Halla Visteon Climate Control (HVCC) has announced that the company has reached an agreement to acquire an ownership stake in Japan Climate Systems (JCS) Nanjing of 51 percent and become the majority shareholder. The cash transaction, valued at $6.4 million (6.5 billion Korean Won), is subject to adjustments and expected to be finished in the third quarter of 2014, after certain local regulatory and other processes are completed.
JCS Nanjing
Established in 1987 as a joint venture, Japan Climate Systems (JCS) currently has an ownership structure evenly distributed among HVCC, Mazda and Panasonic. The company is based in Higashi-Hiroshima City, and has three wholly owned manufacturing facilities (Nanjing, China; and Hiroshima and Yamaguchi in Japan) and operations in Malaysia and Mexico. JCS Nanjing manufactures heat exchangers for automotive applications.
Acquiring this ownership stake in JCS Nanjing demonstrates HVCC’s commitment to address expansion and serve the growing number of customers in China. HVCC currently operates 11 manufacturing facilities (Beijing, Dalian, Jinan, Wuhu, Chongqing, Nanchang, Changchun, Chengdu, Foshan, Nanjing and Yancheng) and one engineering center (Shanghai) in China. Spanning the country, these operations enable the company to support customers in respective regions in close proximity.
