Brose, the fourth largest family-owned automotive supplier in the world, has renewed its contract with China’s HASCO for their joint venture Shanghai Brose Automotive Components Co. Ltd for another 25 years.
Brose is thus strengthening its own market presence and creating the basis for a reliable collaboration to meet the challenges and opportunities of China’s automotive market in the future.
HASCO is one of the largest automotive suppliers in China providing technologies, services and products to vehicle manufacturers worldwide in more than 40 business segments. Its business mainly covers the fields of automotive interior and exterior components, electronic and electrical parts as well as metal forming and moulds.
In 1999, Brose and STEC, a subsidiary of HASCO, established a joint venture to set up Brose's first production base in Shanghai, China – Shanghai Brose Automotive Components. Since then, the company has produced a total of about 90 million products for well-known national and international car manufacturers. Today, around 320 employees develop and manufacture door modules, window regulators, seat structures, cooling fan modules and latches.
“I am delighted to see the success story of our cooperation with HASCO continues and that we will further work with our partner to enhance the competence of the joint venture as our business evolves,” said Philipp Schramm, Chief Executive Officer and Chief Financial Officer Brose, in his speech at the signing ceremony in Shanghai on December 11.
Brose and HASCO will continue their cooperation with the original shareholding distribution, which is 60 percent to 40 percent. Both companies will synergies their resources to help Shanghai Brose Automotive Components further enhance its development and innovation strengths, continue to expand its existing product range and customer base while deepening its market presence. For example, the company will gradually build up its product development capabilities for power liftgates and cooling fan modules to meet customer and market demands with faster response time.
Brose, which has at least one of its products in every second new car worldwide, has about 32,000 employees at 68 locations in 24 countries and generated a turnover of 7.5 billion euros in 2022.