TROY, Mich., June 8, 2021 – Woodbridge today announced the company has signed an agreement to sell its equity interest in the Wuxi Woodbridge Gissing Advanced Polymer Technology Co. Ltd. joint venture to Wuxi Gissing Auto Parts Co., Ltd.
As part of the divestiture, Wuxi Gissing Auto Parts Co., Ltd. will take ownership of the Wuxi City, Jiangsu Province, China site. The location produces Engineered Composites for the automotive industry; however, it will remain Woodbridge’s partner for manufacturing in the region.
“This divestiture will enable Woodbridge to leverage our core competencies while maintaining our footprint in China to provide the innovative solutions that give our customers a competitive edge,” said Xingyuan Sun, general manager, China. “By concentrating our resources and longstanding engineering and design expertise, we will continue to generate even more value for our customers located in the region.”
Completion of the divestiture is subject to government approval and is expected to be finalized by the end of second quarter 2021.
Woodbridge will work closely with Wuxi Gissing Auto Parts Co., Ltd. to ensure a smooth transition for all stakeholders.
About Woodbridge
Woodbridge is a privately-owned company offering innovative material technologies for applications in automotive, commercial, recreational, packaging, healthcare and building products. In addition to its manufacturing operations, Woodbridge offers a full complement of services including: chemical research and development, product and process engineering, tooling, technical support and accredited laboratory testing. Woodbridge operates more than 50 facilities across 10 countries—employing over 7,500 teammates and serving more than 600 customers worldwide. To learn more, visit woodbridgegroup.com.
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