Press release
PREH AND JOYSON SIGN JV LETTER OF INTENT
Jeff Wang and Dr. Michael Roesnick handshake after signing JV Letter of Intent.
The joint venture will be located in Ningbo, China, one of the leading technology sites for the Chinese automotive industry. Both companies expect quick regulatory approvals and plan to begin operations later this year.
Dr. Michael Roesnick, president and CEO of Preh GmbH, said, “For Preh, this detailed agreement with Joyson is a decisive step into the Chinese market. Because of their technical competence and client access, Joyson is an ideal partner for Preh.
“The joint venture will increase our competitiveness” Roesnick continued.
“At the same time, the entry into the Chinese market represents a continuation of our international strategy over the past five years, as witnessed by our new facilities in Mexico and Romania, as well as our sales office in Shanghai.”
Jeff Wang, chairman and partner of Joyson, said, “We are delighted to have found a distinguished partner who has proven its first-class competence for intelligent mechatronic solutions consistently, particularly in the premium segment. Joyson and Preh ideally complement one another as automotive suppliers in different areas, and we will offer both superior and reasonably priced operating systems to our joint customers.”
About Preh
Preh is a globally operating group of enterprises with about 2,300 employees in Germany, Portugal, France, Mexico, the U.S.A. and Romania. Since February 2009, Preh has had a sales office in Shanghai. Preh is headquartered in Bad Neustadt a.d. Saale, Germany. The company was founded in 1919 and achieved 250 million euros in revenue in 2009. For 2010, the company is expecting a revenue increase of about 30 percent. Preh’s development and production competencies focus on vehicle interior control systems, sensor systems, electronic control units and assembly systems for the world’s leading vehicle manufacturers. For more information, please visit www.preh.com.
About Joyson Automotive
Joyson Automotive is an automotive supplier with headquarters in Ningbo, China. The Joyson Group has about 1,800 employees with a turnover of about 140 million euros and comprises Bosen Electronic Co., Joyson Changchun Automotive and Shanghai Huade.
CONTACT:
Barrett Kalellis
Shazaaam! Public Relations
41216 Vincenti Court
Novi, MI 48375
248-366-0388
bkalellis@shazaaam.com
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