Haili Signed a Joint Venture with Marelli Automotive Parts

Shanghai Haili (Group) Co., Ltd., a manufacturer of core components and heating-related products for white goods and new energy vehicles owned by Shanghai Electric, and Marelli, a world-renowned supplier of auto parts, recently announced an agreement on a joint venture for automotive parts. The project includes the divestiture and restructuring of the assets and businesses of its automotive air-conditioning compressors and air-conditioning systems (91.7 billion yen in 2019) and the acquisition of a 60 per cent stake in Marelli Hong Kong by Haili Group, which is the main body for the consolidation of target assets and businesses. The transaction is scheduled to be completed on January 4, 2021.