Varroc Group buys 50% stake in Chinese lighting firm VTYC
PTI: New Delhi, Mar 05 2013, 22:50 IST
Varroc Group, a global provider of automotive parts, today said it has acquired 50 per cent stake of American firm Visteon at USD 20 million in the China- based lighting JV firm Visteon TYC Auto Lamps (VTYC).
"The transaction completes an important step in our strategic plan to focus on our core businesses and expand our footprint into China, the world's largest automotive market," Aurangabad-based Varroc Group Managing Director Tarang Jain said in a statement.
The equity stake was purchased on a cash and debt-free basis at approximately USD 20 million. The deal includes manufacturing and engineering facilities in Changzhou and Chongqing in China, the Group said.
Post acquisition, the new company will be called Varroc TYC Auto Lamps (VTYC) and Taiwan-based TYC Brothers Ltd will remain 50 per cent partner in the new entity, it added.
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