Ningbo HuaXiang picks controlling stake in Fawer Automotive
To increase non-FAW business
Chinese automotive supplier Ningbo HuaXiang Electronic Co. has purchased a controlling interest in Fawer Automotive Parts, the auto parts subsidiary of FAW Group. Under the new ownership structure, HuaXiang owns 49% while 35% is owned by FAW and the rest 16% by the company's management team. HuaXing expects to get the company listed on stock exchanges.
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