Business

Wednesday August 12, 2009

Furukawa ups stake in Permintex


TOKYO: Furukawa Electric Co has taken a controlling stake in a Malaysian wire harness maker.

The Japanese electronics company raised its stake in Permintex Industries Sdn Bhd to 51% from 5%, it said in a release on its website yesterday, without disclosing the value of the deal, Bloomberg reported.

The Nikkei newspaper reported earlier Furukawa spent about 50 million yen (RM13.75mil) to buy the stake.

Meanwhile, Bernama said the parties signed a joint venture agreement in Kuala Lumpur yesterday.

Established in 1993, Permintex Industries is a major supplier of wire harnesses for Proton, Perodua and Modenas, and it currently employs 1,400 workers at its facilities in Jitra and Jeniang, Kedah.

Its technical partner, Furukawa Electric Co Ltd, is a unit of Furukawa and has been providing technical assistance to the group since 1993.

Under yesterday’s agreement, Permintex Industries will be renamed Permintex Furukawa Autoparts Malaysia Sdn Bhd.

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