Shanghai, March 27 (Gasgoo.com) Chinese home-grown automaker Geely Automobile Holdings said in a statement that it has signed an agreement today to acquire Australian auto-parts supplier Drivetrain Systems International (DSI), according to Geely's press release obtained by Gasgoo.com.
Executives of both companies have attended the signing ceremony held at the government house of New South Wales, Australia, the Chinese automaker said.
Under the deal, Geely Auto will provide much-needed fund support to DSI to help it resume normal business operation and expand R&D activities and meanwhile, Geely could take advantage of DSI's rich engineering recourses in the gearbox sector to improve its own gearbox development abilities.
DSI is one of the two biggest independent automotive transmission manufacturers in the world with a history of more than 80 years. It is a major supplier to Ford, GM and Ssangyong, and has an annual capacity of 180,000 gearbox units.
The Australian transmission company was placed into receivership on March 12, 2009.
Geely Chairman Li Shufu was speaking at the signing ceremony with
Drivetrain Systems International. Geely acquired DSI at midday Friday
with an unknown amount of money.
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