BAIC to acquire Guangzhou Baolong

Beijing Automotive Industry Corp. (BAIC) will acquire Guangzhou Baolong, a small automaker in south China. BAIC plans to invest around 5 billion yuan (US$735.53 million) in the acquisition and expansion of Baolong, reports Reuters. BAIC plans to expand Guangzhou Baolong’s existing plant in southern China and will also invest in another facility in the region. The acquisition is expected to help BAIC expand its presence in southern China. (August 19, 2010)