Fuyao Group Glass Industries Co., China“s top automotive glass maker, said on 13 November 2007 that it plans to acquire a German automobile service company for EUR 1.03 million (USD 1.50 million) to …
Fuyao Group Glass Industries Co., China“s top automotive glass maker, said on 13 November 2007 that it plans to acquire a German automobile service company for EUR 1.03 million (USD 1.50 million) to better serve its major European clients. In a filing with the Shanghai stock exchange, Fuyao said it would acquire a 100% stake in SCHE35 Verwaltungsgesellschaft mbH from its parent Zehner Industriebeteiligungs-Gmbh, and rename it Fuyao Europe GmbH. Fuyao also said it had agreed to set up an autoglass joint venture in the central Chinese province of Hubei with an overseas company called Meadland Ltd. The venture will have a registered capital of USD 20 million, in which Fuyao would hold a 75% stake, the statement said. Fuyao“s net profit increased 54% in the 3Q 2007 from a year earlier due to rising demand for auto glass from the booming automobile industry.