Shanghai. November 5 (Gasgoo.com) - Japanese machinery producer NSK has unveiled its plan to build an auto parts joint venture to supply cheap auto parts for China's emerging automaking industry, state media Xinhua News Agency reported today.
NSK will form a joint venture in December this year with the Wanda Group in Zhejiang province to produce power steering system for China's automakers.
NSK will hold 60 percent and Wanda will hold 40 percent of the joint venture, according to the Xinhua report.
Zhejiang Wanda Steering Gear Co.is specialized in producing automobile steering wheel. The company has annual output of 50,000 sets of ball-circular steering gears and 30,000 sets of hydraulic steering gears. These steering wheels are fit for high- and middle-level light, middle and heavy trucks and passenger cars.
