Vehicle Access Systems Technology LLC (VAST LLC) announced that a binding agreement was signed today in Shanghai, China for VAST LLC to acquire the remaining minority interest in the company’s two Chinese joint ventures, collectively known as VAST China. When the transaction is completed, VAST LLC will own 100% of VAST China. The transaction is expected to be completed in 30 days, pending completion of the customary government approvals.

VAST China operations will continue to provide high quality vehicle access products and services to the automotive OEM’s in the region. Those products include latching systems, lock sets, door handle components, driver control, and exterior trim products.

Through this acquisition the VAST LLC shareowners consisting of WITTE Automotive (also known as WITTE-Velbert GmbH & Co. KG) of Germany, STRATTEC SECURITY CORPORATION of Milwaukee, WI and ADAC Automotive, Inc. of Grand Rapids, MI. will demonstrate their commitment to the customers in the region. “The global automotive industry is going through a rapid restructuring,” said Yadi Gong VAST China Chairman and Legal Representative. “To better serve our customers in this evolving environment, we have been building and developing a strong and talented management team. I am pleased that the combined resources, experience and reputation of WITTE, STRATTEC and ADAC will enable us to become the most highly qualified single source supplier in China for vehicle access products. Together with all of our employees and VAST LLC’s sales and engineering subsidiaries in Japan (VAST Japan) and Korea (VAST Korea) customers across Asia will have a strong and reliable partner.”