Japan's MSM to sell Mexican auto-spring business to China's Jinsheng Industrial

Japan's Mitsubishi Steel Manufacturing (MSM), a major maker of special steel springs, stabilizer bars, bearings and other components for automotive and machinery applications, has concluded an agreement to sell its wholly-owned subsidiary in Mexico, MSSC MFG Mexicana, S.A. de C.V., to the Mexican subsidiary of Chinese spring manufacturer Hwaway Technology Corporation, based in East China's Zhejiang province.

In a statement issued on March 30, Tokyo-based MSM said the transfer amount was $6.6 million and that all of its shares in MSSC were to be transferred to Jinsheng Mexico Industrial S de RL de CV through Hong Kong and US subsidiaries indirectly held by Hwaway. The date