Car part manufacturer Zexel Corp. said (27/6/00) it will sell an equity stake in its subsidiary Zexel Climate Control Corp. to fellow auto part maker Valeo SA of France for 10.4 billion yen, according to Jiji Press.

The parent company will sell 40% of the wholly-owned unit, which manufactures car air conditioners, by August this year, with the subsidiary to be named Zexel Valeo Climate Control Corp.

This subsidiary will produce and sell air conditioners to Asian countries including Japan, as well as compressors to Europe.