Turin with an experienced team comprising engineers, designers and technical specialists from both companies.

``The field of roof systems has become so highly complex that the team has to include experts in a wide range of subjects,'' said Thomas Schutt, Managing Director of OPEN AIR SYSTEMS. ``Our Italian colleagues' know-how complements Webasto's perfectly. We know that there is great interest in new and innovative solutions and we are certain that we will develop exciting alternatives for our customers.''

Webasto AG is the largest supplier of sunroof systems to the global automotive industry and aftermarket and a major supplier of thermo systems (e.g. preheaters). The company, which reported more than $1 billion in sales for 2001, has technical and manufacturing facilities in Brazil, China, France, Germany, Great Britain, Italy, Japan, Netherlands, Spain, South Korea, Turkey, Ukraine and the United States. A leading supplier for more than 100 years, Webasto employs almost 5,000 people worldwide.