Brose agrees to investments in China
Michael Stoschek (left), CEO Brose group, and Jianyi Xu, Vice-Governor of the Jilin province, after signing a Memorandum of Understanding about setting up the first own Brose plant in China
Michael Stoschek, President and CEO of the Brose Group, signed a Memorandum of Understanding on Tuesday alongside Jianyi Xu, Vice-Governor of the Jilin province, who was on a visit to Coburg. Together with other high-ranking economic politicians, Xu was able to inform himself about the Brose Group and the automotive supplier’s production processes.
“These investment activities underscore our commitment in this automotive market with its vast growth potential,“ said Michael Stoschek. Asia is an expanding market with the Chinese automotive production alone increasing at an annual rate of about 5%. The significance of foreign business for Brose is great; the Group expects sales generated abroad in the coming year to exceed revenues made on the domestic market. The Brose Group expects its volume of business in China to reach some 300 million euros by 2010.
By setting up this new plant in the automotive region around Changchun in north-east China, the corporate group will create about 250 jobs and it will produce seat adjusters for the first time in China. This investment decision came about after intensive discussions with local authorities.
The plant in Changchun will be preceeded by a new purchasing office which is scheduled to be opened in October 2004.
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