AsiaNet 87893

SHANGHAI, China and SAITAMA, Japan, Feb. 2, 2021 /PRNewswire=KYODO JBN/ --

Shanghai Highly (Group) Co., Ltd., ("Highly Group"), the world's leading R&D

manufacturer of core components and cooling & heating related products for

white home appliances and new energy vehicles, and Marelli Holdings

("Marelli"), a world-renowned auto parts supplier, recently announced the

completion of a joint venture transaction of auto parts.

Prior to the deal closing, Marelli had divested and restructured its assets and

business of automotive air-conditioning compressors and HVAC business (with a

business scale of 91.7 billion yen in 2019) and incorporated Marelli (Hong

Kong) Holdings Co., Limited ("Marelli Hong Kong") to carry the target carved

out assets and business. Highly Group has made the acquisition of 60% of the

equity of Marelli Hong Kong. Upon completion of the closing, the company

changes its name to Highly Marelli Holdings Co., Limited ("Highly Marelli").

The Joint Venture between Highly and Marelli is not coincident, but inevitable.

The same organization DNA, similar missions and complementary advantages of

Highly and Marelli laid the foundations of the Joint Venture. During the

preparation over the past one year, both sides have been working closely and

reaching an agreement on the goals of the joint venture. The successful closing

of the transaction means a new beginning. Highly Marelli will be devoted to

developing, manufacturing, and selling world-class automotive air-conditioning

systems and thermal management systems for new energy vehicles, and providing

entire solutions. It will leverage the strengths of both parent companies in

the field of automotive parts and components, maximize the synergies and expand

the global market. The company is registered in Hong Kong SAR, China, with its

operation headquarters located in Shanghai (China) and Saitama (Japan). The

company employs approximately 4,200 people and operates a global business over

the world in Japan, mainland China, Asia, Europe, and North America.

Source: Highly Marelli Holdings Co., Limited