HVCC To Acquire Ownership Stake In JCS Nanjing
News: Halla Visteon Climate Control (HVCC), a merger between South Korean supplier Halla Climate Control and US parts maker Visteon's automotive climate units, intends to acquire a 51% stake in China-based Japan Climate Systems (JCS) Nanjing. According to HVCC's President and CEO YH Park, the company has entered into an agreement to become the majority shareholder in JCS Nanjing. YH Park said: 'This move leverages our longstanding relationship with JCS and strengthens our ability to deliver shareholder value by supporting automakers in the growing China market.' The completion of the deal, which is valued at USD6.4mn, is expected in Q314.