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Automotive - 2019-06-14

On 7 June 2019, NSK and Volkswagen announced a formal cooperation agreement between the steering divisions of the two companies with the aim of further enhancing steering system innovation. Both companies have agreed on comprehensive cooperation in development activities.

Dr Stefan Sommer, Board of Management of Volkswagen AG, said: “The cooperation agreement with NSK as one of the world's leading manufacturers of steering systems is a meaningful step to strategically expand our international development and production and to further strengthen our innovative strength in the chassis business.”

For his part, Thomas Schmall, CEO of Volkswagen Group Components, added: “Volkswagen Group Components has been a steering specialist for many years. The in-depth development cooperation enables us to make intensive use of the know-how of both partners and thus to further advance future products.”

Executive Vice President Masatada Fumoto, Head of NSK’s Steering and Actuator Division Headquarters, commented: “The cooperation agreement with Volkswagen is strategically significant to further expand our product portfolio and global production. The two parties complement each other in many areas, and we will continue to strengthen our relationship as we drive for future innovation.”

NSK started manufacturing the first bearings in Japan in 1916 and has since developed into a global organization researching, designing and manufacturing Motion and Control solutions that support essential mobility and industry applications. The company is currently the top supplier of bearings in Japan, and the third largest supplier in the world by market share. NSK is also a world leader in electric power steering, and ball screw manufacturing and technology.

For further information about Volkswagen Group Components, please visit www.volkswagenag.com/group-components

For further information about NSK, please visit
www.nskeurope.com

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