Business Unit Electric Drives enhances product portfolio to meet the demand of OEMs in Asia
Shanghai, China, September 4, 2007. The international automotive supplier Continental AG, for its Automotive Systems Division, has announced its plans to acquire Zhangjiagang Fugang Heli Electronics Co., Ltd. from the Fugang Group, China. The acquisition is subject to regulatory approval.
Fugang Heli, founded in 2005, is a manufacturer of cooling fan modules and window lift motors with around 250 employees. In 2006, the company achieved sales of RMB 84 million (€ 8.231 million). The company is headquartered in Zhangjiagang City, Jiangsu Province and has two production facilities in China, namely Zhangjiagang and Changchun, Jilin Province with engineering and sales teams in both locations. Customers of both plants include major Chinese and international vehicle manufacturers. Fugang Heli will be integrated into the Business Unit Electric Drives of Continental Automotive Systems.
"With the acquisition of Fugang Heli, Continental Automotive Systems will enhance the local production capability in order to better meet the demand of OEMs in China as well as develop a new base for export into other regions in Asia based on a cost competitive manufacturing," said Dr. Karl-Thomas Neumann, President Continental Automotive Systems and Member of the Executive Board, Continental AG: " The deal will greatly help Continental Automotive Systems to strengthen its worldwide leading position in cooling fan modules at existing and emerging marketplaces, where our OEM customers are doing their business."
"Fugang Heli enjoys established customer relationships and understands the Chinese market very well, which will significantly enhance our product portfolio to better serve the Chinese and Asian market, ” said Mr. Karlheinz Haupt, Senior Vice President of Business Unit Electric Drives, Continental Automotive Systems. "The new Chinese employees will be fully integrated into our organization. This ensures that they can make an optimal contribution to global business network."
The Continental Corporation is a leading automotive supplier of brake systems, chassis components, vehicle electronics, tires and technical elastomers. In 2006 the corporation realized sales of EUR14.9 billion. At present it has a worldwide workforce of around 89,000.
As a worldwide leading technology and systems partner to the automotive industry, the Automotive Systems Division of Continental AG integrates extensive know-how and uncompromising quality in the fields of active and passive driving safety, embedded telematics and hands-free communication systems, powertrain and comfort. In 2006 the Division achieved sales of approx. Euro 6 billion with a workforce of more than 30,000. Continental Automotive Systems develops and produces electronic and hydraulic brake, stability and chassis control systems, electronic air suspension systems, sensors, engine management and transmission control systems, hybrid drives, cooling fan modules, body and security electronics and also is the industry leader of embedded telematics and communication systems in vehicles.
