Inteva Products Acquires Majority Ownership in KDS Joint Venture
Inteva continues to expand its global footprint
TROY, Mich., April 7, 2015 – Inteva Products, LLC, a leading global automotive supplier of engineered components and systems, is pleased to announce that on March 30, Korean Door Systems (KDS), Inteva’s joint venture with SL Corporation, signed a new agreement which has given Inteva majority ownership in the joint venture. This strategic business decision will enhance Inteva and KDS’s growth and product line expansion opportunities.
KDS has a long history with roots that go back to 1995, when Inteva’s predecessor operations within Delphi launched the joint venture with SL Corporation. Prior to Inteva acquiring majority ownership in KDS, SL Corporation and Inteva were equal partners. KDS currently engineers and manufactures products for the Closure Systems Product Line, as well as power folding actuators and glass actuators for outside mirrors for SL Corporation. Late last year, KDS began manufacturing its first business for the Motors & Electronics Product Line.
“We’ve enjoyed two decades of partnership with KDS. Majority ownership will further facilitate Inteva’s ability to expand our product line offerings in Korea,” said Lon Offenbacher, Inteva Products CEO and President. “In the near future, Inteva plans to expand Motors & Electronics business in Korea through KDS, as well as explore growth opportunities for other product lines in that region over time.”
KDS currently supports customers such as Hyundai, General Motors Korea, Ssangyong Motor, Volkswagen, PSA, Renault Samsung Motors and Renault. Mr. Weon Suk Ryu is the Managing Director of KDS.
About Inteva Products, LLC Inteva Products, LLC is a leading global automotive supplier providing automakers with innovative, reliable, environmentally friendly products that enhance vehicle quality, safety and performance. Inteva has global resources for engineering, manufacturing and customer service for Closure Systems, Interior Systems, Motors and Electronics, and Roof Systems. Formed in 2008, the tier-one supplier is focused on achieving sustained global growth, providing excellent customer service and driving innovation. The name Inteva was selected by combining the three words that serve as the foundation of what the company provides: innovation, technology, and value. Inteva employs more than 12,500 people in 19 countries and is headquartered in Troy, Michigan USA.