Beijing Hainachuan Automotive Parts Co Ltd (Hainachuan) will acquire 100 percent of the stock of the Netherlands' Inalfa Roof Systems Group (IRS), China Business News reported Friday, citing an internal announcement from the Netherlands company's China office.
Beijing Automotive Industry Holding Co Ltd, which holds a 60 percent share in Hainachuan, will keep IRS's management team and its headquarters in the Netherlands, the newspaper reported.
Hainachuan and IRS, which makes automobile sunroofs, signed the stock transfer agreement on April 16. The companies expect to complete the stock transfer in June following government approval, which might take six to eight weeks, the report said.
Hainachuan is a joint venture of Beijing Automotive Industry Holding Co Ltd and Beijing Industrial Development Investment Management Co Ltd.