Dec 10, 2013 in News

tims2PETALING JAYA (Dec 10, 2013): Delloyd Ventures Bhd has teamed up with TIMS Technology (Thailand) Co Ltd to jointly manufacture and supply automotive components to its original equipment manufacturing (OEM) customers in Thailand.

Delloyd Ventures Bhd said its unit Delloyd Industries (M) Sdn Bhd on Dec 6, 2013 signed an agreement with TIMS Thai to form a joint venture (JV) company known as Delloyd-TIMS (Thailand) Co Ltd (DTT) for the purpose.

Under the deal, DTT will manufacture and supply door checks, door hinges, hood hinges, tail gate hinges and trunk-lid hinges for the Thai market and for export at its plant to be located in the Ayutthaya Province.

Delloyd and TIMS Thai will subscribe to 90% and 10% of the shares in the JV company for 90 million baht and 10 million baht respectively.

Delloyd said it will finance the JV through internal funds.

"This strategic venture is expected to strengthen the position of Delloyd Group's core business in the auto segment and better position itself in serving the needs of the auto industry in the region," Delloyd said in a filing with Bursa Malaysia yesterday.

TIMS Group of Companies has three manufacturing plants in Japan, two in China and one in Thailand.

 - 10 Dec 2013