Fawer Automotive Parts Limited Company - FY2009
Business Highlights
Transfer of Equity Shares
-On September 16, 2009, Ningbo Huaxiang Electric Co., Ltd. transferred stock it owned in the company to other companies as follows: 22% went to Tianyi Investment Co., Ltd.; 5% went to Jinshi Investment Co., Ltd.; and 2% to Yadong Investment Co., Ltd. After transferring its shares, Ningbo Huaxiang Electric Co., Ltd. held a 20% ownership in the Company. (From a press release on September 16, 2009)
New Joint Venture
-Changchun Faway Automobile Components; Changchun Yidong Clutch Co., Ltd.;the Company ; and the Technology Center of China FAW Group will establish a joint-venture company. The new entity will be capitalized at 10 million yuan, with Jilin University providing 50 percent or 5 million yuan and the other companies contributing 10 percent or 1 million yuan each. The joint-venture company will engage in the development, designing, testing, and inspection of auto parts; technical consultation; technical services, training; and automotive software development.(From a press release on August 5, 2009)
Divestiture
-Valeo has acquired 100% shares of its joint venture in China, Valeo Fawer Compressor (Changchun) Co., Ltd. Valeo previously held a 60% stake and Fawer 40%. This Chinese entity will thus be renamed Valeo Compressor (Changchun) Co., Ltd. (From a press release on November 2, 2009)