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Weichai Power Signs Strategic Restructure Agreements with Germany's ARADEX and Austria's VDS to Accelerate Industrialization of New Business Landscape

HONG KONG, Jan. 15,A2020 /PRNewswire/ -- Weichai Power Co., Ltd. ("Weichai Power" or "the Company", HKEX: 2338, SZSE: 000338) signed strategic cooperation agreements with Germany's ARADEX AG ("ARADEX") and Austria's VDS Holding GmbH ("VDS") in Jinan, Shandong Province. Mr. Ling Wen, Vice Governor of Shandong Province, members of Shandong provincial government and media representatives attended the signing ceremony.According to the agreements, Weichai Power has successfully completed the acquisition of an 80% stake of ARADEX and planned to acquire a 51% stake of VDS, making Weichai Power the controlling shareholder of both companies. The fast implementation and deep integration of the two strategicArestructures will effectively improve China's key technical weaknesses in the electric motor control systems of the new energy powertrain and agricultural equipment CVT powertrain systems, and accelerate the industrialization process of Weichai Power's new business landscape.Acquiring core technologies of electric motors, Weichai strives for system integration synergiesSince founded in 1989, ARADEX has been committed to the research and development of electric motors, control systems and energy storages for the industrial and transportation industry. The company has become a pioneer in high performance variable frequency and power supply equipment technology. ARADEX offers powerful design, development and system integration capabilities in terms of various CNC servo motors and servo drivers, new energy commercial vehicle motor controllers, electric motors, fuel cell DC/DC converters and other products. Its products have a design life of over 30,000 hours and are widely recognized for their excellent performance, with hundreds of successful applications.Following the strategicArestructure in Canada'sBallard Power and UK's Ceres Power, Weichai Power's strategicArestructure in ARADEX is another international strategic attempt in the field of new energy powertrain system. Through the effective integration of resources, Weichai Power has not only mastered core technology in the field of traditional powertrains for heavy-duty commercial vehicles, but also acquired key technology in electronic control system and successfully built the synergetic advantage of an integrated "battery, electric motor and electronic control" system. With the collaborations, parties will work together to accelerate research and development and provide customers with integrated and optimal solutions for new energy powertrain systems.
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