Honda Motor Co. and Hitachi Ltd. agreed to merge four of their car parts businesses to create a components supplier with almost $17 billion in sales, joining the wave of partnerships sweeping across the global auto industry.
Honda and Hitachi said Wednesday they will combine Hitachi Automotive Systems and Honda affiliates Keihin Corp., Showa Corp. and Nissin Kogyo Co.
Following a tender offer and an interim step, Hitachi will own two-thirds of the new entity, with Honda owning the rest, the companies said.
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