Top Biz News

Glass maker to sell Goldman stake

(China Daily)
Updated: 2006-11-21 08:26

Established in East China's Fujian Province in 1987, the company's registered capital rose from 6.27 million yuan (US$793,671) to 6.7 billion yuan (US$848.1 million) in 2006, and export volume stood at more than US$100 million in 2005.

The company has more than 300 chain stores in large and medium-size cities in China. It has also built four global sales centres in Hong Kong, the United States, Australia, and Russia.

As a key original equipment manufacturer, Fuyao has around 80 foreign customers including Audi, FAW, Hyundai, Suzuki and Mitsubishi. Earlier this August the company submitted a final bid to acquire Ford Motor Co's North American auto glass-making operations.

Analysts said the move reflects the Chinese auto industry's appetite for overseas expansion by purchasing their counterparts' assets.

(China Daily 11/21/2006 page9)