Shanghai. November 27 (Gasgoo.com) – FAW-Xiali plans to sell two auto parts businesses at a total price of 311 million yuan ($41.89 million) to FAW-Toyota, the Beijing Times reported today.
These two auto parts companies are Tianjin Toyota Stamping Parts Co. and Tianjin Toyota resin Parts. Before the deal, FAW-Xiali and Toyota each owns 50 percent stakes of these two companies. After the deal, these two companies become FAW-Toyota’s wholly owned subsidiaries.
By selling these two businesses, FAW-Xiali can get 311 million yuan ($41.89 million) in return. This money will help FAW-Xiali to ease financial difficulties it is struggling to deal with.
FAW-Xiali announced in October that the company posted a year-on-year profit drop of 50 percent – 100 percent in the first three quarters this year. The company mainstay products, Xiali and Weizhi have experienced substantial sales declines this year.
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