Posted 1/25/2018 11:37:05 PM
MADRID, Jan. 25 (EUROPA PRESS) –
The Spanish manufacturer of components for automobiles Gestamp has reached an agreement for the formation of a ‘joint venture’ in China with the local company Beijing Hainachuan Automotive Parts (BHAP), subsidiary of automotive components of the Beijing Automotive Industry Group (BAIC).
According to the company in a press release, this new strategic agreement will allow it to strengthen its position in the Chinese market and noted that this joint venture initially comprises the new Gestamp plant in Tianjin and the BHAP plant in Beijing.
However, the corporation led by Francisco Riberas will continue to manufacture automotive components for other customers outside the joint venture. Gestamp said that this operation improves its strategic position, both in the supply of Daimler, Hyundai and other manufacturers in the Beijing area, but also to BAIC’s own brands throughout the country.
In this way, the Spanish company begins operations at its plant in Tianjin, which was being built, and incorporates a new factory in Beijing, hand in hand with BHAP. Thus, the firm will have eleven production plants in China.
The centers will be dedicated, mainly, to the stamping of bodies and will also produce assembled assemblies and chassis parts. Gestamp billed 719.6 million euros in China in 2016 and between 2013 and 2016 it invested 282 million euros in the country.
Before this agreement, the CEO of the Spanish firm, Francisco Riberas, said that BHAP is a “recognized” component manufacturer, as part of the BAIC consortium, and noted that his company has an “ambitious” growth plan in this area ” of enormous potential. “
“This alliance integrates new commercial projects with existing clients and also strengthens our position with local Chinese brands, which is in line with the group’s strategy,” the executive added.