Italy-based auto parts manufacturer C.L.N. Coils Lamiere Nastri S.p.A. (CLN) has announced that it has closed its equity investment agreement with Japanese steelmaker Marubeni-Itochu Steel Inc. (MISI) according to which MISI now owns a 10.45 percent stake in CLN.
MISI's aim in taking an equity stake in CLN is to strengthen the partnership between the two companies and realize new shared business opportunities in the automobile markets of emerging nations predicted to achieve high economic growth over the years to come. MISI continues to enhance its steel products supply chain as automakers and car component manufacturers make inroads overseas and expand production abroad. MISI also manages a steel service center with CLN in Germany.
CLN manufactures and sells steel wheels as well as press-molded parts for automobile bodies and chassis, primarily to European, Japanese and North American automakers. It also operates in the steel service center business mainly in
Italy. CLN has steadily expanded its operations to keep pace with the increasingly global development of automakers, investing mainly in central Europe, in all BRICS countries, and in Mexico and Turkey.