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October 25, 2000
Nissan Announces Sale of Holdings in Nihon Plast to Dalphi Metal
Tokyo, October 25 -- Nissan Motor Co., Ltd. announced that it has reached an agreement to sell a 14.0% stake in Nihon Plast Co.,Ltd. to Dalphi Metal of Spain. For the moment, Nissan will retain a 12.6% stake in Nihon Plast. As part of the deal, Nihon Plast will also take a 10.0% equity stake in Dalphi Metal. The terms of the transaction were not announced by the companies and the deal is expected to be completed on November 2, 2000.
Nihon Plast, based in North America and Asia currently supplies Nissan with steering wheel ,airbag components in U.S., Mexico and Japan for nearly all models. Dalphi Metal, based in Europe and South America, currently supplies Nissan with steering wheel in Spain for commercial vehicles. Together, they will continue their business with Nissan.
As a part of the Nissan Revival Plan, the company has strengthened its supplier relationships by creating a more global suppliers. "Both companies have been suppliers to Nissan on a regional basis and partnered together, they will be able to improve on quality, cost and speed.h said Itaru Koeda, executive vice president in charge of purchasing for Nissan Motor Co., Ltd. gThis move clearly strengthens both companies by improving their global reach, and we look forward to growing our relationship with them.h
Under the Nissan Revival Plan, the company has committed to returning to a net consolidated profit in fiscal year 2000, achieving an operating margin of at least 4.5 percent by fiscal year 2002 and reducing net consolidated automotive debt to less than 700 billion yen by fiscal year 2002.
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