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Endurance, Magneti sign MoU for shock absorbers

NEW DELHI: Italian auto major Fiat group firm Magneti Marelli and Aurangabad-based Endurance Technologies Pvt. Ltd. have signed a joint venture agreement to produce shock absorbers for motor vehicles in India and Thailand.

According to the terms of the agreement, the joint venture company will be owned by Endurance Technologies and Magneti Marelli in the ratio of 50 per cent plus one share (Endurance Technologies) and 50 per cent minus one share (Magneti Marelli).

The joint venture is set to be operative by the first quarter of 2009. The industrial facilities will be located at Chakan, near of Pune, Maharashtra. Another production unit is also planned in Thailand, near Bangkok, where the Endurance group is already present, according to the official announcement made on Monday.

The joint venture will specifically deal in the design, production and marketing of shock absorbers, including semi-corner modules and gas springs, for cars and commercial vehicles.

The products made by the join venture will be supplied to local and international car makers operating in the Indian continent and in nearby regions.

Endurance is an international group specialised in aluminium die casting and specifically in production of vehicle components and systems such as suspensions, transmissions and braking systems.

With this agreement, Magneti Marelli consolidates its global footprint in the shock absorbers sector.

In addition to this joint venture, Magneti Marelli has a consolidated presence in South America, the U.S and Poland, with an industrial mission addressed to original equipment manufacturers and the aftermarket.

Commenting on the agreement, Eugenio Razelli, Magneti Marelli’s CEO, said, “The agreement with the partner as important as Endurance, leader in India and with an international industrial imprint, confirms our strategy to be directly present in one of the most strategic markets in the world.”

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