September 19 (SeeNews) - US automotive lightning solutions provider Varroc Lighting Systems said it has signed a joint venture (JV) agreement with Romanian lighting and electronics company Elba to start producing electronics locally.
The joint venture will focus on electronics manufacturing, and – given the constantly increasing electronic content of lighting products - will support Varroc Lighting’s successful growth in Europe, the company said in a press release on Tuesday.
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"Varroc already designs and develops all of its own electronics hardware and software, the addition of vertically integrating the manufacturing will further support our profitable growth. Elba is recognized as a lighting specialist in the European market, and we are looking forward to a successful partnership with them," Varroc Lighting Systems President CEO Stephane Vedie said.
The joint venture will be based in Timisoara. The financial terms of the agreement were not disclosed.
“The global lighting market is facing major changes, where electronics integration is key to address the actual and future needs of the final customer. We are eager to start this new JV, in partnership with Varroc, to vertically integrate and optimize our supply of electronic components," Elba CEO Bogdan Cocian said.
The partnership with Elba is Varroc Lighting’s second electronics-focused initiative in recent months. In July, the company acquired Sa-ba Automotive, a Turkish-based manufacturer of small lighting and electronics products.
Varroc Lighting Systems, a member of the Varroc Group family of automotive-components businesses, is a global supplier of automobile and two-wheeler lighting solutions headquartered in Plymouth, Michigan. The company has more than 7,200 employees worldwide.
Located in Timisoara, with almost 100 years of tradition Elba, is a leading manufacturer in Eastern Europe, specialised on the mainstream market for automotive and technical lighting.