PSA to buy controlling stake in Chinese parts distributor Jian Xin
PSA Group, looking to improve its performance in China, has agreed to buy a controlling stake in Chinese automotive spare parts distributor Jian Xin.
PSA said in a statement that the takeover, for which no price was disclosed, would help it establish a solid position in the Chinese aftermarket sales sector, and would allow it to expand its network of multibrand Euro Repair Car Service garages.
Jian Xin is the leading spare parts distributor in the Shanghai region, selling more than 5 million parts sourced from major original equipment manufacturers per year.
Last month, PSA reported a 15 percent rise in its global sales, and added that even though sales in China had fallen, it had seen signs of a stabilization in the Chinese market.
PSA said in a statement that the takeover, for which no price was disclosed, would help it establish a solid position in the Chinese aftermarket sales sector, and would allow it to expand its network of multibrand Euro Repair Car Service garages.
Jian Xin is the leading spare parts distributor in the Shanghai region, selling more than 5 million parts sourced from major original equipment manufacturers per year.
Last month, PSA reported a 15 percent rise in its global sales, and added that even though sales in China had fallen, it had seen signs of a stabilization in the Chinese market.
