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Feintool International Holding (SWF:FTON) Corporate news announcement processed and transmitted by Hugin ASA. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- --------------
Organic growth through the fast evolving automotive transmission segment is a key strategy for the Swiss based Feintool Group, a leading globally focused systems provider and components supplier. In order to expand the business with drivetrain applications BorgWarner and Feintool form a long-term partnership in the important market for sophisticated transmission technologies. As a result of this Joint Venture with BorgWarner, a global leader in powertrain and transmission modules for the automotive industry, Feintool becomes a key partner for the production of specific dual clutch high-formed components based on the Transfer-Stamping-Forming-Technology. Both the Board of Directors of BorgWarner and Feintool have approved the Joint Venture agreement, which calls for substantive investments for the initial production facility to be located in Mexico to support the NAFTA region. The approvals of the relevant Competition Authorities are still pending.
Objectives for joint success Feintool and BorgWarner have worked together already for many years successfully on various fineblanking/forming and on automated assembly systems projects. With the Joint Venture, the combination of BorgWarner's market position and Feintool's specialized manufacturing knowledge will be joined to produce profitable growth in this important emerging and future market of DCT clutch modules.
BorgWarner Dual Clutch Modules for DCT's provide proven results for a growing worldwide demand for both enhanced performance and improved fuel efficiency, aiding in reducing fuel consumption and emmisions. BorgWarner Group, with its headquarter in Auburn Hills, Michigan, USA is a globally focused company with 17 700 employees and associates, 64 Locations in 17 countries. With key technologies for powertrain applications, BorgWarner generates annual revenue of more than USD 5.3 Billion. The company has been very innovative and successful in the area of transmission technologies in its 100 year history and is a clear market leader as to Dual Clutch Modules for the Dual Clutch Transmission (DCT) market. The demand worldwide for this technology is increasing rapidly due to enhanced performance and improved efficiency, which increases overall fuel economy as compared to other transmission platforms available today. This development coupled with a continued growth in the worldwide automotive market provides excellent opportunities for both BorgWarner and Feintool. It is anticipated that the need for these DCT dual clutch modules will grow to a worldwide annual requirement of around 5 million units in the next 5 years.
Feintool Technologies - for highly sophisticated automotive applications and functions Feintool is the worldwide leading provider for fineblanking/forming and automation systems as well for supplying fineblanked and formed parts and plastic/metal components. The Feintool Group, based in Lyss (Switzerland), celebrates in 2009 its golden jubilee of 50 years of technology and manufacturing excellence. With 1900 employees and associates it generates CHF 520 Million of annual revenue. With three engineering, prototyping and tooling technology centers and nine production locations in Europe, North America and Asia, Feintool is well positioned to reliably support its most important customers in the production of high-precision components for its most important key market - the automotive industry. With this Joint Venture Feintool increases its collaboration further with BorgWarner and intensifies its efforts though a preferred supplier relationship. This global combination is an important step in Feintool achieving its organic growth objectives and to strengthen its global market position.
Feintool increases support of all of its customers in the fast evolving applications of powertrain technologies Feintool continues to actively support its global customer base as to evolving powertrain and drivetrain (transmission) technologies. New efforts and investments are underway or planned to further support this fast growing market need. Feintool partners with many of its important customers in such endeavor and will continue to view this market segment as a key component of Feintool`s organic and technological growth strategy.
For additional information are available: - Feintool International Holding - CEO Joachim Kaufmann, Phone +41 (0)32 387 51 11 - BorgWarner - Dr. Bernd Matthes, President and General Manager BorgWarner Trans- mission Systems, Cell-Phone +1 248 520 7199
