FAW, Eaton reach JV agreement

First Automotive Works (FAW) and US-based Eaton signed an agreement to form a 50:50 gear box joint venture with an initial investment of US$96.7 million. The joint venture, if approved by Chinese authorities, will be located at an existing FAW facility in Changchun, Jilin province. FAW said the venture would focus on producing parts for buses and trucks.