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SAIC, Baosteel and Donghua to reorganize Nanjing Tooling Co
Shanghai. February 29 (Gasgoo.com) – Shanghai Automotive Industrial Corporation (SAIC), the Baosteel Group and Donghua signed an agreement in Nanjing yesterday to organize the former Yuejing Motor Group Nanjing Tooling Co, Chinese Business News reported today.
Under the agreement, SAIC, Baosteel each owns a 35 percent stake of the joint venture and Donghua owns a 30 percent stake.
Yuejing Motor Group Nanjing Tooling Co, formerly is a subsidiary of Nanjing Auto Group is specialized in the manufacturing of automotive moldings. The company supplies automotive molding products to former Nanjing Auto Group, Shanghai-Volkwagen and Shanghai General Motors.
Last December, Shanghai Auto (SAIC) and Yuejin Motor Group (Nanjing Auto) signed a full partnership agreement, under which Yuejin’s auto parts and service business were transferred to the newly created Donghua Group. The Yuejin Group owns a 75 percent stake of the Donghua Company and SAIC owns a 25 percent stake.
Analysts say the reorganization will further facilitate the integration of the business practices of Shanghai Auto Group.
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