Honda Motor has signed an agreement to transfer all shares of Honda Lock Mfg (Honda Lock), a consolidated wholly-owned subsidiary, to MinebeaMitsumi, a manufacturer of machinery components and electronic devices.

“In the midst of major changes in the business environment, Honda is working to optimise its business portfolio to better leverage the strengths of each individual Honda company, including those of its consolidated subsidiaries,” the automaker said in a statement.

“As a result of studying the future growth potential of Honda Lock, including the advancement of its key products into electronic devices, [we] concluded Honda Lock will experience further growth in the future by conducting business as a part of the MinebeaMitsumi Group, which has strengths in technologies and value creation in a diverse range of industries and technology areas beyond automobile components.

“Based on this assessment, Honda decided to proceed with this stock transfer, which is expected to be completed before the end of 2022, after going through various transfer procedures including obtaining regulatory approvals.”

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