By Andrew BurtisNovember 23, 2018 05:17:52After years of struggling to compete with the global auto parts industry, Summit Auto Parts in the United States has decided to buy the remaining manufacturing capacity at its main factory in Fresno, California, from the German automaker.
Summit says it plans to spend $1.7bn to acquire the factory, which will employ some 3,000 people and employ more than 1,400 people in California.
The deal was announced on Monday by Summit’s chief executive, Christian Schulz, and the company’s chairman, Wolfgang Schmiedel, who both spoke at the company conference in Munich.
“We have had a very difficult year and it has been challenging to compete,” Schulz said at the announcement.
“There is no question in my mind that our auto parts business is the best in the world, and we are very happy to have this opportunity to continue building the next generation of Summit products.”
It is a significant step forward for our business, and it will make a great contribution to the company and the future of auto parts.
“Schulz said Summit had set aside a “significant amount” of money for the acquisition, which he called “a great opportunity”.”
The acquisition of Summit Auto is a major step forward in the development of our company and our product portfolio,” he said.
The company said it had also purchased the remaining facilities for its U.S. production plant and the Fresno facility for the assembly and logistics of its smaller vehicles, including small trucks and SUVs.
Summit is one of the world’s largest auto parts suppliers.
It has sold nearly 2.3m vehicles worldwide, and its factory in China accounts for half of its total U.K. sales.
Schulz’s remarks were greeted with cheers at the annual Munich auto show.”
“It will create thousands of jobs in California and thousands of new jobs in the U.Y.S., in Europe and in other parts of the globe.””
The deal with Summit comes as automakers and dealers have been trying to cut costs to meet falling demand and rising costs of parts from China.”
It will create thousands of jobs in California and thousands of new jobs in the U.Y.S., in Europe and in other parts of the globe.”
The deal with Summit comes as automakers and dealers have been trying to cut costs to meet falling demand and rising costs of parts from China.
Schupp also praised the investment by China, which is already one of Europe’s biggest auto parts producers, and said the company would work closely with the Chinese government to reduce its imports of cheap parts.
Summet is also investing $100m to improve the quality of its new technology for its vehicles, Schupp said.
“That will allow us to be able to deliver more vehicles and better quality and cheaper products.”
Schupp said Summit was working on a new car, a new truck and an SUV, and a new sport utility vehicle.