May 23 2005
Key Plastics L.L.C. has announced the formation of a new joint venture with Jiehua Automotive Trim Development Center, Shanghai, PRC. Located West of Shanghai, the new partnership is called Shanghai Key Automotive Plastic Component Company, Ltd. The joint venture announcement is now subject to the final review and approval of local Chinese authorities.
"The joint venture with Jiehua Automotive represents our continuing commitment to the Chinese market and the Asia-Pacific region as a whole," said B. Edward Ewing, Chairman and Chief Executive Officer of Key Plastics L.L.C. "We have the ability to design, develop and supply a wide range of interior, exterior and under-the-hood products to support the Chinese and export markets. I am very honored to partner with Jiehua Automotive and have great expectations for the future of the combined companies." Ewing continued, "This partnership continues Key Plastics aggressive actions to implement a global footprint in manufacturing and engineering which ensures world-class cost competitiveness and customer support. We expect additional actions to expand our rapidly growing presence in Asian markets. The joint venture currently produces $18 million in annual revenue, growing to $50 million in 2009."
Products currently produced by the joint venture include instrument panel components, interior trim, wheel covers, cluster finish panels, headlamp bezels, bumper and exterior trim components. Additional offerings will expand to the production of door handles, radio/HVAC bezels, air vents and under-the- hood components.
The venture includes the assumption of two production facilities in the Anting and Chunshen regions of Shanghai. The facilities contain over 160,000 square feet of floor space capable of injection molding, interior/exterior painting with a full range of assembly processes.
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