Webasto’s acquisition of shares from its Korean partner Donghee is seen as an important step towards establishing its position in the growing Asian markets. It will now operate as Webasto Korea Holdings.
11 Apr 2019 | 17251 Views | By Autocar Professional Bureau
Webasto Group, one of the 100 leading global automotive suppliers that is based in Germany has bought the shares of its long-standing South Korean joint venture partner Donghee. With headquarters in Ulsan (South Korea), the joint venture, called Webasto Donghee was focused on production and sales of panorama roofs. With ...
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Webasto Group, one of the 100 leading global automotive suppliers that is based in Germany has bought the shares of its long-standing South Korean joint venture partner Donghee. With headquarters in Ulsan (South Korea), the joint venture, called Webasto Donghee was focused on production and sales of panorama roofs. With this acquisition, the joint venture will become a part of Webasto’s worldwide development and production network and be called as Webasto Korea Holdings.
According to Webasto, this takeover is the largest acquisition in its history. Dr Holger Engelmann, chairman of the management board, Webasto says, “This investment is an important step in strengthening our position as a systems partner to the automotive industry in the growth market of Asia. We are pleased to be able to provide our third largest customer with our entire product portfolio worldwide including battery systems, charging solutions and electrical heating systems in the future.”
During the Webasto Donghee joint venture period, the company supplied the Korean automobile manufacturers with innovative roof systems. Webasto has had its own locations in Asia since the 1970s and has continuously expanded its business in the region ever since. In recent years, the company has concentrated primarily on developing in China. Webasto is now intensifying its activities throughout Asia as part of its strategic development and the expansion of its product range with systems for electromobility. Following the acquisition, the joint venture Webasto Donghee, with five plants and around 900 employees in South Korea, China and Slovakia, will operate under the umbrella of Webasto Korea Holdings.