February 9, 2018 / 8:16 AM / 2 years ago

Carmaker PSA buys controlling stake in Chinese group Jian Xin

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

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.

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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