Ashok Leyland and Siemens VDO Sign Agreement for Joint Venture - aftermarketNews

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Ashok Leyland and Siemens VDO Sign Agreement for Joint Venture

Ashok Leyland and Siemens AG's VDO Automotive AG signed an agreement for a joint venture to develop electronic components and software for commercial vehicles and passenger cars. VDO Automotive and Ashok Leyland will each own 50 percent of the joint venture.

aftermarketNews Staff
By aftermarketNews Staff
Published:

From AFX News Limited

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FRANKFURT — Ashok Leyland and Siemens AG’s VDO Automotive AG signed an agreement for a joint venture to develop electronic components and software for commercial vehicles and passenger cars. VDO Automotive and Ashok Leyland will each own 50 percent of the joint venture.

"For Siemens VDO, the joint venture is a further step in expanding our presence in growing markets," said Siemens VDO Chief Executive Maximillian Eisenhardt.

Siemens VDO, based in Regensbury, Germany, is a supplier of automotive electronics, which make up almost 70 percent of the company’s annual sales.

Copyright 2007 AFX News Limited. All Rights Reserved.

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