Hong Leong Asia's Unit Forms Joint Venture for Iron Business
MT Newswires10-21
Hong Leong Asia (SGX:H22) subsidiary, China Yuchai International's unit, Guangxi Yuchai Foundry, agreed to set up a joint venture with Guangxi Zhenye New Materials.
The venture, named Guangxi Aobei Technology, will engage in the austempered ductile iron heat treatment business, according to a Tuesday filing with the Singapore Exchange.
The JV has a registered capital of 50 million yuan, with Yuchai Foundry contributing 17 million yuan against a 34% stake.
The venture aims to expand the company's casting capabilities and support mass production and broader application of automotive differential components and assemblies.
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