This move reflects Erae’s desire to increase its presence in China by strengthening cooperation with China’s deep-pocketed company. Erae Automotive signed an agreement to sell a 50-percent stake in its automotive air-conditioning business to HT-SAAE, a subsidiary of CASC.
To this end, Erae will divide itself into two parts--automotive electronics as well as chassis and air-conditioning business. The board of directors for the automotive air-conditioning business will be established on a 50:50 basis between Erae and HT-SAAE but the CEO will be appointed by Erae.
Erae’s automotive air-conditioning business has annual sales of about 500 billion won. The corporate value of the air-conditioning business is estimated at several hundreds of billions of won.
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