(ANSA) – MILAN, 25 JUL – Brembo and Gold Phoenix have signed an equal joint venture agreement, subject to the usual local and antitrust obligations, forming Shandong Brg Friction Technology Co. The new company will create the first Brembo production plant completely dedicated to the large-scale production of innovative brake pads for the aftermarket.
The new company combines Brembo’s leadership in braking systems with Gold Phoenix’s high-tech solutions and will focus on innovative and superior quality products, with the aim of anticipating the challenges of electrification and autonomous driving.
The joint venture will serve three main segments, cars, light and heavy commercial vehicles, to seize the new opportunities that will arise from the growth of the reference market.
Shandong Brgp Friction Technology Co. will be operational from early 2023 in Jinan, the capital of Shandong province in eastern China. The transaction provides for a total investment by the two companies of approximately 35 million euros for the next 3 years.
“We have entered into a long-term and strategic partnership with a leading Group in the production of high-tech braking components. Our goal is the vertical integration of our solutions,” said Roberto Caravati, Brembo Aftermarket Chief Operating Officer.
“By combining our industrial and technological expertise, we will work together to build an enterprise that can establish itself as a market leader,” said Peng Sun, CEO of Gold Phoenix.
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Source: Ansa
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