Huaxiang unit acquires U.S. trim supplier
Lawrence Automotive Interiors Ltd., the United Kingdom subsidiary of China's Ningbo Huaxiang Electronics Co., has acquired Northern Engraving Corp., a U.S. supplier of decorative trim.
Northern Engraving, founded in 1908, supplies trim and automotive badges to Ford Motor Co., Volvo Car Corp., General Motors, Tesla Motors Inc. and others.
Northern Engraving, of Sparta, Wis., did not disclose the acquisition price. But Chinese media said it was $90 million (569 million yuan).
Lawrence Automotive, of Nottingham, U.K., makes wood veneer panel and was acquired by Huaxiang in 2007.
Huaxiang, which is in the east China city of Ningbo, mainly supplies the Chinese joint ventures of Volkswagen AG, GM and Ford. In 2010, Huaxiang posted a profit of 420 million yuan on revenue of 3.3 billion yuan.
