Caterpillar Inc. and Shaanxi Fast Gear Co., Ltd. have signed an agreement to form a joint venture that will manufacture drivetrain systems and other complex components for Caterpillar machinery and produce a full line of on-highway automatic transmissions. Caterpillar would be a 45% stakeholder in the JV; Fast Gear, which is partially owned by Weichai Power Co., Ltd. would have 51%, and Shaanxi Fast Auto Drive Group Co., Ltd. would hold a 4% stake. “This joint venture continues the Caterpillar strategy to develop partnerships with leading Chinese companies as we deploy our comprehensive business model in China. It will provide Caterpillar with competitive drivetrain components and systems as well as an Asian source for our CX28 and CX31 transmissions,” said Hans Haefeli, Caterpillar Vice President with responsibility for the Advanced Components and Systems Division. The JV, which is pending appropriate regulatory approvals in China, will provide CX series on-highway transmissions to both Caterpillar and Fast Gear for global distribution. “This joint venture with Caterpillar will propel us to the same leadership position in heavy-duty on-highway automatic transmissions that has taken us many years to build in heavy-duty on-highway manual transmissions,” said Li Da Kai, Chairman and President of Shaanxi Fast Auto Drive Group Co., Ltd.