PT APM Automotive Indonesia (APM), an indirect wholly-owned subsidiary of APM Automotive Holdings Bhd, has partnered with PT Hyundai Transys Inc (HTI), to manufacture automobile car seats and related components. Hyundai Transys Inc is a wholly owned subsidiary of Hyundai Motor Company that produces automobile powertrains and seats.
APM Automotive Holdings Bhd is a Malaysian automotive parts manufacturer which has expanded its overseas operations to countries like Vietnam, Indonesia, Thailand, Myanmar and the US. Under the partnership, PT APM will sell a plot of industrial land in Cikarang to HTI for the purpose of building a car seats manufacturing plant. It will also acquire 50% stake in PT HTI.
The joint venture is part of a strategy to support Hyundai’s upcoming automobile manufacturing plant in Cikarang, West Java. The plant, estimated to operate by the second half of 2021, can produce up to 150,000 vehicles a year. About half of total production will be directed towards the export market.
(Sources: The Star; The Edge Markets)