Later this month, Jaguar Land Rover's interior production facility in England will be acquired by Ningbo Huaxiang Group, a private auto interiors supplier located in east China's Zhejiang province.
The Zhejiang Daily reported that Huaxiang subsidiary Lawrence Automotive Interiors (LAI), which is based in Nottingham, England, will make the purchase.
The paper reveals that the purchase will be completed later this month, with Huaxiang paying 15 million pounds (about $22.7 million).
The plant located in Coventry, England, provides both wood and carbon fiber interior panels to Jaguar and Land Rover vehicles. Upon completion, this plant will be Huaxing's second acquisition in the UK.
It previously acquired LAI, a luxury car interior supplier, in 2006. The paper reports that the acquisition of the Jaguar Land Rover plant will reinforce Huaxiang's ability to supply luxury brands.
In China, Huaxiang is the main supplier for carmakers operating in eastern China, including Shanghai Volkswagen Automotive Co., Shanghai General Motors Co., the Nanjing plant of Changan Ford Nanjing Co. and Chery Automobile Co.[via autonews - sub. required]