On June 4, Halla Visteon Air Conditioning announced that it had reached an agreement on the same day that it would acquire a 51% stake in Jiexisi (Nanjing) Automotive Air Conditioning Co., Ltd. and become a major shareholder.
Founded in 1987, Jess Auto Air Conditioning Co., Ltd. is a joint venture between Halla Visteon Air Conditioning, Mazda and Matsushita Electric Industrial Co., Ltd. Headquartered in Higashihiroshima City, Japan, Jahs Automotive Air Conditioning has three wholly-owned manufacturing and processing bases (located in Nanjing, China, Hiroshima, Japan and Yamaguchi, Japan). And has offices in Malaysia and Mexico.
The main business of Jiexisi (Nanjing) Automobile Air Conditioning is to produce heat exchangers for automobiles. The purchase of the shares of Halla Visteon Air Conditioning Co., Ltd. amounted to USD 6.4 million. The transaction still needs to be approved by the relevant regulatory authorities and is expected to be Completed in the third quarter of this year.
Halla Visteon Air Conditioning said that the acquisition of the equity of JC (Nanjing) Automotive Air Conditioning demonstrates the company's determination to expand its business in China. At present, Halla Visteon Air Conditioning has 11 production bases in China, located in Beijing, Dalian, Jinan, Wuhu, Chongqing, etc. In addition, there is an engineering research and development center in Shanghai.
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