MEDIA RELEASE PR38257
Kiekert AG and HN Xinguang Planning to Become Independent Entities in the Chinese
Market in the Future
HEILIGENHAUS, Feb. 9 / PRNewswire - AsiaNet / --
Kiekert AG and the Henan North Xingguang Machinery & Electric Co., Ltd will
in future supply the automotive industry in China with locks as independent
entities. The two companies set up the joint venture Henan Kiekert Xing Guang
Locking System Co.,Ltd in 2005 and have pooled their development and sales
operations in China since then.
After setting up a separate Kiekert subsidiary in Changshu, Kiekert AG and
Henan Xingguang Machinery & Electric Co, Ltd have now decided to restructure
their Chinese operations.
This new agreement allows the two companies to conduct their future
operations in China without restrictions and, in order to make this
independence clear externally as well as internally, Kiekert will from now on
no longer be included in the name of the joint venture previously operated by
the two companies.
The two companies will still have the same relationship under company law,
but the operational collaboration will changed so that Kiekert has a purely
financial interest in the Chinese joint venture company.
This change in strategy is an amicable arrangement that has been mutually
agreed.
Kiekert will from now on be operating on its own in the Asian market with
its worldwide tried and tested technology and its exciting innovations. Henan
North Xingguang Machinery & Electric Co., Ltd will carry on supplying customers
with its products and technology based on the success it has achieved with its
locking systems.
Both companies are looking forward to a promising future in a booming
Chinese automobile market.
Kiekert AG: The Kiekert group employs approximately 3,700 people around the
world. Kiekert operates engineering and production centres in Germany, the
Czech Republic, USA, Mexico and China. The company, which is more than one
hundred and fifty years old, is a market leader and technological expert in
door locks for cars and invented the modern central locking system. Because of
its role as a driver of innovation and as the producer of the many products it
has developed in-house, Kiekert has become a reliable and indispensable partner
to the car manufacturing industry. Kiekert AG has filed over 750 patent
applications.
Kiekert AG
Public Relations
Holer Platz 2.
42579 Heiligenhaus
Germany
Henan North Xingguang Machinery & Electric Co. Ltd.,
Administration
Zhengshang Rd. 882
450042 Zhengzhou, Henan Province, PRC
Press contacts:
Sven van Zoest
Tel: +49(0)2056-15-8144
Fax: +49(0)2056-15-6719
presse@kiekert.com
Shirley Zhang
Tel: +86-371-678-23229
Fax: +86-371-678-23100
zhang.yan@kiekertxg.cn
SOURCE: Kiekert AG
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