3 days ago
Globaltec inks JV to diversify into commercial vehicle component segment
KUALA LUMPUR: 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 (JHXL).
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.
Blue Breeze and JXHL are related parties as they are both subsidiaries of Zhang Zhouzhi
"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.
