PKC establishes joint venture with JAC

The joint venture aims to increase PKC's market share in in China in both medium and heavy duty truck segments by 5 percentage points and expand the business to buses, light trucks, vans, pick-up trucks and other light vehicles. The JV will comprise of the current wiring harness business of JAC group with the aim to gradually take-over also other, currently outsourced, wiring systems business. The parties’ aim is to develop the JV as a primary supplier for all wiring harnesses to the JAC group. The 50/50 joint venture is accomplished through a new company that will be established by Hefei JAC and PKC in the city of Hefei in Anhui province in China with an equity value of EUR 14 million. President & CEO Matti Hyytiäinen, PKC Group: “We are extremely proud to team up with JAC, which is a one of the leading Chinese automobile OEMs. This expansion in China is a major breakthrough for PKC and logical continuity to our strategy published in spring 2013. PKC’s market position in China will increase significantly.”