Grammer signs joint venture agreement with Chinese Fawsn Group
Grammer has signed an agreement with Changchun Fawsn Group, an affiliated company of FAW Group, one of the largest automotive manufacturers in China, to establish a joint venture for automotive interior components.
Grammer will be holding 50 percent of the new Grammer Fawsn Vehicle Parts. The other 50 percent will be held by Changchun Fawsn Group.
The joint venture will be developing and producing a wide range of automotive interior components for vehicles produced by the FAW Group and its foreign partners.
Grammer generates today around 15 percent of its Group revenues in China with a total of six production and two research and development sites addressing both the passenger and commercial vehicle segments.
Looking ahead the new joint venture in Changchun will further support Grammer’s growth plans in China to widen its customer base in China and achieve a greater penetration of other Asian markets.