LUDWIGSBURG, Germany, July 4, 2005 (PRIMEZONE) -- At the end of June, a contract was signed between MANN+HUMMEL GMBH and the Bosch Group establishing an equal Joint Venture company. The Joint Venture is situated in Tumkur, Karnataka. The subsidiaries of the Bosch Group, Robert Bosch Investment Nederland B.V. and Motor Industries Company Ltd. (MICO) will each hold 25% of the shares, and 50% will be held by the Indian subsidiary of MANN+HUMMEL, MANN+HUMMEL FILTER PRIVATE LIMITED.
The Joint Venture will develop and manufacture fuel filter systems as well as oil, fuel, air and cabin filters for the Indian market and for export requirements. The company's activities will be focused primarily on the Indian market, to provide optimum support with applications and supply of original equipment to the rapidly growing local automotive industry. It is anticipated that filter production will commence with around 350 employees in mid 2006, requiring an investment of approximately 6 million Euro.
For MANN+HUMMEL, the Managing Directors of the Joint Venture company are Manfred Wolf, member of the Board of Directors of the MANN+HUMMEL Group, and Ajith Nair from the MANN+HUMMEL Sales Office in India. MANN+HUMMEL set up this Sales Office in India in 2003, and intensified its activities in this strongly expanding market by establishing MANN+HUMMEL FILTER PRIVATE LIMITED at the beginning of 2005. This 100% MANN+HUMMEL subsidiary company will build up and expand local business in all of MANN+HUMMEL's fields of activity in the coming years. Through increasing its presence in India, MANN+HUMMEL will continue to strengthen its market position in Asia.
Bosch has been active in India since 1922. Formed in 1951 in India, MICO is a flagship company of the EURO 40 billion Bosch Group, manufacturer of Automotive and Industrial Technology, Consumer Goods and Building Technology. The company works with over 4,000 authorized dealers in about 1,000 cities throughout the nation. Sales of MICO in the fiscal year of 2004 increased from the previous year by 23 percent to EURO 420 Million, with exceptional growth in the automotive technology sector. MICO employs over 10,000 associates in four locations in India and has announced plans to invest EURO 180 million for the development of new technologies in India.
About MANN+HUMMEL
The MANN+HUMMEL Group is an international company. In 2004, the company achieved sales of 1.250 billion euros. The MANN+HUMMEL Group currently employs around 9,100 people at 41 locations worldwide. The company develops, produces and sells technically complex automotive components such as air filter systems, intake manifold systems, liquid filter systems and cabin filters for the automotive industry, and filter elements for vehicle servicing and repair. For general engineering, process engineering and industrial manufacturing sectors the company's product range includes industrial filters, filter systems, and materials handling systems and equipment. MANN+HUMMEL's customers come from a large number of sectors, with series production for the automotive industry occupying a key position. Further information about MANN+HUMMEL can be found under http://www.mann-hummel.com.