DURA Automotive Systems , subsidiary Dura Automotive Handels und Beteiligungs, and Minth Investment, a subsidiary of Sinnoone (HK) have agreed to a share transaction involving Jiaxing Dura Minth Automotive Parts that exits Dura from the joint venture (JV).
The joint venture was established in 2007 to produce body and exterior trim components for automakers with operations in China. Dura has been a majority owner of the venture since inception. Under the new deal, Minth Investment has agreed to purchase the 51% share held by Dura. The transaction is expected to be complete this month following approval of the Chinese authority.
"The product portfolio and manufacturing footprint of both companies has evolved significantly since establishing the entity in 2007. As such, it has been mutually agreed that it is best for both parties to exit the joint venture and move forward into the future on separate paths," said Jay Cheng, head of Asia operations at DURA Automotive Systems . "We look forward to continuing to support global and China-based automakers with exceptional innovation and world-class manufacturing."