Selling auto parts

Inergy Automotive Systems is to acquire a majority stake in the Chinese plastic parts company Yangzhou Yapp Automotive.

Inergy Automotive Systems and the State Development Investment Corporation (SDIC) of the People’s Republic of China have signed a Memorandum of Undertsanding whereby Inergy would acquire a majority stake in the Yangzhou Yapp Automotive Plastic Parts Company.

The State Development Investment Corporation is the largest state-owned investment holding company of the People’s Republic of China and is the controlling shareholder of Yangzhou Yapp.

The transaction is subject to a number of conditions and scheduled to be completed in the second half of 2005, pending relevant government approvals.

With a turnover of some 50 million Euros in 2004, Yapp is China’s leading plastic fuel systems manufacturer, with production sites in Yangzhou, Shanghai and Tangshan.

Inergy Automotive Systems, a Tier One supplier of complete plastic fuel systems and fluid storage technologies, was founded through a 50/50 joint venture between the French company Plastic Omnium and Solvay SA, the Brussels-based international chemical and pharmaceutical group.

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