NXP and China state-owned investment company JianGuang Asset Management Co. Ltd (JAC Capital) have signed an agreement with the intention to establish a joint venture (JV) in China.
The JV is intended to combine NXP’s bipolar power technology with JAC Capital’s connections in the Chinese manufacturing network and distribution channels to lower manufacturing costs and boost profit margins of high end electronic products in China.
The JV will seek to capture the opportunities arising from China’s growing demand for electronic products in the consumer, automotive, smart manufacturing and medical equipment sectors. Current Chinese government policies provide great incentives to the high tech sector, including semiconductors, which will accelerate the growth of the industry in the next few years.
The JV represents another step in NXP’s strategy in China to strengthen ties with policy makers, customers and partners to better align with local guidelines and best business practice over the long term.
JAC Capital’s relationships with the Chinese government and finance industry will ensure successive injection of capital investment to support research and development for new products and market expansion in China and globally. Following regulatory approvals, the agreement will see JAC Capital owning a 51% stake in the JV and NXP taking the remaining 49% share.
“The Chinese electronics market has a great deal of potential and offers outstanding opportunities for NXP to further accelerate our business growth. We are seeing an increasing demand for high performance and high value added products and with this joint venture we will be in an even stronger position to address those needs,” says NXP’s Frans Scheper, “We will greatly benefit from JAC Capital’s government and industry network in China, and we will be able to gain further market reach as a genuine Chinese business, allowing us to provide the best possible customer support to our global customer base and offer the greatest competitive advantages.”
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