FAWER Automotive Parts to Fully Acquire Joint Venture

(MT Newswires) -- FAWER Automotive Parts (SHE:000030, SHE:200030) plans to fully acquire joint venture FAW-Valeo Automotive Air Conditioning from its venture partners, according to a Shenzhen bourse filing on Tuesday. The Chinese automotive parts manufacturer will buy 36.5% of FAW-Valeo from French company Valeo Systemes Thermiques, and the remaining 12.5% from Japan-based ITOCHU Corporation. The consideration for the stakes amounts to 1 yuan each. FAW-Valeo will be renamed FAW Huaqi Automotive Thermal Management System (Changchun) after the completion of the transaction.