SHANGHAI, Jan. 4, 2016 /PRNewswire/ -- DURA Automotive Systems LLC, subsidiary DURA Automotive Handels und Beteiligungs GmbH and Minth Investment Co., a subsidiary of Sinnoone (HK) Limited have, together, entered definitive agreements on the share transaction of Jiaxing Dura Minth Automotive Parts Co., Ltd. The joint venture company was originally established in 2007, to produce body and exterior trim components for automakers with operations in China. DURA has been a majority owner of the venture since inception. Under the terms of the transaction, Minth Investment has agreed to purchase the 51% share held by DURA. The transaction is expected to be complete in January, 2016, following the approval of the Chinese authority.
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"The product portfolio and manufacturing footprint of both companies has evolved significantly since establishing the entity in 2007. As such, it has been mutually agreed that it is best for both parties to exit the joint venture and move forward into the future on separate paths," said Jay Cheng, Vice President of Asia Operations for DURA Automotive Systems. "This decision supports our growth strategy and philosophy to employ standardized high-quality manufacturing processes and proprietary tooling designs across our worldwide operations. Our next generation of mechatronic control systems, hybrid lightweight structures and intelligent exterior trim systems will provide unparalleled value to automakers. We look forward to continuing to support global and China-based automakers with exceptional innovation and world-class manufacturing."
About DURA Automotive Systems
DURA Automotive Systems, a Lynn Tilton company, is a leading innovator and manufacturer of lightweight structural body systems, mechatronic control systems, and exterior systems including window systems and decorative trim. The company has a presence on more than 300 vehicle models worldwide. DURA is headquartered in Auburn Hills, Michigan, USA. In 2009, DURA joined the family of more than 70 Lynn Tilton companies. Strong investments in new innovation programs and access to the extensive network of Lynn Tilton technology companies that span virtual gaming, electronics, fashion and aerospace industries have catapulted DURA's future product offering to anticipate and satisfy the next generation of customer needs. DURA is nationally certified in the United States by the Women's Business Enterprise Council.
