Geely Auto completed acquisition of DSI

Shanghai, June 17 (Gasgoo.com) A completion ceremony for Geely Automobile Holdings' acquisition of Australian automatic transmission supplier Drivetrain Systems International (DSI) was held on Monday in Melbourne, which marks Geely's ownership of the DSI gearbox factory at Lavington officially begins.

Geely has appointed former Drive­train Systems International chief executive Mike Turner to a similar role with DSI, the name under which the factory will now operate. Plant manager Howard Morey will also stay in the job.

DSI receiver Stephen Longleysaid said production of gearboxes for Korean car maker SsangYong had resumed since the start of May and the factory was producing 350 Ford transmissions weekly.

The acquisition of an automatic transmission plant is a major step forward for Geely, as about 80 per cent of all vehicles sold in China are automatic.

DSI was placed into receivership on March 12, 2009. Two weeks later Geely signed an agreement to pay up to $58 million for the Australian transmission supplier.