Inteva Products acquires majority stake in Korean auto parts joint venture
Troy, Mich.-based automotive parts supplier Inteva Products LLC has acquired majority ownership in its Korean Door Systems (KDS) joint venture.
Effective March 30, Inteva will boost its ownership stake from 50 per cent to 53 per cent through the transaction with South Korea-based conglomerate SL Corp., its partner in the KDS JV.
The terms of the deal have not been disclosed.
According to an Inteva press release, the increase in ownership stake will allow Inteva to push future growth.
KDS, which manufactures closure systems and other products supporting Hyundai Motor Co., GM Korea Co. and Volkswagen AG, was founded in 1995 by Inteva’s predecessor, Delphi Automotive Corp.
“We’ve enjoyed two decades of partnership with KDS. Majority ownership will further facilitate Inteva’s ability to expand our product line offerings in Korea,” Lon Offenbacher, Inteva’s president and CEO, said in the press release.
In 2013, Inteva generated revenue of US$2.5 billion, more than double its revenue of US$1.2 billion in 2010.