Key Safety Systems $30M investment in new technology and manufacturing center in Shanghai
Key Safety Systems and Chery Automobile Company Sign Memorandum of Understanding for Advanced Safety Restraint System Development for Export Markets
Key Safety Systems has signed a Memorandum of Understanding with Chery Automobile Company (Chery), located in Wuhu city of the Anhui Province in P.R. China.
This MOU sets forth a framework for both KSS and Chery to establish a strategic partnership for the design and development of advanced automotive safety system solutions for Chery vehicles to meet the requirements of the global markets, including North America and Europe.
"We are extremely excited about this MOU signing and look forward to working closely with Chery on their advanced safety system solutions for export markets. We intend to fully utilize our new state-of-the-art Asia Technology Center located in Shanghai to enable this relationship. Obviously, this strategic partnership provides a win-win solution for both companies moving forward in the global automotive market," said Jason Luo, President & COO of Key Safety Systems, Inc.
"The relationship with Chery reflects our strong commitment to the China market and Asia-Pacific region as a whole and underscores the significance of the $30M investment in our new technology and manufacturing center in Shanghai," added B. Edward Ewing, Chairman and CEO of Key Safety Systems, Inc. "In addition, we are prepared to expand our manufacturing capacity in China as needed to better serve our customers."
Key Safety Systems, Inc., a Key Automotive Group-affiliated company since April 2003, is a leading global designer and manufacturer of safety-critical components and systems including airbags, seat belts and steering wheels. Key Safety Systems' products are used in more than 300 vehicle models produced by over 45 automobile manufacturers worldwide. Key Safety Systems' global reach comprises 32 manufacturing, technical and sales facilities in 12 countries generating over $1.1 billion in sales and employing more than 9,000 people.
The Key Automotive Group of companies is an affiliation of premier suppliers of components and systems to the global automotive industry. A noted affiliate is Key Plastics. As a leading supplier of injection molded products to the automotive market, Key Plastics provides engineering, design, program management and production services throughout North America, Europe and Asia. With production facilities in Shanghai through the joint venture Shanghai Key Automotive Plastic Component Co. Ltd., Key Plastics provides world-class quality, delivery, cost and engineering support to their Tier 1 and OEM customers.