Highly and Marelli to form a joint venture.

Highly, a machining manufacturer in Shanghai, and Marelli, an automotive supplier, agreed to form a joint venture focused on developing solutions for customers and suppliers specifically in electrification of compressors and heating, ventilation & air conditioning and electric driven compressor systems. Financial terms were not disclosed. "This is a strategically significant and exciting partnership for Marelli. Through it, we have direct and immediate access to the growing Chinese market. It facilitates even greater investment in electrification technologies and achieves greater synergies, delivering even better value to our customers and career opportunities for our people. Highly’s strong reputation and brand presence in China, combined with our reputation for manufacturing excellence creates a business with enormous potential. This is another great step forward for us towards building a leading global tier 1 supplier," Beda Bolzenius, Marelli CEO.