On December 30, Hua Yu Automotive Systems (Shanghai) Co., LTD., a wholly-owned subsidiary of Hua Yu Automobile, and ABB (China) Investment Co., LTD., a wholly-owned subsidiary of Switzerland's ABB Group, signed a package agreement including joint venture contract and capital increase agreement in Shanghai, aiming to deepen their joint venture cooperation in the field of intelligent manufacturing.
ABB joined hands with Hua Yu Automobile to upgrade the intelligent manufacturing of automobiles
According to the agreement, Huayu Shanghai plans to introduce ABB China as a new investor in its wholly-owned subsidiary huayu Intelligent Equipment Technology Co., LTD in the form of capital increase. Upon completion of the transaction, Huanyu Smart Equipment will become a joint venture, in which Huanyu Shanghai and ABB China will hold 60 percent and 40 percent stakes respectively.
Hua Yu Intelligent Equipment said that the joint venture and cooperation between Hua Yu Automobile and ABB will help Hua Yu Intelligent Equipment better learn from ABB's rich experience and successful practice in the field of global industrial automation, and better integrate and play the effective resources and first-mover advantages of shareholders of both sides in their respective industries. Formation in control, drive faster, robotics, sensor analysis of comprehensive application ability, for all kinds of customers with complete, modernization of one-stop production line construction and intelligent upgrade solution, then powered hualand main business mode of production to the production automation, process flexibility, equipment, process online and digital intelligent shift work, We will accelerate the transformation and upgrading of smart manufacturing.
It is understood that ABB (China) Investment Co., Ltd. was established in December 2019 with the legal representative of Kang Liang and a registered capital of 95 million US dollars. Its business scope includes investment in fields permitted by Chinese laws for foreign investment, etc. The company is 100% owned by ABB Asea Brown Boveri Ltd and has 10 overseas investment enterprises, including ABB Engineering Shanghai Co., Ltd.
Huayu Automotive Systems (Shanghai) Co., Ltd. was established in July 2014 with the legal representative zhang Haitao and the registered capital of 2 billion YUAN. Its business scope includes sales of auto parts, technology development, technology transfer and technical services in the field of auto parts. The company is 100 percent owned by Huayu Automotive Systems Co., which is 58.32 percent owned by SAIC Motor Corp.
