Chinese automaker Geely (see the Geely GE posted earlier this morning) has announced its purchase of Australian company Drivetrain System International, one of the worldâ€™s largest transmission manufacturers.
DSI produces drivetrains for Ford, Chrysler and Ssangyong, in RWD and AWD formats.
Despite its position on the world stage, the global economic crisis saw DSI enter bankruptcy protection in February this year, affecting Ford Australiaâ€™s production in the process.
The agreement between the two companies was signed at DSIâ€™s New South Wales headquarters and Wang Ziliang, vice chairman of Geely Automotive Holdings, said that Geely will continue to maintain the DSI brand and its independent operations to best service its global clients.
Geely will invest in the research and development of DSIâ€™s transmission systems, including an eight-speed transmission that the company is reportedly working on.