ContiTech plans Chinese JV

HANOVER, Germany (April 3)—ContiTech Holding GmbH, part of Continental A.G., has signed an agreement to set up a joint venture in northern China to supply power steering and air conditioning hose. Based in Changchun, the venture will be 51-percent owned by ContiTech with the remaining shares held by Chinese partner, First Automotive Works, according to Manfred Wennemer, Conti executive board member. In July, ContiTech Fluid started a 50:50 joint venture called ContiTech Fluid Shanghai Co. Ltd., with Chinese company Liang Yi, to make power-steering hose assemblies for Volkswagen A.G.´s Santana and B5 Passat and General Motors Corp.´s Buick models in Shanghai.