TOPY Acquires Additional Shares in China Wheel JV Company

TOPY Industries announced on Thursday the Board Members approved in acquisition of additional stocks in Fujian Yuan Shing Topy, the joint venture company to produce automotive wheels in China. Fujian Yuan Shing Topy will become TOPY’s consolidated subsidiary. TOPY aims to strengthen its business base in China where the stable growth of automobile market is expected and Japanese automakers enter the market.

Fujian Yuan Shing Topy was established in 2003. TOPY’s equity will increase to 83.33% from current 34% by acquisition of additional shares at $ 3.5 million (344 million yen). Fujian Yuan Shing Topy posted annual revenue at 1.7 billion yen in 2008 with recurring profit at 337 million yen and net profit at 1 billion yen.

TOPY produces steel and aluminium wheels for passenger cars, commercial cars, special purpose vehicles and construction machines at the plants in Japan, USA, China and Southeast Asia.