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News of  January 16, 2002


Benteler Automotive Announces Joint Venture in China

SHANGHAI, China and PADERBORN - The Shanghai Huizhong Automotive Co. Ltd. and Benteler Automotive of Paderborn, Germany, announced plans to create a new joint venture company called Shanghai Benteler Huizhong Co. Ltd., which will be located in Shanghai, China.

The joint venture plans to begin production in August 2002, and has received approval by the Chinese Government. The new company will focus on the production of chassis components including cross-members, sub-frames, and control arms. The new facility will produce parts for several OEM customers in the region and employ approximately 200 associates.

"The formation of Shanghai Benteler Huizhong is an important step for Benteler Automotive as we continue to expand our global operations. It positions us to meet the requests from our customers to produce locally," said Nick Ghoussaini, CEO of Benteler Automotive.

"Our partner Shanghai Huizhong is a large and well respected manufacturer in China. This new joint venture allows us to supply to one of the fastest growing markets in the automotive industry today," stated Friedhelm Gottwick, vice president of Benteler Automotive-Asia Pacific region. "We insure our customers that we can deliver the same high quality standard anywhere in the world."

(Jan. 15, 2002)

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