Disclosure of inside information according to Art. 17 MAR of the Regulation (EU) no.596/2014
GRAMMER AG (WKN 589540, ISIN DE0005895403)
Grammer AG is in advanced negotiations to establish a Joint Venture with Changchun FAWSN Group Co., Ltd.
Amberg, October 24, 2019 – Grammer AG ("Grammer") is in advanced negotiations to establish a Joint Venture in Changchun (China) for automotive interior components with Changchun FAWSN Group Co., Ltd., an affiliated company of FAW Group. Grammer will be holding 50 percent of the future Joint Venture Changchun GRAMMER FAWSN Vehicle Parts Co., Ltd. The other 50 percent will be held by Changchun FAWSN Group Co., Ltd.
The Joint Venture will be producing a wide range of automotive interior components which will be primarily fitted to the vehicles produced by FAW Group. FAW Group is the 3rd largest Chinese OEM and had last year with its own brands and its other joint venture partners a double digit market share in the world’s largest automotive market. Grammer expects substantial future business volumes to be realized from this Joint Venture.