COLUMBUS, Ind., Feb. 14, 2000 (PRIMEZONE) -- Arvin Industries, Inc. (NYSE:ARV), a leading producer of automotive components, announced today that it has acquired a majority position in its Shanghai, China joint venture exhaust firm, Shanghai Hua Wen Exhaust Systems Company Limited, increasing its equity stake to 55% from 35%. The additional shares were acquired from Arvin's joint venture partner, Xian Hua Group Company Limited.
The Shanghai operation supports two of Arvin's key global customers, General Motors and Volkswagen, by supplying parts to their local joint ventures, Shanghai General Motors and Shanghai Volkswagen.
"Arvin's increased commitment to the Chinese market continues following several years of ongoing development activity. We have positioned ourselves to support our original equipment customers across the world with Arvin products and technology," said Wesley B. Vance, President of Arvin Exhaust.
With the additional equity holding, Arvin will also introduce its state-of-the-art catalytic converter technology to the Shanghai operation in early 2000. With the addition of the converter product, Hua Wen will become a complete supplier of exhaust systems to its customers.
"Our global customers expect our continued support and commitment to their programs in China," said Mr. Vance. "This investment reaffirms Arvin's dedication to supporting our customers in China and our commitment to providing our most current technology to the Chinese market. With environmental regulations changing so quickly, we feel the increased investment and new technology will provide the Shanghai Hua Wen operation with a strategic advantage in the Chinese marketplace."
Arvin Industries, Inc., is a global manufacturer of automotive components with over sixty manufacturing facilities and six technical centers located in twenty-two countries. Arvin is a leading manufacturer of automotive exhaust systems; ride control products; air, oil and fuel filters; and gas charged lift supports. Our replacement products are sold under various trademarks including Arvin, Maremont, Timax, ANSA and ROSI exhaust systems; Gabriel shock absorbers; Purolator filters; and StrongArm gas charged lift supports.
For more information on Arvin Industries via the Internet, visit our Corporate Home Page at www.arvin.com or our Corporate News on the Net site at www.businesswire.com/cnn/arv.htm. For information via fax, please call our News On Demand service at 888-622-1161.
Statements made in this release that state the Company's or management's beliefs or expectations and which are not historical facts or which apply prospectively are forward-looking statements. It is important to note that the Company's actual results could differ materially from those contained or implied by such forward looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements is contained from time to time in the Company's SEC filings including but not limited to the 10-K and subsequent10-Q's. Copies of those filings are available from the Company and the SEC.