Hisense Home Appliances Group, a major Chinese home appliances maker, is on course to buy Japanese auto air conditioning supplier Sanden Holdings Corporation.
The deal will allow Hisense to control 75 percent of Sanden’s voting rights.
Sanden produces air conditioning compressors, heat exchangers, and air conditioning systems for vehicle manufacturers such as Honda, Suzuki, Ford, and BMW.
Battered by the coronavirus pandemic though, Sanden began racking up losses in April 2020. By December, it incurred a net loss of 17.3 billion Japanese yen.
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