Fuyao Glass says no interest in US auto glass assets

Date: 29 October 2008
Source: Reuters

Date: 29 October 2008

SHANGHAI, Oct 24 (Reuters) - Fuyao Glass Industry Group Co (600660.SS: Quote, Profile, Research, Stock Buzz), China's largest automotive glass maker, has no interest in buying U.

S. auto glass assets despite having been approached about such deals, its chairman said, as its own growth is being hampered by a slowdown in domestic car sales.



Struggling with a faltering economy and a severe credit crisis, General Motors (GM.N: Quote, Profile, Research, Stock Buzz) and other Detroit automakers are cutting jobs and shedding assets.



But Fuyao, which two years ago sought to buy glass manufacturing assets from Automotive Components Holdings LLC, a parts unit of Ford Motor (F.N: Quote, Profile, Research, Stock Buzz), now has no interest in playing white knight.

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