International Automotive Components (IAC) and Shanghai Shenda have signed an agreement to form a global joint venture (JV) partnership to supply soft trim and acoustic products to automotive original equipment manufacturers.
A UK affiliate of Shenda will acquire a 70% stake in the UK-based JV valued at US$570m, while IAC, a supplier of automotive components and systems, including interior and exterior trim, will maintain a 30% stake.
The JV, which will be named at a later date, expands an existing JV partnership between affiliates of IAC and Shenda, which is one of China’s largest automotive interior suppliers, spanning nearly two decades.
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