Sports car maker Porsche AG said Sept. 5 that it has agreed to form a joint venture with automation and press systems manufacturer Schuler AG to build a smart press shop.
The planned JV will focus on creating a technology-driven facility for manufacturing complex auto body parts such as aluminum outer skin panels, along with other smaller batch sizes. It is expected to result in the creation of more than 100 jobs.
The JV will operate as an independent company, with Porsche and Schuler each owning a 50% stake. The German companies did not disclose the exact size of their investments in the JV, but Porsche said both are putting in "tens of millions."
"The aim of this undertaking is to use future technologies and innovations to make processes more efficient," Albrecht Reimold, a member of Porsche's executive board for production and logistics, said in a statement.
The location for the new company has not yet been determined, but its selection will consider the distance across which auto parts will be transported with an aim to reduce carbon emissions.
Volkswagen AG, which is majority owned by Porsche Automobil Holding SE, is the parent of Porsche AG.