From Xinhua Financial News
BEIJING — Detroit-based Metaldyne Corp. signed a memorandum of understanding with Dongfeng Motor Co Ltd., a joint venture between Japan’s Nissan Motor Co Ltd. and China’s Dongfeng Motor Corp., to establish an additional joint venture in China.
The planned joint venture will focus on manufacturing and selling powder metal-based automotive components for China’s domestic market, Metaldyne said on its Web site.
Metaldyne said, as a leading global designer and supplier of metal-based components, assemblies and modules, the potential joint venture will strengthen its presence in China’s booming auto market.
“This project between Metaldyne and Dongfeng will benefit both sides.
These products have a bright future in China’s fast-growing automotive market,” said Weng Yunzhong, vice general manager in charge of Dongfeng’s Parts & Components Business Unit.
Dongfeng Motor Corp, China’s third largest automaker, has set up joint ventures with Nissan Motor, Honda Motor Co Ltd, PSA Peugeot-Citroen and South Korea’s Kia Motors Corp.
Copyright 2004 Xinhua Financial News. All Rights Reserved.
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