On 6th November 2014, GEM signed a cooperation agreement on joint investment of auto parts remanufacture project with Mitsui & Co., Ltd and Honest in Wuhan.

Xu Kaihua, the president of GEM Group, Wang Min, deputy general manager of GEM Group and other leaders from the senior management team of the Group attended this signing ceremony. Zhou Jifeng, deputy general manager of GEM Group, Irie Masarang, the representative of Mitsui and Nagatsuka Masagi, the general manager of HONEST, signed the project cooperation agreement.

Auto parts remanufacture refers to by using modern technology, renew the auto parts in size, position tolerances, performance in large quantity. The renewed parts should close to if not equivalent to the new product. This joint venture project registered with 40 million RMB, of which accounts for 45% of the total shares, HONEST accounts for 30% and Mitsui account for 25%. HONEST and Mitsui will input technology and capital as the means of cooperation. This industrial base will be built in GEM (Yangluo) Recycling Industrial Park. The auto parts remanufacture project will build the most advanced domestic remanufacture production lines and the products will be sold at home and abroad, to promote China’s ELV recycling industry to the world advanced level.

HONEST has over 20 years experiences of auto parts remanufacture in Japan and Vietnam. They have world leading technology and many international standards and Japanese national standards were drafted by the company. Mitsui is one of the world"s largest comprehensive enterprises, who is also shareholders of Honda, Toyota and many other auto giants. Mitsui hold a rich of industrial resources.

This cooperation with Mitsui and HONEST has opened up the situation of joint construction of auto parts recycling industry with global magnates. This can effectively integrate the international advanced technology, make full use of the rich experience and perfect platform of international market in the field of auto parts remanufacture of Japanese pioneers, construct a complete industrial chain from the comprehensive utilization of ELV to auto parts remanufacture, realize the unity of technology, capital and resources, bring the overall technology level of the ELV processing industry chain to an international advanced level, increase the core competitiveness and profitability of the ELV processing companies. This cooperation has a profound significance in the industry strategy development of the national ELV recycling industry

Fig.1 Xu Kaihua, the president of GEM Group (2nd from right), Irie Masarang, the deputy director of metal resources department of Mitsui (2nd from left) and Nagatsuka Masagi, the general manager of HONEST (middle) took a photo.

Fig. 2 Signing ceremony scene of ELV auto parts remanufacture joint venture project