Brose and Mando announced the establishment of a joint venture in South Korea

Gesar Automotive News German auto parts supplier Brose and South Korea’s Mando recently announced that it will form a joint venture company near Seoul, South Korea, which will hold a 50% stake in the joint venture company.

Wandu Boze plans to start production in the second half of 2012 and develop and supply steering motors for the Korean market. Wandu Brose expects annual revenue to exceed 100 million euros (about US$140 million) from 2015. Brose stated that the establishment of Wandu Brose is an important step for Brose to enter the international motor market.

Founded in 1908 in Coburg, Germany, Brose is a rapidly growing international automotive supplier. Brose has more than 13,000 employees in nearly 50 bases in 20 countries around the world. Its business includes door systems, seat systems and door lock systems.

Million is Korea's leading supplier of steering systems, brake systems and suspension systems, and has long-term relationships with Hyundai-Kia.