Brussels, Belgium And Shanghai, China (GLOBE NEWSWIRE) -- WABCO Holdings Inc. (NYSE:WBC) (www.wabco-auto.com) and G7 today announced an agreement to form a joint venture in China to develop and sell advanced fleet management systems for trucks and trailers. WABCO is a leading global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles. Privately-held G7 is an award-winning technology leader in China’s fleet logistic industry with a base of over 400,000 connected vehicles. Each company will hold a 50% stake in the new joint venture.
WABCO is extending into China to further leverage its rich portfolio of fleet management systems (FMS). As a full systems supplier, WABCO can uniquely connect trucks, trailers, cargo, drivers, business partners and fleet operators in real time, resulting in actionable management insights, while measurably improving fleet safety, operating efficiency and asset utilization.
G7 provides 85% of China’s largest logistics companies with real-time solutions that connect trucks, drivers, shippers and fleet managers. Through the G7 platform, businesses access their data metrics to gain full visibility into their transportation ecosystem. The cloud-based system handles order processing, asset tracking, dispatch/route planning, and fuel monitoring. G7’s extensive nationwide support and installation network means that fleets are equipped onboard quickly and reliably.
The new joint venture will develop innovative Trailer FMS solutions for the Chinese fleet market, drawing on WABCO’s leading capability in trailer telematics and trailer electronic braking system (TEBS) as well as G7’s telematics expertise. These solutions will capture and process real-time vehicle-control systems data, including roll stability support (RSS), braking performance, cargo and route optimization, axle-loading, and vehicle tracking, among other safety and efficiency differentiators.
In addition, the joint venture’s Trailer FMS solutions will link with WABCO’s award-winning Intelligent Trailer Program, which monitors and controls more than 40 onboard functions such as OptiTire™ safety assistance, OptiLock™ high security and OptiFlow™ aerodynamic efficiency technologies. Fully customizable to individual fleet needs, WABCO’s Intelligent Trailer Program is the industry’s most comprehensive suite of options that helps fleets to reduce operational costs, save fuel, and increase the safety and comfort of drivers.
The joint venture will also further develop G7’s Truck FMS solutions, leveraging WABCO’s proprietary vehicle data, to set new standards for cargo transportation safety, efficiency and connectivity in the Chinese fleet market.
“This joint venture agreement in China is another important step toward globalizing WABCO’s fleet management systems business as we shape and seize opportunities in China,” said Nick Rens, WABCO President, Trailer Systems, Aftermarket and Off-Highway.
“Our partner G7 will gain access to WABCO’s leading truck and trailer telematics capabilities, along with the sophisticated information for trucks and trailers that WABCO’s onboard systems provide. Together, we can offer unrivaled capabilities for fleets, particularly in vehicle and cargo management,” said Rens. “Our new joint venture also represents the beginning of a stream of recurring revenues.”
“Partnering with WABCO, a major global technology leader in commercial vehicle control systems, will enable us to develop substantive and highly differentiated first-to-market solutions for trucks and trailers. By leveraging the comprehensive data from WABCO’s onboard systems, we will be able to raise the bar on driver safety and truck security,” said Zhai Xuehun, G7 Chief Executive Officer. “We look forward to building new products together tailored to China’s evolving fleets and rapidly developing road transport network.”
“Joining forces with G7, a recognized technology leader in China’s growing logistics sector, provides a significant single point of entry into the Chinese world of fleet management,” said Sujie Yu, WABCO Vice President, Asia-Pacific and Business Leader China. “Combining our capabilities, we expect to be first to market in China with fleet management solutions for both trucks and trailers that are differentiated through mobile and web-based applications, which increasingly empower fleets to operate with optimal safety, efficiency and security.”
WABCO (NYSE:WBC) is a leading global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles. Founded nearly 150 years ago, WABCO continues to pioneer breakthrough innovations for advanced driver assistance, braking, stability control, suspension, transmission automation and aerodynamics. Partnering with the transportation industry as it maps a route toward autonomous driving, WABCO also uniquely connects trucks, trailers, cargo, drivers, business partners and fleet operators through advanced fleet management systems and mobile solutions. WABCO reported sales of $2.8 billion in 2016. Headquartered in Brussels, Belgium, WABCO has 13,000 employees in 40 countries. For more information, visit www.wabco-auto.com
G7 is China’s technology leader for the logistics sector. Its offerings span diverse aspects of fleet management, including order processing, short- and long-haul visibility, asset tracking, and dispatch/route planning. 85% of China’s largest logistics providers rely on G7 for their fleet management needs. Headquartered in Beijing, G7 has offices in Shanghai, Guangzhou and Chengdu with an extensive nationwide installation and support network. G7’s real-time solutions connect trucks, shippers, fleet managers and drivers to optimize the entire transportation ecosystem. In addition, G7’s partnerships extend to municipalities, warehouses, financial institutions, petrol stations and vehicle OEMs. G7 is China’s single point of entry into the world of fleet management. For more information, visit www.g7.com.cn
WABCO Forward-Looking Statements
This document contains certain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995 that are based on management's good faith expectations and beliefs concerning future developments. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “strategies,” “prospects,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward looking in nature and not historical facts. Actual results may differ materially from these expectations as a result of many factors. These factors include, but are not limited to, the actual level of commercial vehicle production in our end markets, adverse developments in the business of our key customers, pricing changes to our supplies or products, our ability to successfully integrate any acquired businesses or our acquired businesses not performing as planned, our ability to mitigate any tax risks, including, but not limited to those risks associated with changes in legislation, tax audits and the loss of the benefits associated with our tax rulings and incentives in certain jurisdictions, and the other risks and uncertainties described in the “Risk Factors” section and the “Information Concerning Forward Looking Statements” section of WABCO’s Form 10-K, as well as in the “Management's Discussion and Analysis of Financial Condition and Results of Operations - Information Concerning Forward Looking Statements” section of WABCO’s Form 10-Q Quarterly Reports. WABCO does not undertake any obligation to update such forward-looking statements. All market and industry data are based on company estimates.
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SOURCE: WABCO Holdings Inc.