Dongfeng and Maxion Wheels Form Aluminum Wheel Joint Venture
NEW COMPANY TO SERVE CHINESE OEM DEMAND FOR WORLD-CLASS ALUMINUM WHEELS
Shanghai, CHINA, March 12, 2019– MaxionWheels, the world’s largest wheel manufacturer, announced today the agreement to form a new passenger car aluminum wheel joint venture with Dongfeng Motor Parts and Components Group, one of China’s largest automotive parts companies. The new legal entity, Dongfeng Maxion Wheels, will build a new two-million per year capacity plant in Hubei Province, China, with series production scheduled for second half 2020.
“Growing our presence in Asia is one of Iochpe-Maxion’s priorities,” said Marcos Oliveira, President and Chief Executive Officer, Iochpe-Maxion S.A.“Coupling Maxion Wheels’ global customer relationships and significant aluminum wheel expertise with Dongfeng Motor Parts and Components’ goal to expand its portfolio to include light vehicle aluminum wheels is the makings of a strong partnership. We are honored to join Dongfeng’s strong and dynamic organization and through our joint venture provide world-class aluminum wheels for our global and domestic Chinese OEM customers.”
The new joint venture operation, expected to initially bring more than 450 new jobs to the region, will produce low pressure die cast aluminum wheels, including high-end wheel finishes, as well as, other innovative wheel features.
A groundbreaking ceremony for customers, employees, and local dignitaries will be announced in the near future.
ABOUT MAXION WHEELS
Maxion Wheels, a division of IOCHPE-MAXION S.A., is a leading wheel manufacturer for passenger cars, light trucks, buses, commercial trucks and trailers. The Company also produces wheels for agriculture, as well as other off-highway applications. With more than 100 years of wheel-making experience and 10,000 employees globally, Maxion Wheels is the world's largest wheel manufacturer, producing nearly 60 million wheels per year. It serves its global OEM customers from 33 locations in 16 countries on five continents, including state-of-the-art technical centers in the Americas, Europe and Asia.
ABOUT DONGFENG MOTOR PARTS AND COMPONENTS GROUP
Dongfeng Motor Parts and Components Group Co., Ltd., headquartered in Shiyan, Hubei province, is a subsidiary of Dongfeng Motor Co., Ltd., and specialized in research & development, manufacturing and sales of auto parts, including chassis systems, cabin and body systems, electric drive systems, braking and intelligent driving systems, powertrain systems, thermal management systems, powertrain systems and lightweight technologies.
Dongfeng Motor Parts and Components Group Co. Ltd. has 14,000 employees, 38 subsidiaries, including a listed company named Dongfeng Electronic Technology Co., Ltd. (Stock Code: 600081), 1 overseas company and 14 joint ventures. The annual sales of the Group in 2018 were RMB 18 billion, which make it one of the largest auto parts suppliers in China.