Haldex and FAW sign Letter of Intent for Disc Brakes in China

Haldex and FAW sign Letter of Intent for Disc Brakes in China Haldex and the FAW Sichuan Group have signed a letter of intent to establish a joint-venture to manufacture air disc brakes for heavy vehicles. FAW (First Automotive Works) is China's largest vehicle manufacturer, including both cars and trucks. FAW has over 200,000 employees with its main operations in the Changchun area in the north east of China. Haldex and FAW have signed a letter of intent with the aim to establish a joint-venture to manufacture and assemble air disc brakes for heavy vehicles. The Haldex group (www.haldex.com), with headquarters in Stockholm, is a provider of proprietary and innovative solutions to the global vehicle industry, with emphasis on products related to vehicle dynamics, safety and environmental issues. Haldex is listed on the Stockholm Stock Exchange and has annual sales exceeding 6 billion SEK with 4,000 employees. FAW, First Automotive Works, is a leading supplier of heavy commercial vehicles in the Chinese market and is located in Changchun, Jilin Province, North East China. FAW employs more than 200,000 people of which around 40,000 are employed by the FAW Sichuan Group which is listed on the Shanghai Stock Exchange. For further information contact Claes Warnander, President and CEO, phone +46 8 545 049 50, or Chuck Kleinhagen, COO, phone +1 816 891 2470. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/02/11/20040211BIT20170/wkr0006.pdf