Nexion Group and Bright Technology form joint venture

Friday 9th June 2017 | 0 Comments

 
Bright’s Mary Wei and Nexion’s Cinzia Corghi shake on the deal
Bright’s Mary Wei and Nexion’s Cinzia Corghi shake on the deal

During May’s Autopromotec, leading Italian garage machinery firm Nexion Group and Chinese garage equipment-maker Bright Technology announced that they have formed a joint venture.

According to the two companies, the two firms have formed a third company that will allow Bright and the Nexion Group to “assert itself as a leader in the industry and be active on all global markets with a full range in all product segments from the top of the range to the entry level”.

Nexion Group representatives confirmed that the Italian firm, which is famous for brands including Corghi, HPA Faip, Mondolfo Ferro, Orlandini, Sice, Tecnomotor and Teco, would be the majority shareholder. However, unusually for a press conference announcing a joint venture, Nexion representatives declined to reveal what percentage majority equates to in this case. When questioned further on this point by Tyres & Accessories, it was suggested that the reason for not publishing this information was in the interests of Asian business protocol. Further details are, however, likely to be revealed in due course.

Bright Technology Company Limited was founded in 1988 by Wei Engui, the father of the second generation leader of the company – Mary Wei. With 30 years of development, Bright Technology and its “Bright” trading name has built a strong reputation both at home and abroad. Nowadays Bright has become a well-known specialist in products focused on tyre maintenance and repair. Located in Yongkou, Liaoning province, Bright’s headquarters also function as the firm’s main assembly, product testing and R& centres.

In 1992 Bright produced the first Chinese made tyre changer and is also purportedly the first and only Chinese manufacturer to have made and aircraft tyre changer.

Bright’s annual production capacity is as much as 70,000 units and the firm exports to 180 countries and regions around the world. Bright is the number one exporter of tyre changers and balancers in China in the past six years. Bright’s research and development centre has 32 engineers specialised in the automotive sector.

Future plans

Speaking at a press conference announcing the deal, the two firms revealed that they have been working together for eight years already. The decision to form the joint venture was said to have been precipitated by intense market competition over the years. Therefore a partnership was seen as the best response for both parties.

As a result of the joint venture, the two companies are aiming to make headway in the wheel alignment and lift sectors in particular. Here both parties agree that Nexion Group has top quality products and Bright has big production benefits – thus making a mutually beneficial relationship.

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Category: International News, Product News