Hella sells Mando Hella Electronics joint venture shares to partner Mando
Automotive supplier Hella intends to sell its 50 per cent share in the South Korean joint venture Mando Hella Electronics (MHE) to Mando. The two partners have now signed a corresponding agreement and the transaction is expected to close in the first quarter of 2021 calendar year. The price is “around €60 million.”
With the sale of the joint venture shares, lighting and electronics expert Hella is continuing its active portfolio management: “We have worked very successfully with Mando in South Korea over the last twelve years and have further strengthened our position in the very important South Korean market,” says Hella CEO Dr. Rolf Breidenbach. “To even better meet the growing demands of South Korean customers with regard to global coverage, and to give them access to our entire product range, especially in the areas of electrification and autonomous driving, we will now further push our direct business, based on our global development and production network. In this context, we will also gradually expand our own activities in South Korea.”
The joint venture Mando Hella Electronics, based in Incheon, South Korea, was founded in 2008. The product range includes components such as driver assistance systems, sensors, brake control systems, steering control systems. Customers include South Korean car manufacturers and system suppliers in particular. In fiscal year 2019/2020, the joint venture generated sales of around €480 million with 1,300 employees at four locations.