Inergy Automotive Systems (IAS) and State Development & Investment Corporation (SDIC) of the People’s Republic of China have announced that they have signed a Memorandum of Understanding whereby Inergy would acquire a majority stake in Yangzhou Yapp Auto Plastic Parts Co Ltd (Yapp).
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The transaction is subject to a number of conditions and regulatory approvals and scheduled to be completed in 2005. With EUR50 million sales in 2004, Yapp is China’s leading plastic fuel systems manufacturer, with production sites in Yangzhou, Shanghai and Tangshan, which are located to supply major international car manufacturers operating in China.
“Inergy’s firm intention to achieve a successful deal with SDIC is another demonstration of our rapid expansion strategy in Asia, following our launch of operations in Japan, Korea and Thailand,” said Mr. Pierre Lecocq, CEO of IAS. “We would be proud and keen to be in a position to deliver our clients with the top quality products they need to serve the Chinese market, which is growing at dazzling speed,” he said
