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"The agreement with
a partner as important as Endurance, leader in India and
with an international industrial imprint", commented
Eugenio Razelli, Magneti Marelli’s CEO, "confirms our
strategy to be directly present in one of
the most strategic markets in the world." |
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Magneti Marelli and Endurance
Technologies Pvt. Ltd. have signed a joint venture
agreement aimed at the production of shock absorbers for
motor vehicles in India and Thailand. According to the
terms of the agreement, which provide for equal
shareholdings, the joint venture company is set to be
operative by the first quarter of 2009.
The industrial
facilities will be located in Chackan, in the region of Pune,
Maharashtra. Another production unit is also planned in
Thailand, near Bangkok, where the Endurance Group is already
present.
The joint venture
will specifically deal in the design, production and
marketing of shock absorbers – including semi-corner modules
and gas springs – for cars and commercial vehicles. The
products made by the JV will be aimed at local and
international carmakers operating in the Indian continent
and in nearby regions.
Endurance was established in 1985 as Anurang
Engineering Co. Pvt. Ltd. to manufacture Aluminium Die
Casting products at Aurangabad, Maharashtra (India). The
Endurance Group is a global force in Casting, Suspension,
Transmission and Braking products with an annual sales of
€230 million (RS. 1265 Crores) from domestic operations and
approx. €140 (RS. 770 Crores) million from overseas
operations for the year 2006-2007. More than 3,700 employees
work in 20 plants at 6 locations in India and about 625
employees in 6 overseas plants. Endurance comprises of two
main business divisions i.e. the Die Casting Division and
the Proprietary Component Division. Under the Die Casting
Division the main areas of operations are Casting, Painting
and Machining which are supported by well-equipped Tool Room
facilities. Under the Proprietary Component Division the
main areas are Suspension, Transmission and Braking.
Thanks to this
agreement, Magneti Marelli consolidates its global footprint
in the shock absorbers sector. In addition to this joint
venture company, Magneti Marelli also has a consolidated
presence in South America, the U.S. and Poland, with an
industrial mission addressed to both OE manufacturers and
the Aftermarket.
"The agreement with
a partner as important as Endurance, leader in India and
with an international industrial imprint", commented
Eugenio Razelli, Magneti Marelli’s CEO, "confirms our
strategy to be directly present in one of the most strategic
markets in the world. The combination of our technologies,
broad product range, innovations such as the electronic
dampening system of "SDC" suspensions and our global
presence makes our offer in the shock absorbers field a very
competitive one, capable of satisfying new strategic markets
such as, for example, the BRIC – Brazil, Russia, India,
China – region and Turkey.
Magneti Marelli, a
company belonging to the Fiat Group, designs, produces and
markets advanced systems and components for motor vehicles.
With its 46 production facilities (56 production units), 9
R&D centres and 27 application centres in 16 countries,
28,000 employees and a turnover of 5 billion Euros in 2007,
the group supplies all the leading carmakers in Europe,
North and South America and the Far East. The business areas
include: Lighting - Electronic systems- Powertrain –
Suspensions and Shock absorber systems - Exhaust systems–
Aftermarket Parts & Services - Motorsport.
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