GAC Component Co.,Ltd.(Formerly Guangzhou Automobile Group Component Co., Ltd.) Business Report FY ended Dec. 2017
-On March 15, 2017, Guangzhou Cosma Automotive Co., Ltd., which is a joint venture between Magna International and Guangzhou Automobile Group Component Co., Ltd., set up a facility in the Fenglu North Industrial Park. The industrial zone is located in the center of the Huangpu District, Guangzhou. The new facility is surrounded by various auto related companies including Guangqi Honda that is situated to the east of the joint venture, Guangzhou EHang Intelligent Technology Co., Ltd., and Guangdong Machinery Research Institute. When these facilities begin full-scale operations, the total output is expected to reach CNY 10 billion. (From news releases issued by multiple sources on March 15, 2017)
-On January 13, 2017, Guangzhou Automobile Group Component Co., Ltd. signed an agreement with Zhejiang Yinlun Machinery Co., Ltd. to establish a joint venture in Guangzhou. The new company will be called Guangzhou Yinlun Heat Exchange System Co., Ltd., and will mainly develop, produce, and sell engine heat management systems. Investment in the joint venture is expected to reach CNY 68.83 million, of which 51% will be provided by Zhejiang Yinlun and 49% will be provided by Guangzhou Automobile Group Component. (From an announcement by the company on January 16, 2017)
-Zhejiang Asia-Pacific Mechanical & Electronic Co., Ltd. announced that it will form a joint venture in Guangzhou, China with Guangzhou Automobile Group Component Co., Ltd. The new company will be called Guangzhou Asia-Pacific Chassis Systems Co., Ltd. It will be capitalized at CNY 84 million, of which 51% (CNY 42.84 million) will be invested by Zhejiang Asia-Pacific and 49% (CNY 41.16 million) will be invested by Guangzhou Automobile Group Component. Guangzhou Asia-Pacific Chassis Systems will develop, produce, and sell brake and chassis systems for automobiles. (From an announcement by the company on December 30, 2016)
-The Woodbridge Group announced a joint venture between Woodbridge GSK High Polymer Technology Co. Ltd. (WGSK) and Guangzhou Automobile Group Component Co., Ltd. (GACC). This strategic joint venture will focus on delivering molded polyurethane foam for automotive seat cushioning, head restraints and armrests. The JV name will continue to be Woodbridge GSK High Polymer Technology Co. Ltd. (From a press release on January 25, 2016)
-Guangzhou Huade Automobile Spring Co., Ltd., a subsidiary of the Company, obtained 20 patents altogether, FY ended Dec. 2017.