NEW YORK (AP) — Swedish auto safety systems maker Autoliv Inc. said Thursday it has agreed to buy the remaining 41 percent of shares in Chinese joint venture Autoliv Maw Hung Vehicle Safety Systems for nearly $14 million.
The joint venture, which operates one of Autoliv's nine manufacturing facilities in China, primarily produces seatbelts. Formed in 2002, the business has grown to 170 employees and is expected to reach $50 million in sales this year.
Autoliv said it expects total 2007 sales in China to grow more than 40 percent to $260 million.
The deal is subject to customary governmental approvals.
Autoliv shares rose 39 cents to $64.40 in morning trading.