STOCKHOLM, Sweden, Jan. 23, 2004 (PRIMEZONE) -- Haldex and its joint-venture partner in India, the Anand Group, have agreed to expand and strengthen the activities at the jointly owned company Haldex India by adding new technologies and products for local production and by relocating some of Haldex manufacturing activities to India in order to take advantage of low-cost country sourcing.
The vehicle industry in India is steadily growing and the demand for modern brake system products for heavy vehicles is on the rise. In order to take advantage of this growing market opportunity, the product range for production at Haldex India will be expanded.
In a first step, technology and production equipment will be transferred to Haldex India for the local production of Automatic Brake Adjusters and Consep Air Cleaners and the production area will be increased.
-- In conjunction with this expansion, Haldex has increased its
ownership share in Haldex India from 50 % to 60 %.
The Haldex group (www.haldex.com), headquartered in Stockholm, Sweden, is a provider of proprietary and innovative solutions to the global vehicle industry, with focus on products in vehicles that enhance safety, environment and vehicle dynamics. Haldex is listed on the Stockholm Stock Exchange and has annual sales over 6 billion SEK with 4,000 employees.
The Anand Group (www.anandgroupindia.com), headquartered in New Delhi, India, is engaged in the vehicle industry through several joint-ventures. The group is privately held and has annual sales of 250 million USD and 4,500 employees.
For further information contact Claes Warnander, president and CEO, or Lennart Hammargren, CFO, phone +46 8 545 049 50.
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