Novares acquires 100 per cent of its Chinese joint venture

Novares Group has acquired all of its joint venture company in Wuhan, China, buying the final 30 per cent from its partner Yazhong via its Chinese subsidiary Noveastern.

Additionally, the company has relocated its Wuhan production plant to a new, modern site equipped with the latest technology, which houses both the production facilities and the Wuhan Technical Center.

The site is one of the company’s most modern facilities, conforming to the Group’s global production standards.

Novares, then Macaplast, signed the joint venture agreement with Yazhong in 2997, becoming one of the very few French companies in China at the time.

The joint venture was created to serve customers Citroen and Dongfend for the manufacture of the ZX car.

Pierre Boulet, CEO of Novares, said: “Novares is an experienced, long-term player in the Chinese market and we are planning to expand our operations in the country. The 100 per cent ownership of our Wuhan operation, combined with the relocation and upgrade of facilities at the site marks an important step in that journey.”