The Furukawa Electric Co. Ltd. (Furukawa Electric) and GP Industries Limited (GPI), a Singapore listed company and long-term partner with Furukawa Electric in China for automotive wiring harness business since 1987, have reached mutual agreement that Furukawa Electric takes a management control in Furukawa GP Auto Parts (HK) Limited (FGP), a fifty-fifty Joint Venture established in 1997 in Hong Kong for the strategic investment into the Chinese market.
Furukawa Electric and GPI agreed simultaneously that Furukawa Electric acquires 30% share of FGP from GPI and that FGP will wholly acquire GP Auto Cable (Huizhou) Ltd (GPAC), a joint venture of GPI and Furukawa Automotive Parts Inc, a subsidiary company of Furukawa Electric, as 90.42:9.58 respectively for manufacturing Automotive Wiring Harness in China.
These acquisitions allow Furukawa Electric to reorganize production sites in China so that Furukawa Electric takes its management control in each site, and will fulfill customer satisfaction through QCDDME in order to expand Automotive components business in China market.
Furukawa
