Mitsui & Co buys one-third stake in US auto assembler
Move marks a first foray into auto assembly for Mitsui
Japanese conglomerate Mitsui & Co has bought a one-third stake in Android Industries, the largest contract auto assembly company in the United States, reports financial daily The Nikkei. Mitsui spent more than JPY3 billion (USD29 million) to purchase 33.4% of outstanding shares in Android from a US investment fund. While Mitsui has become Android's largest shareholder, the fund's stake has fallen to less than 30% following the transaction. Android, which is an independent contract manufacturer with no capital alliances with any automaker, makes wheel and suspension assemblies for all three major US automakers: General Motors, Ford and Chrysler.
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