Thyssen Krupp Automotive AG, Bochum, through its subsidiary Krupp Presta AG, headquartered in Eschen, Liechtenstein, and Shanghai Huizhong Automotive Manufacturing Company (SHAC), Shanghai, China, today signed an agreement setting up a joint venture to produce steering columns in the special economic zone Pu Dong, Shanghai. The company will be known as Krupp Presta Huizhong Automotive Shanghai Co. Limited. The joint venture will take over SHAC’s steering column production for the highly successful VW Santana. High-tech steering columns meeting the highest quality and safety requirements will be produced in a new plant to be built in Pu Dong. Krupp Presta owns 60% and SHAC 40% of the joint venture.

SHAC, part of the SAIC group, has five plants employing over 8,000 people and generated sales of over Euro420 million in fiscal 1999. Its main products are assemblies for front and rear axles, shock absorbers, subframes and other car chassis parts. With a production capacity of 300,000 units, SHAC is one of the main suppliers to Volkswagen Shanghai and General Motors Shanghai. In the truck area SHAC produces a 15 t vehicle for the Chinese market and for export. Other products include buses, tractor chassis and motorcycle parts. SHAC is a large modern Chinese company using advanced technology, a first-class quality system and offering excellent customer service.

The Krupp Presta group is one of the world’s leading manufacturers of steering systems and is world number one in assembled camshafts. It also produces high-value cold forgings for engines and steering systems. Krupp Presta is thus an important systems partner to automobile manufacturers. As part of a globalization strategy Krupp Presta has significantly expanded its production sites in Liechtenstein, France and the USA. New fast-growing sites have been added recently in Mexico, Brazil and Germany.

Krupp Presta is part of the Powertrain business unit of Thyssen Krupp Automotive AG, Bochum. ThyssenKrupp Automotive achieved sales of over Euro5.2 billion in fiscal 1998/99 and employs 37,594 people. ThyssenKrupp Automotive is one of the biggest automotive suppliers in the world and has a global network of 118 production sites allowing it to manufacture tailored components, modules and systems in all major markets. As a systems partner and full-service supplier to leading car producers, ThyssenKrupp Automotive with its Body, Chassis, Powertrain and Systems/Suspensions business units is involved in all phases of automobile development and production.