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Federal-Mogul Motorparts, a
division of Federal-Mogul Holdings Corporation
, and China
Automotive Import and Export Co. Ltd. (CAIEC), a nationwide state-owned
4S automotive distribution network, today announced the formation of a
joint venture, Federal-Mogul CAIEC Automotive Technology Services
(Beijing) Co., Ltd., focused on automotive aftermarket vehicle repair
business within China. Federal-Mogul Motorparts will be the preferred
supplier to the joint venture, providing its broad portfolio of
premium-branded automotive parts for distribution through a network of
company-owned stores and outlets to be established by the joint venture
under the brand name, Motorcare(TM). Additional terms of the
transaction were not disclosed.
Commenting on the joint venture, Dan Ninivaggi, CEO of Federal-Mogul
Motorparts, said, "In a strategic expansion of our automotive
aftermarket business in Asia Pacific, Federal-Mogul Motorparts is
pleased to partner with CAIEC to build broader business channels and a
platform for growth in China ensuring quality vehicle repair and
technical experience from our more than 100-year history to independent
service shops through the opening of an extensive network of
Motorcare(TM) stores serving the independent aftermarket. We believe
this market will be highly receptive to the safety, quality and
reliability provided by Federal-Mogul Motorparts' premium-branded
automotive parts."
Said Jianhong Yin, Vice President of SINOMACH, President and General
Manager of CAIEC, "We look forward to partnering with Federal-Mogul
Motorparts, a global manufacturer and distributor of world-recognized
automotive parts, to build on CAIEC's established presence in China
through Motorcare(TM). This joint venture combines the strong brands,
resources and strategic channels of both companies and significantly
strengthens our ability to meet the automotive parts needs of the China
market where the number and age of vehicles on the road is increasing
and the number of vehicles and models continues to proliferate."
"We look forward to a long and successful partnership with CAIEC as we
grow the spirit of cooperation among our companies and firmly establish
the Motorcare(TM) business throughout the strategically important China
market," said Keith Power, President, Asia Pacific, Federal-Mogul
Motorparts.
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