AUX and Panasonic Sign Agreement to Collaborate

On November 2nd, AUX Air Conditioner Co., Ltd. ("AUX") and Panasonic Wanbao Appliances Compressor (Guangzhou) Co., Ltd. ("Panasonic") signed a cooperation agreement at the headquarters of the AUX Group.

Hideji Nakamura, General Manager of Panasonic Wanbao Appliances Compressor (Guangzhou) Co., Ltd. and Xin Ning, CEO of AUX Appliance Group, signed a strategic cooperation agreement on behalf of both parties. Masaji Miura, President of Panasonic New Air Conditioner Co., Ltd., Hirohiko Nishi, Director of Air Conditioner Parts Business Unit of Panasonic New Air Conditioner Co., Ltd., Yoji Tanaka, Director of Business Department and Business Planning Department of Air Conditioner Parts Business Unit of Panasonic New Air Conditioner Co., Ltd., Zheng Jianjiang, Chairman of AUX Group, Jack Zheng, Vice President of AUX Group, and Gu Tangtang, Vice President of AUX Appliance Group, attended the signing ceremony.

-Signing ceremony-

This cooperation focuses on the field of air conditioner compressors, with an initial investment exceeding CNY2.2 billion. This is an important start for AUX in building an integrated industrial chain.

After the project is completed and put into operation, AUX will further expand its business reach, enhance the technological and qualitative competitive advantages of AUX air conditioners, establish synergistic benefits in machine design and parts development, effectively shorten the research and development cycle, thus meeting the new demands of downstream consumers for home air conditioners in terms of comfort, health, energy efficiency, intelligence, etc., and strengthening market competitiveness.

Both parties will take full advantages of their respective strengths. Panasonic will support the project with its leading technology in the area of compression. AUX will work with Panasonic to set a new benchmark for win-win cooperation between upstream and downstream by fully leveraging its advantages in practical areas such as cost control, R&D efficiency and sales model.

The cooperation signifies a new stage of collaboration between AUX and Panasonic, and the two companies will jointly create a broader space for development in the future air conditioner market, offering consumers more choices and higher quality products.