Japan: Mazda sells 70% stake in parts subsidiary

Mazda Motor has announced it has sold a 70% stake in Hiroshima, Japan-based machine tool and auto components subsidiary Toyo Advanced Technologies. The OEM sold 6,807,000 shares with a value of ¥21bn (US$267.1m) to Itochu Corporation. Mazda noted that the transaction will lead to the posting of extraordinary profit of around ¥18.9bn and ¥9.6bn, Subscribe to Automotive World … Continued

• By Webmaster
• July 20, 2012