Daiwa Principal and Fund Sell Nikko Elec To Chinese Company

Daiwa Securities SMBC Principal Investment Co. and an investment fund operated by billionaire American financier Wilbur Ross plans to sell 79.1% of the outstanding shares in Japanes autoparts firm Nikko Electric Industry Co. to Chinese autoparts manufacturer Ningbo Yunsehen Co., according to Nikkei. Ningbo is listed on the Shanghai Stock Exchange and makes magnetic materials and motors for passenger vehicles. Nikko Electric supplies parts for automobiles and construction machinery to such customers as Isuzu Motor Ltd., Komatsu Ltd. and Mitsubishi Heavy Industries Ltd.