Kongsberg Automotive (KA) has acquired a further 24 percent stake in Shanghai Kongsberg Automotive Dong Feng Morse Ltd (SKADFM), bringing its total ownership in the business to 75 percent. The increased shareholding will create more opportunities for growth in China and Asia.
SKADFM, a joint venture company established in 1995, is already a major producer of pedals and cable shifters to the commercial vehicles produced inChina. KA sees the increased ownership in the venture as an opportunity for further growth in the Asian market, in particular as a supplier to Chinese truck manufacturers. KA paid approximately RMB 19 million (EUR 2.3 million, or NOK17 million) in cash for the 24 pecent stake.
“This is an exciting opportunity for us from a business perspective providing more room for bringing in expertise from other KA facilites into SKADFM. In excess of 200 employees are working in Driver Control Systems inChina, and product lines within this business area will be integrated into SKADFM during the next year as a direct result of KA’s increased ownership”, said Senior Vice President , DCS Asia, Bent Wessel-Aas.
KAs’ Driver Control Systems business area designs, develops and manufactures a comprehensive portfolio of Man-to- Machine interface control systems for commercial vehicles, including foot pedals, gearshift systems, clutch actuation, electronics and displays, advanced vehicle dynamics, and steering columns, and serves as a strategic partner to leading customers in the On- & Off-Highway and Recreational Vehicle segments worldwide.
Shanghai SKADFM is one of seven KA facilites inAsia, and was established in 1995 as a 50/50 percent joint ventue between DongFeng of China and Morse Cables. Following KA’s acquisition of Teleflex in 2007, KA has held a 51 percent share majority in the venture. With the recent transaction KA’s stake has now been increased to 75 percent in SKADFM.
DETC – a Nissan DongFeng company - still holds 25 percent of the shares in SKADFM, and thus continues as an important business partner for KA.
Media:
Bent Wessel-Aas, Senior Vice President , DCSAsia
Phone ; +86 21 20922718. Mobile, +86 18912398722
Fredrik Tangeraas, Director of Corporate Communications
Phone: 4732770505.Mobile: +47 92464699
Investors / analysts:
Philippe Toth, Director, M & A / Investor Relations
Phone: 4732770503.Mobile: 4798214021
About Kongsberg Automotive:
Kongsberg Automotive provides world class products to the global vehicle industry. Our products enhance the driving experience, making it safer, more comfortable and sustainable.
Kongsberg Automotive's business has a global presence. With revenues of close to EUR 1.0 billion and more than10.000 employees in 20 countries, Kongsberg Automotive is truly a global supplier. The company is headquartered inKongsberg,Norwayand has 32 production facilities worldwide. The product portfolio includes seat comfort systems, driver and motion control systems, fluid assemblies, and industrial driver interface products developed for global vehicle manufacturers. Find more information at www.kongsbergautomotive.com
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