| For Immediate Release | 31st March, 2000 |
Hong Kong Aircraft Engineering Company Limited ("HAECO") and Bridgestone Corporation ("Bridgestone") today announced the sale of HAECO's 50% stake in Bridgestone Aircraft Tire Company (Asia) Limited ("BATASIA") to Bridgestone for US$6 million. Bridgestone already owns 50% of the company, which retreads aircraft tires at a facility in Taipo, Hong Kong.
P K Chan, Managing Director of HAECO, said: "This is a successful partnership but we have jointly decided that this is an opportune time for Bridgestone to take full control of BATASIA. We are pleased to announce that this transaction has been concluded today".
Takashi Nitamizu, Director of Bridgestone's Off-The-Road, Aircraft, and Motorsport Tire Sales Division, explained: "As a wholly-owned subsidiary, BATASIA will give us a more completely integrated global network for serving commercial airlines. We now are in a better position than ever to support customers worldwide with specialized skills and know-how and thereby continue to expand our business in aircraft tires."
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