Greely Merges in Overseas Market

News from Greely says it decides to buy the bankrupt Australia auto parts supplier Drivetrain System International, becoming the first Chinese auto maker to make an overseas acquisition during the financial crisis. Geely says the purchase would make it to improve production and engineering capabilities for its own automatic transmissions. Geely plans to introduce DSI's products to Chinese auto makers and help it find low-cost Chinese suppliers to revive the company.

DSI, a supplier to the Ford Motor Corp, Chrysler and South Korea's Ssangyong Motor Corp, mostly produces four-speed and six-speed automatic transmissions with an annual output of 180,000 units. DSI is currently developing eight-speed automatic, dual-clutch and continuously variable transmissions.

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