Auto supplier Aisin Seiki spins off second Thai business.Automotive supplier Aisin Seiki Co. Ltd., Kariya, Japan, announced it will establish a new diecasting business, Aisin Thai Automotive Casting Co. Ltd., as its second production base in Thailand. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a press release issued by Aisin, the business in Prachinburi Province Prachin Buri (Thai: ปราจีนบุรี) is a province (changwat) of Thailand. Neighboring provinces are (from north clockwise) Nakhon Ratchasima, Sa Kaeo, Chachoengsao and Nakhon Nayok. , Thailand, will be a spinoff Spinoff A new, independent company created through selling or distributing new shares for an existing part of another company. Notes: Spinoffs may be done through a rights offering. of its existing Thai enterprise and established in response to the company's growing demand. Aisin Seiki subsidiary Siam Aisin Co. Ltd., the company's existing plant in Prachinburi Province, Thailand, produces mainly brake, auto body and engine components. The company reported production volumes for the plant have increased in the past several years in response to expansion in the region's automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. , but Aisin Seiki now feels a standalone stand·a·lone adj. Self-contained and usually independently operating: a standalone computer terminal. business and new facility are necessary. The engine components portion of the business will spin off into the new, independent entity. Construction of the new company will begin in December 2008, and the engine components business will be shifted from Siam Aisin upon completion in the latter half of 2009. Production is expected to commence in November 2009. Aisin Thai Automotive Casting's main product line will be diecast aluminum engine components, including timing chain cases, water pumps and oil pumps. It will also maintain machining and assembly capabilities. In the future, the new company hopes to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. with drivetrain components, currently produced by a local subsidiary of the Aisin group. |
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