(04/30/2015)
VAST announced today through its VAST LLC (“VAST”) joint venture, which includes ADAC Automotive of Grand Rapids, Michigan, STRATTEC of Milwaukee, Wisconsin, WITTE Automotive of Velbert, Germany that it has executed an agreement to become a 50:50 Joint Venture partner with Minda Management Services Limited an affiliate of both Minda Corporation Limited and Spark Minda, Ashok Minda Group of New Delhi, India (collectively “Minda”). VAST acquired a fifty percent equity interest in the former Minda-Valeo Security Systems joint venture entity, based in Pune, India. This joint venture entity will be renamed, Minda VAST Access Systems (MVAS).
Philippe Dequecker, President of VAST LLC commented: “The addition of MVAS allows VAST to complement its Asian footprint in China with the growing importance of the Indian market. Apart from growth in India, it is integral to support the needs of our customers as they expand manufacturing and marketing activities.”
VAST highly values the partnership with a well-established market player in India. VAST views Minda as a leading company in the Indian market and effective in supporting global programs. MVAS will have operations in Pune and Delhi and is expected to have approximately annual sales in excess of $40 million US dollars.
As part of the larger Minda group of affiliated companies, we believe MVAS will be in a position to leverage the capabilities and market position of Minda and its affiliates in this region. Minda and its affiliates cater to the needs of all major car, motorcycle, commercial vehicle, tractor and off-road vehicle manufacturers in India. Minda and its affiliates are a leading manufacturer of security & access products, handles, automotive safety, restraint systems, driver information and telematics systems for both OEMs and the aftermarket. Minda Corporation Limited is publicly traded on the National Stock Exchange of India (NSE: Mindacorp).