Shanghai (ZXZC)- BENTELER and Changchun Faway Automobile Components Co.,Ltd (hereinafter, Faway), a holding subsidiary of China’s state-owned automaker FAW Group, signed an agreement on June 4 to build an automobile component joint venture in Tianjin, dubbed Faway BENTELER Automotive Components (Tianjin) Co.,Ltd. The joint venture is 75/25 owned by Faway and BENTELER, according to local media.

Covering an area of around 50,000 square meters, the new factory will be put into operation in the autumn this year. Reportedly, the factory will mainly manufacture various automobile components, such as stamping, thermoforming parts and welding equipment, etc. The products will chiefly be sold to the market across North China and surrounding areas of Bohai Bay. Its clients will include FAW-Toyota, FAW-VW and Beijing Benz, etc. The new factory currently has around 120 employees and plans to increase the number to over 400 in 2020.

BENTELER Automotive, a subsidiary of the German automobile components & system solution provider BENTELER Group, has 12 factories across China since it stepped into this country in 2002. The company wishes to further improve its products and provide Chinese customers with better solutions by virtue of the cooperation with Faway, according to Laurent Favre, CEO of BENTELER Automotive.

Founded in 1876, the BENTELER Group stands for over 140 years of premium competence in metal based products, systems and solutions in the areas of automotive, steel/tube and distribution. In 2017 fiscal year, the group’s annual revenue hit a new high of €7.856 billion, growing 5.8% from the previous fiscal year.