AURELIUS : subsidiary Blaupunkt sets up a joint venture in China
Blaupunkt, Y&Y Electronics and Dr. Michael Xu found joint venture Rapid expansion of the company location in the planning Foundation stone laid Significant synergies for positive business development on the local Chinese marketHildesheim (Germany) / Yangzhou (China), August 30, 2011 Blaupunkt Automotive Systems Yangzhou Ltd. is a joint venture involving the Blaupunkt Group and Bluepoint Automotive Electronics (Yangzhou) Co., Ltd. Bluepoint Automotive Electronics (Yangzhou) Co., Ltd. is held by automotive supplier Y&Y Electronics, Shanghai, and entrepreneur Dr. Michael Xu in equal parts. The company planned will have its main offices in Yangzhou/China. The Blaupunkt Group owns a 50 percent share, while the other 50 percent are held by Bluepoint Automotive Electronics (Yangzhou) Co., Ltd. which has been founded by Y&Y Electronics and Dr. Michael Xu. Y&Y Electronics has been a Blaupunkt business partner for many years and is a well-known Chinese automotive supplier especially for electronic power control products.
This joint venture aims to tap more into the local Chinese market to push the development of Blaupunkt OEM business and the aftermarket. At first, Blaupunkt Automotive Systems Yangzhou Ltd. will expand regional sales activities. After that, production and product development will be built up step by step. During contract negotiations, the foundation stone was laid for the new company location to provide for the necessary infrastructure. China is currently the fastest growing automotive market in the world. With our joint venture, we have an ideal opportunity to profit from this situation in the long term. Y&Y Electronics is an outstanding partner for this strategy and we are very happy to have found them, commented Blaupunkt CEO Dr. Lars Placke.
Y&Y Electronics currently employs approximately 50 people at different locations in China and has its own sales team. As a supplier for such vehicle manufacturers as Volkswagen and Sinotrucks, Y&Y Electronics holds a good position on the market. Dr. Michael Xu worked for German automotive supplier Bosch for many years and will be in charge of the operative business as the first Chairman of the Board. Blaupunkt will invest aspects of its current projects in China, its production and development know-how and its current development projects in the common company.
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This joint venture aims to tap more into the local Chinese market to push the development of Blaupunkt OEM business and the aftermarket. At first, Blaupunkt Automotive Systems Yangzhou Ltd. will expand regional sales activities.
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