BIZCHINA / Overseas Investment
Car-parts firm Visteon goes to Dalian
By Zhou Weirong (China Daily)
Updated: 2006-05-25 10:09
The world's second largest car-parts supplier, Visteon Corporation, has
set up a new factory in Dalian, a port city in Northeast China's Liaoning
Province.
Covering 90,000 square metres, the Halla Climate Control Dalian Co Ltd
will produce air conditioning components including compressors and
sub-components for major carmakers in the Asia-Pacific region.
Total investment for the plant, which has a designed annual production
capacity of one million compressors, reached US$65 million, said Donald
Stebbins, president and chief operation officer of the US-based firm.
"The opening of the plant is proof once again of Visteon's continued
commitment to China and the Asia-Pacific region. Visteon has been
actively expanding in China and Halla Climate Control Dalian is another
important step in our growing manufacturing footprint," he said.
Headquartered in Daejeon of South Korea, Halla Climate Control (HCC) is a
leading producer of automotive air conditioning components in South
Korea, taking up at least 50 per cent of market share in the country. In
1999, Visteon became the majority shareholder of HCC, owning 70 per cent
of its equity shares. The remaining 30 per cent are public shares
circulating in the local stock exchange.
The Dalian plant is the second such plant for Visteon in China. The
first, Visteon Climate Control Beijing, was a US$29.8-million joint
venture, co-established by Visteon and Beijing Automotive Industry
Holding Corporation. It opened in August 2004. Visteon owns 80 per cent
of the facility.
Both the Beijing and Dalian plants will serve as suppliers for Beijing
Hyundai Motor Company, as well as other major automakers in China and the
Asia-Pacific region, such as Daewoo, said Shin Young Ju, president and
chief executive officer of HCC.
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