STOCKHOLM, Sweden, July 25, 2005 (PRIMEZONE) -- Haldex announced today that it has signed a License and Manufacturing Agreement with a subsidiary of ASIMCO Technologies Limited, located in Beijing, China, to manufacture a new Haldex designed twin-cylinder compressor. Haldex will market and service its new compressor in markets outside China. Initial deliveries of the compressor from Haldex to a major global customer will begin in late 2005 as previously announced in our press release of February 18, 2005.
The arrangement allows the partners to combine the strengths of ASIMCO's position as the leading manufacturer of vehicle compressors in China with the demonstrated capabilities of Haldex in product development, sales and after sales service. The partnership provides customers an economical, modern compressor design of the highest quality and capabilities. With the highest drive-thru torque capacity and highest turbo-charged inlet pressure capability in the industry, the new high output twin-cylinder compressor is designed to meet the most demanding present and future requirements of the commercial vehicle industry.
"This is an important strategic step for Haldex," said Joakim Olsson, Chief Executive Officer of Haldex. "It combines the areas of leadership of both Haldex and ASIMCO, facilitating the Haldex strategy to supply the global heavy truck market with complete air brake systems from compressors to foundation brakes and friction materials."
"The agreement with Haldex represents a significant step for ASIMCO Technologies, enabling us to build upon our dominant position in compressors in the China market." said Jack Perkowski, Chairman and Chief Executive Officer of ASIMCO Technologies. "We place a high value on this relationship with Haldex."
Haldex (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 of nearly 7 billion SEK with 4,400 employees.
ASIMCO Technologies produces a broad range of powertrain, chassis components, diesel fuel injection and NVH products for both light and heavy duty applications. ASIMCO operates 18 manufacturing facilities and a network of 36 sales offices in China, three manufacturing facilities and a sales office in the United States, and a sales office in the United Kingdom. ASIMCO Technologies Limited is privately held and based in Beijing, China.
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