According to reports, the world’s leading auto parts companies have recently completed the merger and acquisition of three new joint ventures in China, which has resulted in 17 investment companies in China.
Prior to this, the world’s top 500 companies such as Delphi, Honeywell, and other auto parts giants have taken the lead to invest in setting up new plants or establishing global R&D centers in China to consolidate their positions and accelerate expansion in China, the fastest growing automotive market in the world. And gaining momentum.
A series of investment and mergers and acquisitions actions show that in the ups and downs of China's vehicle market, auto parts companies that have been behind the scenes are quietly moving to the front desk and stepping up their expansion in the Chinese market.
Visteon’s latest three mergers and acquisitions, including joint funding with SAIC Motor and Yanfeng Visteon Automotive Electronics, a joint venture between the two companies, collectively acquired Jiangsu Tianbao Technology Co., Ltd. and was reorganized into Jiangsu Tianbao Automotive Electronics Co., Ltd.; the joint acquisition was headquartered in Shaoxing, Zhejiang. Yidong Meters Co., Ltd. has a 51.85% stake in Yanfeng Visteon Excelsior Automotive Instrument Co., Ltd., and established Visteon TYC Lamps Co., Ltd. with Taiwan’s Twi West Transportation Industry Co., Ltd.
According to Visteon’s plans, the newly established Jiangsu Tianbao Automobile Electronics Co., Ltd. will become a first-class manufacturing center for car audio and related electronic components; Yanfeng Visteon Yidong Automobile Instrument Co., Ltd. is committed to building a first-class automotive instrument manufacturing base; and the newly established The joint venture company will be the first to operate in Changzhou, and plans to expand in Changchun in the short term to the vehicle manufacturing base in northern China, making it a platform for Visteon and TYC to realize the original equipment strategy in the automotive lighting system market in the Asia Pacific region.
“We are very much looking forward to cooperating with the new and old partners like SAIC and TYC to effectively promote the development of the Chinese automotive market,†said Robert Palash, president of Visteon Asia Pacific. “Three mergers and acquisitions prove once again that Visteon has been in Asia Pacific. The region, especially China, has come out of a successful road.†The global president of Honeywell Transportation Corp., who has just attended the celebration of the Honeywell Global R&D Center, has also repeatedly stressed the confidence of “long-term investment in the Chinese auto marketâ€. And determination."
In fact, the slowdown in the growth of China's vehicle market and the cost-cutting and efficiency-enhancing actions that are being implemented among enterprises have provided excellent opportunities for auto parts companies to integrate. Despite refusing to disclose the amount of money spent on the M&A action, Ding Ruiji, director of Asia-Pacific strategic affairs and foreign investment responsible for Visteon, said: “The Visteon operations model in China proves that joint ventures and cooperation are the ideal way to expand business.†He said the company We will continue to take "joint ventures" as the leading force, continuously explore cooperation opportunities in the Chinese market and increase participation in the Chinese auto industry.
Industry insiders believe that Visteon’s M&A action has selected a local company with a certain foundation and strength in the industry, and its business scope has been the core business areas of Visteon such as automotive electronics and lighting systems, and the three companies are located in East and Northeast China. Within the two major vehicle manufacturing bases in China, it will help them quickly and efficiently accept the radiation of the vehicle companies, realize business linkages, and further strengthen their dominant position in the Chinese professional market.
The expert further pointed out that China's auto parts enterprises have always been scattered, chaotic, and small common problems. Multinational corporations rapidly expand their business through a merger and acquisition of local companies in a shorter period of time and at a lower cost. They can input advanced technology resources and high service quality, and can also use local companies with agile structure and rapid transformation. The operating mechanism is to meet the changing needs of customers in a timely manner so as to enhance the company's core competitiveness in an all-round way. He predicted that for a period of time, the use of mergers and acquisitions to accelerate the deployment of the Chinese market will continue to increase the number of international auto parts manufacturers.
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