IAC and Shenda Provide Update on Pending Joint Venture Transaction; National Development and Reform Commission Accepts Regulatory Filing

IAC and Shenda Provide Update on Pending Joint Venture Transaction; National Development and Reform Commission Accepts Regulatory Filing

SHANGHAI (April 24, 2017) – The agreement to form a global automotive soft trim and acoustics joint venture announced Dec. 21, 2016 between International Automotive Components (IAC) and Shanghai Shenda Co. Ltd. (Shenda) is subject to certain regulatory approvals. IAC and Shenda have been notified that the National Development and Reform Commission of the People’s Republic of China has accepted Shenda’s regulatory filing and no further action is required.

“This is a major milestone toward the completion of our transaction and the formation of a new global leader in the automotive soft trim and acoustics segment,” said IAC President and CEO Robert (“Steve”) Miller. “Shenda will acquire a 70 percent stake in the U.K.-based joint venture and IAC will maintain a 30 percent interest. The joint venture expands an existing, successful joint venture partnership between affiliates of IAC and Shenda spanning nearly two decades.”

“We are pleased by this first important regulatory approval and expect to continue making headway on remaining approvals,” said Shenda Chairman Yao Ming Hua. “In the meantime, we will continue working diligently toward closing this transaction and launching the new organization, which is expected to occur during the third quarter of this fiscal year.”

ABOUT IAC

International Automotive Components (IAC) is a leading global supplier of automotive components and systems, including interior and exterior trim. The company’s 2016 sales were $6 billion. Headquartered in Luxembourg, IAC Group operates 77 manufacturing facilities in 18 countries. The company has approximately 100 total locations in 21 countries, including 28 design, technical and commercial centers, and employs more than 31,000 people globally. For more information, visit www.iacgroup.com.

ABOUT SHENDA

Shanghai Shenda Co., Ltd. is a stated-owned company listed on Shanghai Stock Exchange. It mainly engages in international trade of textile and manufacturing of automotive interior and other industrial textile. Since its establishment in 1986, the company has been keeping a steady pace forward, with around 3,000 staff and 50 subsidiaries devoted to the business.

As the pillar business of Shenda, the automotive interior business division owns approximately 29 subsidiaries across China. Throughout the last two decades, Shenda has developed into one of China’s largest automotive interior suppliers, providing soft trim and acoustics products to almost every global OEM.

For more information, please visit http://www.cnshenda.com.cn/en/.

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SAFE HARBOR STATEMENT

This press release contains forward-looking statements, including statements relating to our business and products. Forward-looking statements are made based upon management’s current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. These forward-looking statements are subject to various risks and uncertainties, many of which are outside our control, that could affect our actual results and could cause such results to differ materially from estimates or expectations reflected in such forward-looking statements. All forward-looking statements made by us in this press release speak only as of the date on which we make them.

 

国际汽车零部件公司与申达公布合资公司审批进度更新

– 国家发改委接受申达提交的监管文件

美通社上海2017年4月28日电  2016年12月21日,国际汽车零部件公司(IAC)与上海申达股份有限公司(“申达”)签署协议,共同创办一家从事汽车软饰件和声学元件的全球合资公司,并已上报监管部门有待批准。IAC和申达近日接到通知,中国国家发展和改革委员会已经接受申达提交的监管文件,无需采取进一步的行动。

IAC总裁兼首席执行官罗伯特-史蒂夫-米勒(Robert Steve Miller)表示:“这是一个重大里程碑,我们将继续完成本次交易并在汽车软饰件和声学元件市场上打造一个新的全球领导者。这家合资公司总部设在英国,申达将持股70%,IAC持股30%。这一新的合资公司进一步巩固了IAC附属公司和申达近20年的成功合资关系。”

申达董事长姚明华说到:“我们很高兴能获得第一份重要的监管批准,期待能顺利通过其他审批。同时,我们会继续努力完成本次交易,预计在本财年的第三季度正式推出这家新公司。”

国际汽车零部件公司简介

国际汽车零部件公司(IAC)是全球领先的汽车配件和系统供应商,包括内饰件和外饰件。该公司2016年销售额高达60亿美元。国际汽车零部件集团总部位于卢森堡,在18个国家运营77家制造工厂。该公司在21个国家拥有近100家机构,包括28个设计、技术和商业中心,全球员工超过31,000名。详情请访问:http://iacgroup.wpengine.com/

上海申达股份有限公司简介

上海申达股份有限公司是一家在上海证券交易所上市的国有企业。该公司主要经营纺织品的国际贸易和汽车内饰以及其他工业纺织品的制造加工。自1986年建立以来,该公司平稳发展,目前拥有约3,000名员工和50家子公司。

作为申达的支柱业务,汽车内饰事业部在中国拥有近29家子公司。过去20年间,申达已经发展成为中国最大的汽车内饰供应商之一,为几乎所有的全球汽车原始设备制造商(OEM)提供软饰件和声学元件。

详情请访问:http://www.cnshenda.com.cn/en/

安全港声明

本新闻稿包含前瞻性陈述,涉及该公司的业务和产品。公司管理层依据对未来发展及潜在影响的当前预期和信念作出前瞻性陈述。这类前瞻性陈述并非未来表现的保证,且受各种风险和不确定因素的影响,其中很多超出公司控制范围,可能影响实际结果并导致实际结果与这些前瞻性陈述中的估计或期望产生重大差异。文中的所有前瞻性陈述仅代表公司作出这些陈述之日的情况。

联系人:David Ladd,美国,电话:(248) 455-7090,电邮:dladd@iacroup.com;陆志军,电话:+8621 62321585,电邮:lzj@sh-shenda.com