| 28-12-2007
China
Automotive Systems Inc., a Chinese supplier of steering wheel products, says it
wants to increase its stake in Henglong Automotive Parts Co. from the current
44.5 percent to 81 percent. The deal could close in the first quarter of 2008,
China Automotive said today in a statement.
The companies have started
negotiations, but no agreement has been made.
Henglong reported net income
of $9.75 million on sales of $54.5 million in 2006, according to China Automotive.
Henglong's main customers include Chery Automobile Co. Ltd., BYD Auto,
Geely Automobile and FAW-Volkswagen.
China Automotive Systems is based
in Hubei Province, China. Its customers include China FAW Group Corp., Dongfeng
Auto Group Co. Ltd., Brilliance China Automotive Holdings Ltd., Beiqi Foton Motor
Co. Ltd. and Chery Automobile.
Editor:Ida.Zhang
from Chinabuses.com
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