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Grammer AG establishing a joint venture with the fourth largest truck manufacturer in China

(PresseBox) (Amberg, ) .
- Grammer to hold 90 percent of the joint venture with Shaanxi Automobile Group Co. Ltd.
- Further milestone in the expansion of Grammer's local presence in the Chinese market

Grammer AG has today signed an agreement with Shaanxi Automobile Group Co. Ltd., Xian, Province of Shaanxi, China, the fourth largest heavy-duty truck manufacturer in China, for the establishment of a joint venture for truck seats. Grammer AG will be holding 90 percent of the new joint venture Grammer Seating (Shaanxi). The remaining 10 percent will be held by Shaanxi Automobile Group Co. Ltd.

The joint venture will be producing a wide range of mechanical and air-suspensed driver and co-driver seats locally. The seats will be primarily fitted to the commercial vehicles produced by Shaanxi. As one of the largest truck manufacturers in China, Shaanxi produces more than 100,000 heavy-duty trucks per year for the local market and for export to other Asian countries, Africa and Latin America. With this new local production at the Fuping industrial park Grammer completes its geographical footprint in the commercial vehicle segment and ensures close proximity to important customers by simultaneously optimizing production and logistics costs in China.

"With the new joint venture with the Shaanxi Automobile Group, we have passed a further important strategic milestone in our global growth strategy. By working with a leading local OEM, we will be able to reinforce our position in the important Chinese market and substantially spur our planned strong growth in Asia," explains Hartmut Müller, Chief Executive Officer of Grammer.

In the world's largest market for commercial vehicles, almost three quarters of a million heavy-duty trucks are produced each year - equivalent to more than a third of the entire global output of trucks. With a new total of three facilities for the production of localized commercial vehicle seats in China, Grammer possesses an outstanding platform to additionally widen its customer base in China and achieve greater penetration of the Asian markets.

Already today, Grammer generates around 15 percent of its Group revenue in China at a total of six facilities addressing both the passenger and commercial vehicle segments. Looking ahead over the next few years, the new joint venture in China will additionally support Grammer's high growth targets.

About the Shaanxi Automobile Group

With headquarters in Xi'an in the Province of Shaanxi, Shaanxi Automobile Group Co. Ltd. is the fourth largest manufacturer of heavy-duty trucks in China. The Group has 32,000 employees and assembles heavy-duty trucks, buses, special-purpose vehicles and vehicle components. In 2014, Shaanxi produced 110,000 trucks and specialpurpose vehicles for the Chinese and export markets.

Grammer AG

Grammer AG, Amberg, Germany, specializes in the development and production of components and systems for automotive interiors as well as driver and passenger seats for utility and offroad vehicles. In the Automotive Division, we supply headrests, armrests and center console systems to premium automakers and automotive system suppliers. The Seating Systems Division comprises the truck and offroad seat segments as well as train and bus seats.

Grammer is represented in 20 countries worldwide with a workforce of over 12,000 employees across its 30 subsidiaries.

The Grammer share is listed in the SDAX and traded on the Frankfurt and Munich stock exchanges via the electronic trading system Xetra as well as in over-the-counter trading at the Stuttgart, Berlin and Hamburg stock exchanges.