APM Automotive Holdings' overseas operations contributed 10% to its revenue last year. Photo: the Star
APM Automotive IndoChina Ltd, a subsidiary of Malaysia’s APM Automotive Holdings Bhd, has signed an agreement with Tachi-S (Thailand) Co Ltd to set up a joint venture to develop, manufacture and sell automotive seats in Vietnam, according to the Star Online.
APM Automotive IndoChina will hold 49% in a new JV firm under the proposed name APM Tachi-S Seating Systems Vietnam Co Ltd, which will have an investment capital and charter capital of $2.5 million.
They may enter other businesses deemed beneficial to the main line of business including the manufacture of new products, said APM, whose automotive parts also cover interior/exterior plastics and electrical products such as air-conditioning systems and radiators.
APM has two wholly-owned subsidiaries in Vietnam that produce vehicle seats, struts and suspension parts. Besides Malaysia and Vietnam, APM also has manufacturing facilities in Indonesia and Australia.
Tachi-S (Thailand) is a wholly-owned subsidiary of Tachi-S Co Ltd, a Japanese automotive seat system company that is a JV partner with one of APM’s subsidiaries in Malaysia.
Tachi-S (Thailand) was set up in 2011 to supervise the operations of the Tachi-S Group in India and the Asean region.