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The joint venture between ContiTech and Ningbo Jaguar Group was established in 1999 and mainly produces industrial adhesive tapes. At present, the annual output of automotive transmission belts and industrial belts at the Ninghai production base is approximately 700,000 and 200,000 respectively. Due to logistics reasons, ContiTech's production base in Shanghai cannot be expanded and cannot effectively meet the needs of future customers. In response to this situation, ContiTech decided to expand the scale of its Ninghai production base and plans to relocate its Shanghai production operations to Ninghai in 2011 and retain its local sales team in Shanghai.
Karin Seid, head of business operations at ContiTech Power Transmission Group, said: "The company has full control of the joint venture, which means we will continue to invest in the Chinese market and will be in China especially in the automotive OEM business. Play a more important role."
As a subsidiary of the Continental Group, ContiTech leads the world in the non-tyre rubber product market. At the same time, it has strong expertise in plastics technology in the field of non-rubber tires, with sales of approximately 2.4 billion euros in 2009.
ContiTech Takes Over Ninghai Joint Venture
ContiTech recently announced that it has completely taken over its joint venture ContiTech Jaguar Transmission Systems Co., Ltd. in Ninghai, China, and intends to invest in and expand this manufacturing base. Previously, ContiTech held a 60% stake in the joint venture and Ningbo Jaguar Group held a 40% stake. After taking full responsibility, the new company will be renamed ContiTech Power Transmission System (Ninghai) Co., Ltd.