Guangdong Tokiwa Automobile Business Group Co., Ltd. agreed to acquire remaining 70% in Hongdong Faltec Auto Accessories Co., LTD. from Faltec Co., Ltd. for ¥25.7 million.
November 11, 2020
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Guangdong Tokiwa Automobile Business Group Co., Ltd. agreed to acquire remaining 70% in Hongdong Faltec Auto Accessories Co., LTD. from Faltec Co., Ltd. (TSE:7215) for CNY 25.7 million on November 11, 2020. As per the plan, the business of HONGDONG FALTEC AUTO ACCESSORIES CO., LTD. will be transferred into FOSHAN FALTEC AUTOMOTIVE PARTS Co., Ltd. and the equity will be transferred to Guangdong Tokiwa. For the year ended March 2020, Hongdong Faltec Auto Accessories Co., LTD. reported sales of CNY 24 million, total assets of CNY 30.4 million and net assets of CNY 30.4 million. The Board of Directors of Faltec Co., Ltd. resolved the deal on November 11, 2020. A contract is expected to be concluded on November 12, 2020 and immediately after this, the deal will close.
FALTEC Co., Ltd. is a Japan-based company engaged in manufacture and sale of automotive exterior parts, automobile genuine products and automobile related equipment business. The Company operates Japan, Asia and North America segment. The Automobile Enterior Parts business is engaged in the development, manufacture and sale of automobile exterior resin parts, such as radiator grilles, mud guard centers and wheel covers; molding parts, including window moldings, as well as door sash and metal parts. The Automobile Genuine Products business involves in the development, manufacture and sale of exterior goods, electrical components, metal products, chemical products and others. The Automobile-Related Equipment business is engaged in the development, manufacture and sale of automobile inspection and maintenance equipment, automobile manufacturing facilities and equipment, emergency power generators and gas engines for air conditioners.
Guangdong Tokiwa Automobile Business Group Co., Ltd. agreed to acquire remaining 70% in Hongdong Faltec Auto Accessories Co., LTD. from Faltec Co., Ltd. for ¥25.7 million.
FALTEC CO., LTD. 
