Varroc Group concludes acquisition of Chinese JV

Varroc Group has announced their acquisition of the Visteon equity interest in its China-based lighting joint venture, Visteon TYC Auto Lamps Co., Ltd. TYC Brothers Ltd of Taiwan will remain the 50pc partner in the new entity, named Varroc TYC Auto Lamps Co., Ltd. Tarang Jain, Managing Director, Varroc Group speaking about the new venture said, “I am pleased with the acquisition completion. The transaction completes an important step in our strategic plan to focus on our core businesses and expand our footprint into China, the world’s largest automotive market.” Varroc Group’s China entity will be part of Varroc Lighting Systems which was recently formed after Varroc Group’s acquisition of Visteon’s global automotive lighting business. This purchase price for equity stake of VTYC, on a cash-and debt-free basis, was approx. US$ 20 million. The deal includes manufacturing and engineering facilities in Changzhou and Chongqing.