The German company SAF-HOLLAND, which supplies equipment to the truck and trailer industry, has entered into a definitive agreement to acquire an 80-percent equity stake in the Chinese company Corpco Beijing Technology and Development Co. Ltd. In a first step a joint venture will be formed with an option regarding the remaining 20 percent of Corpco’s shares. SAF Holland says the expansion will expand its presence into emerging markets, especially China. Corpco manufactures commercial vehicle suspensions systems in China.
"We are pleased that we have gained with Corpco a strong partner which will help us to further explore the growing market for truck and bus suspensions in China. The combination of the organizations is a perfect move as both SAF-Holland and Corpco, are major suppliers of suspension systems with strong brands in their respective markets," says Detlef Borghardt, CEO of SAF-Holland.
"We are delighted to deepen our partnership with SAF-Holland. Since 1997, we have had a long successful relationship and the bundling of our forces in a joint venture is a logical development to even increase our market power with the very well-positioned brands Neway and Corpco in the future," says Tom Yu, CEO of Corpco Beijing.
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