Shanghai Shenda and IAC Group Complete JV Transaction Forming Auria - a Global Tier-1 Automotive Supplier of Soft Trim and Acoustical Products
- Auria ownership: Shenda 70%, IAC 30%
- New company positioned as a leading global supplier of soft trim and acoustical products for the automotive industry
- Brian Pour named President and CEO of Auria
FRANKFURT, Germany, Sept. 15, 2017 /PRNewswire/ -- Shanghai Shenda Co., Ltd. (Shenda), and International Automotive Components (IAC) Group today have officially closed a joint venture transaction, forming Auria Solutions, Ltd. (Auria) – a new global supplier of soft trim and acoustical products for the automotive industry.
"We're very pleased to have completed this transaction and launched the next global leader in the soft trim and acoustics segment," said IAC President and CEO Robert ("Steve") Miller. Shenda has acquired a 70 percent stake in the joint venture and IAC maintains a 30 percent interest. The joint venture expands an existing, successful joint venture partnership between affiliates of IAC and Shenda spanning nearly two decades.
"The completion of this transaction not only marks the beginning of a new global start-up company, Auria, but it also builds on what has been a very strong and productive partnership between IAC and Shenda in China," said Shenda Chairman Yao Minghua. "We believe this will contribute to a fast start and bright future for Auria."
The U.K.-based Auria will have its regional headquarters in Southfield, Mich., USA, and Dusseldorf, Germany, and will operate 21 manufacturing facilities and four technical centers in 10 countries along with operational control of three joint ventures across China, South Africa and the US. The company will employ approximately 7,000 people and will supply all of the world's global automakers, as well as several regional manufacturers.
Brian Pour, President and CEO of Auria, said: "This is a unique opportunity for everyone involved – our employees, customers and suppliers included, as we have an ownership group committed to growing the company, an experienced leadership team, a solid foundation of manufacturing excellence and product innovation, and an established position in the segment."
Auria's automotive product lines will include highly-engineered soft trim and acoustical solutions focused on creating the comfortable automotive interior environment customers demand.
"Our products are well-suited for the future of the industry," Pour said. "As vehicles move toward more electrification and hybridization, lighter weight materials and a quieter cabin will become even more important, while car-sharing and ride services will require more durable flooring and trim materials to withstand the increased use."
Separate from Auria, IAC will continue to focus on its core product portfolio, including instrument panel & cockpit systems, door trim systems, console systems and overhead and headliner systems.
About Auria:
Auria Solutions is a leading global supplier of automotive acoustical and textile solutions. Formed in 2017 as a joint venture between Shanghai Shenda and IAC Group, Auria is built on a 150-year transportation industry heritage. The company, with financial headquarters in Coleshill, England and operational headquarters in Southfield, Mich., USA and Dusseldorf, Germany, operates 21 manufacturing and four technical facilities in 10 countries, has interest in three joint ventures and employs nearly 7,000 people worldwide.
For more information, visit www.auriasolutions.com.
About IAC:
Headquartered in Luxembourg, International Automotive Components (IAC) is a leading global supplier of automotive components and systems, including instrument panels, console systems, door panels, headliners and overhead systems to automakers around the world. The company's 2016 sales were $6 billion. Following the JV transaction with Shenda, IAC Group will operate more than 50 manufacturing facilities in 18 countries. The company has approximately 60 total locations in 20 countries, including 20 design, technical and commercial centers, and employs more than 24,000 people globally.
For more information, visit www.iacgroup.com.
About Shenda:
Shanghai Shenda Co., Ltd. is a state-owned company listed on Shanghai Stock Exchange. It mainly engages in international trade of textile and manufacturing of automotive interior and other industrial textile. Since its establishment in 1986, the company has been keeping a steady pace forward, with around 3,300 staff and 50 subsidiaries devoted to the business.
As the pillar business of Shenda, the automotive interior business division owns 19 wholly-owned or controlled manufacturing facilities in China. Additionally, it jointly operates 17 manufacturing facilities across the world with its partners. Throughout the last two decades, Shenda has developed into one of China's largest automotive interior suppliers, providing soft trim and acoustics products to almost every global OEM.
For more information, please visit http://www.cnshenda.com.cn.
CONTACT:
David Ladd
IAC
dladd@iacgroup.com
(248) 455-7090
Lu Zhijun
+8621 62321585
lzj@sh-shenda.com
Frank Buscemi
Marx Group on behalf of Auria
fbuscemi@marxgrp.com
(248) 230-8006 Ext. 402
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