ArvinMeritor and STEC Form Sunroof Joint Venture in China
TROY, Mich., Aug. 9, 2004 -- ArvinMeritor, Inc. announced today the formation of a 50-50 joint venture between its Light Vehicle Systems (LVS) business group and Shanghai SIIC Transportation Electronic Company, Ltd. (STEC). The joint venture, named Shanghai ArvinMeritor Automotive Parts Company, Ltd., will manufacture passenger vehicle sunroofs for Shanghai Volkswagen at a facility in Shanghai.
"This partnership increases ArvinMeritor's global roof systems' footprint and also introduces our popular sunroofs to a growing Chinese market," said Alberto Nadal, vice president and general manager of LVS Roof Systems. "Our relationship with STEC provides us with the opportunity to deliver exceptional service at a lower cost for our VW Shanghai customer, and to grow our business in China."
"Both parties bring real advantages to the partnership," said Liu Jian, general manager of STEC. "ArvinMeritor has world-class products and technologies, and STEC has proven experience in developing the domestic [Chinese] market. Combining these advantages effectively yields a more powerful push in our efforts to grow the company."
ArvinMeritor's Lyle Bultman will serve as the joint venture's general manager, and STEC's Wu Ming will serve as its deputy general manager. Bultman has more than 33 years of automotive experience, and most recently held the position of general manager of Shanghai Operations with LVS' Emissions Technologies division. Wu Ming has more than 25 years of industry experience, and most recently served as head of sales and marketing for Shanghai Brose.
STEC, headquartered in Shanghai, is a leading supplier of components to the Chinese market for light automotive vehicles. STEC is the key enterprise in the auto electronic and electric appliances system of Shanghai Automotive Industry (Group) Company. Through its existing partnerships with Valeo, Brose, Delphi and Lear, and through its own independent operations, STEC employs approximately 2,000 people at nine facilities, and produces auto motor, auto electric appliances and auto electronic appliances that are classified into 20 categories with 200 varieties. The products are supplied for domestic car makers and exported to 30 countries and areas. For more information, visit the company's Web site at: http://www.stec-cn.com/ .
ArvinMeritor's Light Vehicle Systems (LVS) business group posted $4.4 billion in sales during fiscal year 2003, and employs 18,000 people at 65 facilities in 23 countries, including three facilities in China, which produce door systems in Zhenjiang, and exhaust systems in Pudong and Chongqing. LVS -- a market leader in the product categories it serves -- supplies integrated systems and modules to the world's leading passenger car and light truck OEMs. With advanced technology and systems design expertise in apertures, undercarriage, wheels and emissions control, LVS combines high- quality components into cost-effective, performance-based solutions for virtually every car and light truck on the road today.
ArvinMeritor, Inc. is a premier $8-billion global supplier of a broad range of integrated systems, modules and components to the motor vehicle industry. The company serves light vehicle, commercial truck, trailer and specialty original equipment manufacturers and related aftermarkets. Headquartered in Troy, Mich., ArvinMeritor employs approximately 32,000 people at more than 150 manufacturing facilities in 27 countries. ArvinMeritor common stock is traded on the New York Stock Exchange under the ticker symbol ARM. For more information, visit the company's Web site at: http://www.arvinmeritor.com/ .