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SITECH and Brose to set up Global System Supplier for Complete Seats

Auto News - Published on Tue, 14 Jul 2020

Image Source: Volkswagen SITECH Brose
Volkswagen AG and the automotive supplier Brose are planning to create a joint venture devoted to complete seats, seat structures and seat components. The Volkswagen subsidiary SITECH will become part of the joint venture. Brose will hold a 50 percent stake in the company. Volkswagen AG and the Brose Group will each own half of the company. Representatives of both companies signed a memorandum of understanding covering the joint venture today in Coburg.

Volkswagen and Brose will review the transaction as part of a due-diligence process and finalize the agreement negotiations over the next few months. The agreement is scheduled to be signed by the end of the year. An antitrust review will follow.

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Posted By : Yogender Pancholi on Tue, 14 Jul 2020
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