ThyssenKrupp further expands its growing automotive market in China. In an agreement just signed, ThyssenKrupp will establish a joint venture with a Chinese partner to produce lightweight thermoforming wheels. Among them, Zhejiang Jingu Co., Ltd., a leading wheel manufacturer in China, will hold 51% of the joint venture; ThyssenKrupp Steel Europe Co., Ltd. holds 34% of the shares; Anshan Iron and Steel Co., Ltd. holds 15%. The Chinese regulatory authorities are reviewing the project and the joint venture is expected to be completed within the next few months.
This joint venture project aims to expand the market potential of high-end lightweight wheels with innovative products. ThyssenKrupp will actively invest in its highly sophisticated leading technology to manufacture lightweight wheels through the thermoforming process used in the InCar Plus solution. Steel wheels designed under this process are not only lighter than aluminum wheels of the same type, but also have significant cost advantages under the premise of meeting stringent safety standards. The modular installation process makes hub design freedom and innovation possible.
Dr. Heribert Fischer, Director of the European Executive Board of ThyssenKrupp Steel stated:
We are very happy to be able to cooperate with Jingu and Angang. Reduce weight and reduce costs are two major requirements of the global automotive industry today. Jingu and Angang are our ideal partners, able to build the leading technology that ThyssenKrupp has accumulated for a long time into a competitive product in China.
Long-term good partnership with China
ThyssenKrupp and Angang have a 16-year successful cooperation foundation: As early as 2002, the two parties jointly established and operated Angang Steel's Tagal, which produces high-temperature galvanized steel sheets. As one of the world's largest steel companies, Angang's steel production is as high as 40 million tons per year, which will become the main steel material supplier for this joint venture.
As a major shareholder of this joint venture project, Jingu is a leading wheel manufacturer in China, employing more than 2,400 people and operating five production bases across the country, with a strong foundation in R&D and innovation. The intention of this joint venture project also includes the continued advancement of the manufacturing process of thermoforming wheels.
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