Annual Report 2010 - Knorr-Bremse AG.

80 RepoRt | CoMMeRCIAL VeHICLe SYSteMS
Joint venture
with CAFF in China
As part of a significant expansion of its activities in China in the year under
review, Knorr-Bremse Commercial Vehicle Systems signed a joint venture
agreement for the manufacture of brake valves, transmission valves and air
dryers in August. The setting up of the new company marks a milestone in
Knorr-Bremse‘s China strategy and is a good example of the benefits of longterm
engagement in a local market.
The agreement was signed between Knorr-Bremse Asia Pacific (Holding) Ltd.
and the Chinese manufacturer Chongqing CAFF Automotive Braking & Steering
Systems Co. Ltd. Knorr-Bremse holds a 66% stake in Knorr-Bremse CAFF Systems
for Commercial Vehicles Chongqing Ltd., as the new joint venture is called, with
the remaining 34% being held by its Chinese partner.