New seating system manufacturer to be set up in Nanjing
A new seating system company will be jointly set up in the east China city of Nanjing by Shanghai Yanfeng Johnson Control Seating Co. and Donghua Automotive Industrial Co., a Nanjing-based subsidiary of Shanghai Automotive Industry Corp. (SAIC).
Under an agreement signed by the two sides in late July, the new company will be incorporated in the Jiangning district of Nanjing with 45 million ($6.6 million) in registered capital, according to information Shanghai Automotive Industry Corp. (SAIC) released in a statement.
The new venture will be 60 percent owned by Shanghai Yanfeng Visteon Johnson Control Seating while the remaining interest will be held by Donghua Automotive.
The company is slated to start operation in 2012 with an annual capacity of 216,000 seating systems. Its clients will include Shanghai Volkswagen Automotive Co.'s Nanjing plant, MG cars and Nanjing Iveco Motor Co. and Zotye Holding Group.
Established in 1997, Shanghai Yanfeng Johnson Control Seating is a joint venture between Yanfeng Visteon Automotive Trim Systems Co. and Johnson Controls.
Yanfeng Visteon Automotive Trim Systems Co. is a joint venture set up in 1994 between SAIC and Visteon Corp.
