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BRIEF-Sevcon buys remaining 50 pct interest in Chinese joint venture
June 8, 2017 / 8:04 PM / in 4 months

BRIEF-Sevcon buys remaining 50 pct interest in Chinese joint venture

June 8 (Reuters) - Sevcon Inc:

* Sevcon acquires remaining 50 pct equity interest in Chinese joint venture

* Sevcon Inc- deal for $5,000,000

* Sevcon - agreed to acquire Xuchang Fuhua Glass Co. Ltd’s entire 50 pct equity interest in sevcon new energy technology

* Sevcon - Sevcon also agreed to reimburse Fuhua Glass for taxes paid by it in relation to equity transfer in an amount not to exceed $1.2 million

* Sevcon - upon consummation of acquisition, sevcon new energy technology will become a “wholly-owned foreign entity” under Chinese law Source text for Eikon: Further company coverage:

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