Nov. 19 – Magneti Marelli, Hefei Jianghuai Automobile Co., Ltd. (JAC) and Hefei Lingdatang Collective Assets Management Co., Ltd.
(Lingdatang) signed an agreement to form a joint venture aimed at the production of exhaust systems for the Chinese market. According to the agreement, Magneti Marelli will participate for 51% of the capital of the new company called “Hefei Magneti Marelli Exhaust Systems Co., Ltd.” while the Chinese partner will hold 37%, and 12% will go to Lingdatang JAC. The latter is one of the largest carmakers in China, engaged in the production of light commercial vehicles, trucks and buses. Lingdatang is a holding company active in investment funds and real estate. This JV will focus on research, development, design, production and sale of exhaust systems for automotive engines, including manifolds, exhaust pipes, catalytic converters and mufflers.
The JV will also provide technical advice, assistance and other after-sale services for carmakers in the Chinese market. The industrial activities will be located in the Taohua Industry Park of Hefei, in the Anhui Province – an industrial development area, about
500 kilometers west of Shanghai. The start of production is planned in early 2013 with a staff of 160. The production capacity will be around
900.000 pieces per year.