SHANGHAI -- Ningbo Huaxiang Group, a private auto interiors supplier located in east China's Zhejiang province, is set to acquire Jaguar Land Rover's interior production facility in England later this month, reports an official newspaper in Zhejiang.
Huaxiang subsidiary Lawrence Automotive Interiors (LAI), will make the purchase, the Zhejiang Daily reports. Lawrence Automotive is headquartered in Nottingham, England.
The purchase is expected to be completed this month. Huaxiang will pay 15 million pounds (about $22.7 million), the newspaper reports.
Located in Coventry, England, the plant supplies both wood and carbon fiber interior panels to Jaguar and Land Rover vehicles, according to the newspaper.
If completed, the plant will be Huaxing's second acquisition in the UK. In 2006, it acquired LAI, a luxury car interior supplier. The acquisition of the Jaguar Land Rover plant will further strengthen Huaxiang's ability to supply luxury brands, the newspaper reports.
In China, Huaxiang mainly supplies automakers operating in eastern China, including Shanghai Volkswagen Automotive Co., Shanghai General Motors Co., the Nanjing plant of Changan Ford Nanjing Co. and Chery Automobile Co.