EuroGroup Laminations signs partnership with China's Hixih Rubber Industry

Eurogroup Laminations SpA

01/08/2024 15:19

MILAN, Aug 1 (Reuters) - EuroGroup Laminations
 EGLA.MI , an Italian manufacturer of components for electric
motors, has signed a memorandum of understanding for a strategic
alliance in China in the electric vehicle sector, it said on
Thursday.
    The agreement was sealed with Hixih Rubber Industry Group, a
leading company in the Chinese automotive components market.
    The aim of the deal, as outlined by the company in a note,
is "to develop an industrial partnership based on a
Joint-Venture under the control of EGLA, to further stimulate
growth in the Chinese market, in order to increase the
commercial penetration in the market, in particular with Chinese
manufacturers of electric cars". 
    A new R&D centre for innovative technologies will be built 
in the Hixih Group's industrial base of Shandong, a coastal
province in East China, along with a new high-tech industrial
plant dedicated to the production of motor cores for
manufacturers of New Energy Vehicles.
    The agreement follows a visit to China this week by Italian
Prime Minister Giorgia Meloni in which she spoke of the need to
boost cooperation with the world's second largest economy and
get trade on a more balanced footing.
   To date, EuroGroup Laminations has two production facilities
in China, one dedicated to the EV & Automotive business unit,
the other to the industrial business unit. 

 (Reporting by Alessia Pé, editing by Keith Weir)
 ((alessia.pe@thomsonreuters.com; +390680307742;))