CLN SpA announce that on February 29th its subsidiary, MW Italia SpA has finalized an agreement with Shanghai Baosteel International Economic and Trading Co Ltd to form a Joint Venture to manufacture steel wheels for passenger vehicles and light and heavy duty commercial vehicles. The new production facility will be built in Chongqing area in China.
The transaction is a further step in the strategy of MW to grow its steel wheel business globally. Baosteel is already present in the steel wheel business in China and the joint venture will allow both parties to better meet their customer needs in Chongqing area, offering world class technological products and services by combining the best practices and know-how of each partner.
Sourced from: CLN