Globaltec enters commercial vehicle segment
PETALING JAYA: Globaltec Formation Bhd's wholly-owned subsidiary AutoV Corp Sdn Bhd has partnered Blue Breeze Sdn Bhd for the joint ownership and operation of a joint venture company to undertake the assembly and sales of leaf springs with the support of China-based Jiangxi Hongli Auto Parts Co Ltd.
The assembly of leaf springs, a key component in the heavy vehicle suspension systems, marks Globaltec's entry into the commercial vehicle component segment.
The group said the joint venture company, named GFB Hongli Sdn Bhd, will be held on a 50:50 basis with Blue Breeze.
'This joint venture marks a strategic diversification and expansion for the automotive division, enabling entry into the commercial heavy vehicle component sector and tap into the export market,' said Globaltec in a statement.
Separately, Globaltec said it will be disposing of its entire stake in food and beverage firm Metta Food & Lifestyle Sdn Bhd to Oasis Harvest Corp Bhd for RM22mil.
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