CHENGDU, Dec. 2 (NBD) -- Zhejiang Asia-Pacific Mechanical & Electronic Co., Ltd., also known as APG, 002284, announced late Thursday that its controlling shareholder Asia-Pacific Mechanical Group is to acquire 100 percent stock of France-based company GMD, the latter estimated worthing 300 million euros (about 319.59 million US dollars).

As a leading manufacturer and distributor of automobiles spare parts in France, GMD's major product line covers components and parts for coachwork and chassis, customers including PSA, Renault S.A., BMW, BENZ, Volkswagen and other plants as well as tier-one supplier like ZF. Annual revenue of this company in 2015 reached around 688 million euros (about 734.99 million US dollars), of which gross profits took 61.90 million euros (about 66.13 million US dollars).

In spite of differences between two companies in term of market segmentation, some businesses of GMD coincident with that of Asia-Pacific Mechanical Group, which would possibly result in competition in between. In order to resolve such potential rivalry, the group commits to the injection of GMD shares into a listed company within three years from fulfillment of acquisition mentioned above.