Visiocorp plc opens joint venture plant in China

Portchester, UK (July 29, 2008) - Visiocorp plc, the world’s leading manufacturer of exterior mirrors for the automotive industry, announced the opening of a new joint-venture facility in Xizhou, China (south of Shanghai, near Ningbo).  Developed with partner Ningbo Huaxiang, the new Ningbo Visiocorp Huaxiang Automotive Mirror Co., Ltd will produce exterior mirrors, fuel filler modules and other components based on a 50:50 joint venture agreement signed in August, 2007.

“Ningbo Huaxiang is the ideal partner for us," said Ulrich Bruhnke, CEO of Visiocorp, during the inauguration ceremony. “A long-standing, successful company, it has been supplying Chinese car manufacturers for 20 years now and knows the Chinese market inside and out. With our expertise in the development and production of innovative, high-quality rear-view mirror systems, and our international clientele, we now have the ideal platform for further building on our presence in China."

Approximately 10 million Euros have been invested in the 15.000 sq. m. (161,500 sq. ft.) facility, a modern, self-contained manufacturing plant complete with its own development and distribution capabilities. 100 new jobs have been created in this first stage of expansion.

Ningbo Huaxiang (NBHX) was established in 1988 and is one of the country’s largest privately-owned, public limited companies. The 15 NBHX production plants supply a variety of exterior and interior parts to facilities belonging to every renowned car maker in China. In 2007, sales at Huaxiang Group totalled six billion RMB (550 million Euros).

Headquartered in Portchester, UK, Visiocorp plc – which until 2007 was known as Schefenacker AG  – continues to pursue its aggressive plans to create fully-equipped plants in locations that are strategic to serving current customer activity as well as predicted growth markets. With reliable forecasts suggesting that China will be the world’s largest automotive market by 2012, the company’s plans are designed to capitalize on both near-term and future opportunities. Visiocorp plc has owned two assembly plants in China in the Beijing area since 2003, and also operates a regional office in Shanghai.

As a result of the joint venture with NBHX, Visiocorp plc now not only has production capability for producing exterior mirrors and fuel filler modules in Asia, but also has the ability to make regional contact at the production/assembly sites of every renowned car manufacturer located in China. Orders to-date include components for VW, General Motors and Nissan models, and discussions with Chinese auto manufacturers are underway. The joint venture recently began supplying SAIC with fuel filler modules.

Ullrich Bruhnke added: “Since the new plant has been designed to cover the capacity levels required by the largest automotive market of the future, it is also destined to become one of our largest plants mid-term. This step is crucial to the realigned strategy of the Visiocorp Group. It enables us to safeguard our position as market leader in the rear-view mirror segment."

Visiocorp’s core competencies include the design and manufacture of exterior and interior mirrors, injection molding and paint technology, electric drives and integrated automotive lighting.

Media contact:

Visiocorp plc
Castle Trading Estate
East Street
Portchester
Hampshire PO16 9SD
United Kingdom
Phone: +44 (0) 2392 539 382
Email: press@visiocorp.com