(MENAFN) Ford Motor Co. announced that its affiliate, Jiangling Motors Corp. (JMC), will acquire Chinese truck maker Taiyuan Changan Heavy Truck Co., reported AP.
The US automaker said that the deal by JMC, in which Ford owns a 30-percent stake, will enable Ford to enter the heavy truck business in China.
The company didn't reveal financial terms; however, JMC will pay cash to own the truck maker.
On the other hand, Ford said that it's establishing 5 new plants in China, including a USD300 million plant in Nanchang, where JMC is located, and which will have an annual output capacity of 300,000 JMC and Ford vehicles when it opens next year.
It is worth noting that by 2015, Ford plans to expand presence in China with the introduction of 15 new vehicles.
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