New company to extend Asian manufacturing arm of fluid transfer systems business
POISSY, France, Dec. 20, 2011 /PRNewswire-Asia/ -- Nobel Automotive, a wholly owned subsidiary of Orhan Holding A.S., announced today that it has entered into a joint venture agreement with Fuzhou Rocket Enterprises Co., Ltd. The new joint venture company will develop, manufacture and sell automotive fluid transfer systems in Asia, and will conduct business under the name Nobel Rocket Co., Ltd. The transaction is subject to final business license approvals.
(Logo: http://photos.prnewswire.com/prnh/20111220/DE25377LOGO )
"The Nobel Rocket joint venture demonstrates the ongoing commitment to our global growth strategy," said Murat Orhan, Chairman and CEO of Orhan Holding. "We are pleased to continue to grow and diversify our manufacturing and customer footprint through this initial Chinese investment."
"Expanding our Asian manufacturing presence for our fluid handling business further enhances our ability to support an expanding customer base and provide superior value to global and domestic platforms," said Larry Denton, president of Nobel Automotive. "The Nobel Rocket joint venture opens significant growth opportunities in China's fast-growing fluid handling systems market."
China's domestic automotive market is projected to grow by more than 44%, increasing annual new vehicle production rates to 26 million vehicles by 2015, according to leading analysts.
"This venture connects Nobel's world-class technology in fluid handling systems with Fuzhou Rockets' manufacturing quality and customer support to automakers throughout Asia," said W.T. Peng, chairman and chief executive officer of Fuzhou Rocket. "Combining our strengths will position us as the preferred supplier of fluid handling solutions in the region."
The new venture is majority owned and controlled by Nobel Automotive, and the board of directors will be comprised of Nobel and Fuzhou Rocket executives. Larry Denton will preside as Chairman of the Board. The parent companies will each contribute assets, intellectual property and technical resources.
About Fuzhou Rocket Enterprises
Fuzhou Rocket Enterprises is a leading supplier of tubular and fluid handling products to the domestic China automotive market. The company was established in 2000 and operates facilities in Chongqing, Fuzhou, Haikou and Liuzhou, China. Fuzhou Rocket customers include Changan Ford Mazda, Jiangling Motor (Ford), Soueast Motor, Haima Motor, Dongfeng Motor, Zotye Auto, GAC Changfeng Motor, Dongfeng Yulon Motor, SAIC Motor, SAIC GM Wuling Automobile, Zhuzhou YAMAHA, Shanghai TRW and Suzhou Nexteer. The company is owned by parent company Jichyuan Enterprises Co., Ltd.
About Nobel Automotive
Nobel Automotive is a leading design and production company specializing in fluid transfer products. The company has partnered with major automakers for more than 30 years and has expertise in combining plastic, metal and rubber technologies to create high value solutions. Nobel operates 13 facilities located in China, England, France, India, Korea, Mexico, Romania, Russia, Slovakia, Spain, Turkey and the United States. Engineering of its products is provided in regional technical centers in China, France, India, Turkey, the United Kingdom and the United States. Nobel Automotive is wholly owned by Orhan Holding, A.S. based in Bursa, Turkey.
For more information, visit www.nobelautomotive.com.
