Stant and Pyongsan Announce Joint Venture Partnership for South Korean Operations - aftermarketNews

Stant and Pyongsan Announce Joint Venture Partnership for South Korean Operations

Partnership supports Stant's continued global expansion.

CONNERSVILLE, Ind. & SEOUL, South Korea — H.I.G. Capital LLC, the private equity owner of Stant Corp., announced that the company has acquired a majority interest in Pyongsan-FT. The business will be renamed Stant Korea Corp. The JV will produce fuel filler tube components in South Korea for the Korean and Asian markets.
Based in South Korea, Pyongsan is a leading global supplier of HVAC equipment to the global automotive market. Pyongsan formed Pyongsan-FT in 2011 to manufacture fuel filler tubes to some of the leading automotive customers in Asia.
Stant CEO Curt Howell commented, "We are pleased to be partnering with a quality partner such as Pyongsan. Pyongsan has built a solid manufacturing operation that will serve as our platform in South Korea. This operation, which will manufacture fuel filler tubes to the local markets, represents Stant’s third operation in Asia and further demonstrates our commitment to meet our customers’ increasingly global needs.”
Pyongsan President Francis Yoon, who will continue with the JV, added, "We are pleased to be partnering with Stant, whose industry-leading R&D, manufacturing capabilities and overall execution will help us deliver quality products to our current and future customers. We look forward to helping Stant in their commitment to grow their Asian operations."
"We are pleased to support Stant in its latest acquisition," commented Roman Krislav, a principal with H.I.G. Capital. "This represents the third transaction for Stant consummated under H.I.G.’s ownership, and solidifies Stant’s position in the important Korean and other Asian markets. We believe the combination of Pyongsan’s local presence and Stant’s unparalleled vapor product expertise will be a unique, value-added combination for Stant’s Asian and global customers."

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