Faurecia to buy car navigation unit Clarion from Hitachi for $710m

Photo: Reuters

French car parts maker Faurecia SA is set to buy a majority stake in Japanese car navigation system maker Clarion Co from Hitachi Ltd for around 80 billion yen ($710 million), the Nikkei reported on Thursday.

The report said Hitachi agreed to sell most of its stake to Faurecia, making the French company a majority owner. Hitachi, which owned around 63.6 percent of Clarion shares as of end-March, said it was considering various options but had not made any decision.

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