From Agence France-Presse
BOCHUM, Germany — ThyssenKrupp Automotive, the car parts maker of German heavy industry giant ThyssenKrupp, has entered into a joint venture agreement with Japanese companies Sumitomo Metals Industries and Sumitomo Corporation.
ThyssenKrupp Automotive said in a statement it had acquired a 34-percent stake in Huizhou Sumikin Forging Company, a Chinese maker of crankshafts owned by Sumitomo.
Huizhou Sumikin Forging will begin production of forged crankshafts for cars next month, and plans to employ a workforce of around 100 and make around 800,000 car crankshafts per year, the statement said.
The deal would “strengthen ThyssenKrupp Automotive’s leading position in the international crankshaft market” and increase the German group’s presence in Asia, it said.
Copyright 2004 Agence France-Presse. All Rights Reserved.
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