Baolong Automotive and Huf Group Signed a Package of Principal Transaction Agreements

Date: 2018-11-09

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Shanghai Baolong Automotive Corporation (Baolong) and Huf Hülsbeck & Fürst GmbH & Co. KG (Huf) signed a package of principal transaction agreements in Düsseldorf, Germany on Nov 6, 2018 (local time) to boost the progress of establishing a joint venture for tire pressure monitoring systems (TPMS). 

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Charles Zhang, President of Shanghai Baolong Automotive Corporation(second left) and Dr. Lars Placke, Senior Vice President and Head of Monitoring & Aftersales Solutions BU of Huf Group(second right) signed a package of principle transaction agreement. 

The principal transaction agreements signed included Framework Agreement, Master Joint Venture Agreement, Share Exchange Agreement, etc.. Meanwhile the government approval process is also in progress. It is expected that the closing will be completed at the beginning of 2019 and then the new company will be founded, which is in accordance with the previous schedule. Baolong and Huf have communicated establishing joint venture to customers, suppliers and internal employees before this signing. The close cooperation between Baolong and Huf is welcomed by the stakeholders, who believe that the new joint venture will be able to provide an expanded portfolio of products and services with stronger international competitiveness in the TPMS sector. 



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