February 9, 2018 / 8:16 AM / 8 months ago

Carmaker PSA buys controlling stake in Chinese group Jian Xin

PARIS (Reuters) - French carmaker and Peugeot-owner PSA has agreed to buy a controlling stake in Chinese automotive spare parts distributor Jian Xin, with PSA looking to improve its performance in the lucrative Chinese market.

FILE PHOTO: The logo of Peugeot, part of French carmaker PSA Group, is seen on a car at a dealership of the brand in Saverne, France, January 9, 2018. REUTERS/Vincent Kessler/File Photo

PSA said the takeover, for which no price was disclosed, would help it establish a solid position in the Chinese aftermarket sales sector, and would allow it to expand its network of multi-brand Euro Repair Car Service garages.

Jian Xin is currently the leading spare parts distributor in the Shanghai region, selling more than 5 million parts sourced from major original equipment manufacturers per year.

Last month, PSA reported a 15 percent rise in its global sales figures, and added that even though sales in China had fallen, it had seen signs of a stabilization in the Chinese market.

Reporting by Sudip Kar-GuptaEditing by Dominique Vidalon

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