Ford Motor Co.’s Chinese commercial vehicle unit agreed to buy a heavy-duty truck maker for about $42 million, Bloomberg reported Wednesday.
Jiangling Motors Corp., in which Ford owns a 30% stake, will acquire Shanxi province-based Taiyuan Changan Heavy Truck Co. from China Changan Automobile and China South Industries Group Corp., Ford said in a statement.
The deal represents “a great opportunity to continue to expand the breadth of our business in China across vehicle segments,” David Schoch, chairman and CEO of Ford China said in a statement, Bloomberg reported.