China rescue for Australian transmission maker
Geely Automotive Holdings acquires Drivetrain Systems InternationalAustralian car transmission maker Drivetrain Systems International (formerly BTR) has signed an acquisition agreement for an undisclosed amount with Chinese car maker Geely Automobile Holdings.
The move follows turbulent times for the Australian transmission maker that were punctuated earlier this year by the laying off of more than 200 of its 350 employees at the manufacturing plant in Albury, NSW, and the subsequent placement into receivership in March.
Geely has not given details of the buyout, but it is understood it plans to return Drivetrain Systems International (DSI) to normal operations while providing the funds for ongoing research and development.
It is also believed Geely intends to continue with projects understood to be currently under way -- including a new eight-speed auto transmission.
DSI was adversely affected by the placement into receivership of major client SsangYong in January this year.
The company is claimed to be one of the biggest independent car transmission makers in the world and has an 80-year history in Australia. Its broad client base includes Ford and Chrysler.
DSI's annual production capacity is around 200,000 gearboxes.
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