HL Technology reshuffles its auto wiring harness business - 0 views
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Matthew Wonnacott on 21 Nov 12HL Technology, a listed Chinese producer of wire and cables, announced on 20th November that it plans to sell its 55% stake in Tianjin Rituo Automotive Electronics to Wang Xiang, for RMB58.6M (US$9.3M), stating that the venture had not been as profitable as expected. The company also announced it is acquiring the entire equity in a separate company, Rituo High Technology, from Rituo Automotive Electronics for RMB15M (US$2.4M). Rituo High Technology researches, designs and manufactures wiring harness components such as the wires used for signal transmission. By purchasing Rituo High Technology, HL Technology said it hopes to develop its own wholly owned subsidiary in the wiring harness sector.