Spanish auto components manufacturer Grupo Antolín Irausa SA is strengthening its position in Asia with recent investment and partnership deals in China and South Korea.
The Burgos, Spain-based molder of interior car parts has set up a 50-50 joint venture company with Chinese auto part supplier Ningbo Huaxing Electronic Co. Ltd. The JV firm, Ningbo Antolín Huaxing Auto Parts Co. Ltd., located in Ningbo, will develop and manufacture door panels and pillars for the automotive sector.
Meantime, Grupo Antolín signed a deal to acquire a 30 percent stake in South Korean interior components molder Dongwon Technology Co. Ltd. of Busan. Dongwon manufactures interior parts including door panels, pillars and sun visors in Xiangshan, near Ningbo.
Grupo Antolín has also established a technical and commercial subsidiary, Grupo Antolín-Korea based in Seoul, to support its work with Korean automotive groups Hyundai, Kia and Renault Samsung Motors.
The new Chinese joint operation was launched early this year and expects to generate sales of 30 million euros (US$30.5 million) during its first three years after the partners have invested around 10 million euros ($15.6 million), according to Grupo Antolín.
Antolín sees the joint venture boosting its position, not only in the Chinese market but globally.
Antolín's Chinese partner began producing plastic caps for ink bottles in the 1970s and progressed to molding components for radios, copiers and typewriters.
It finally broke into the automotive market in 1991 when it won a contract to supply the Volkswagen Santana in Shanghai with plastic air-conditioning parts. Early last year, it was exporting components such as electronic harness systems and instrument panel shells for VW, General Motors, Isuzu and Honda.