JAC and U.S. Two Major Machinery Giants Joint Venture to Focus on Overseas Markets
Jianghuai Automobile announced last night that the company has established a joint venture with the United States to pull sales agent NC2Global LLC. The total investment of the joint venture company will be no less than RMB 2 billion. Each of the two parties holds 50% equity. A joint venture with a US sales company was established. Analysts believe that this is exactly how Jianghuai Automobile has expanded its export strategy for medium and heavy trucks.
According to the announcement, the total investment of the joint venture company will not be less than 2 billion yuan, and the registered capital will be not less than 800 million yuan; both parties will occupy 50% of the equity in the joint venture company. In the initial investment, JAC will invest the assets and business of almost all of its medium trucks and heavy trucks as joint ventures, including R&D facilities, production bases, sales networks, etc.; NC2 will contribute cash and provide some for joint ventures. Industrial Property.
According to the announcement, NC2 is a joint venture company established by Navistar International Corporation of the United States (hereinafter referred to as Navistar) and Caterpillar Inc of the United States (hereinafter referred to as Caterpillar) in a ratio of 50%:50%.
Both Navistar and Caterpillar are listed on the New York Stock Exchange. The former mainly produces the International brand of commercial, military trucks and MaxxForce brand diesel engines. The latter is the world's largest construction machinery, mining equipment, diesel and natural gas. Turbine manufacturer.
According to the announcement, the joint venture company will use JAC's existing R&D facilities to set up a special middle and heavy card R&D center in Hefei, and collaborate on product design and R&D through NC2's global network of technicians with Caterpillar and Navistar.
JAC expects the joint venture to be established. It is mainly engaged in the development, design, testing, production, assembly, marketing, sales, distribution, and product support (including the provision of accessories and after-sales services) of medium and heavy trucks. It is expected that the joint venture company will initially increase the output of JAC's existing medium-heavy trucks by three times, and its output will gradually increase in the future. At the same time, the JV will have relevant engine strategies to support the joint venture's development of medium and heavy trucks.
JAC believes that the establishment of a joint venture company not only can obtain world-class product, technology, management, and other business support in the medium and heavy truck sector, but also have a positive effect on the realization of the company's long-term strategy and value enhancement.
After the above-mentioned joint ventures and cooperation matters are satisfied by the due diligence of both parties, they must be reported to the respective boards of directors of JAC Motors and NC2, the general meeting of shareholders, and the competent authority of the government to be effective.
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