SINGAPORE, Oct. 2, 2014 /PRNewswire/ -- China Yuchai
International Limited (NYSE: CYD) ("China Yuchai" or the "Company")
announced today that its main operating subsidiary, Guangxi Yuchai
Machinery Company Limited ("GYMCL") has divested its entire
70% shareholding interest in Jining Yuchai Engine Company Limited
("Jining Yuchai"), its diesel car engine manufacturing
joint-venture with Zhejiang Geely Holding Group Co.,
Ltd.
Jining Yuchai was established in 2008 to develop and manufacture
diesel engines for passenger vehicles in China. GYMCL made the decision to exit from
this joint-venture after discussions with the other shareholder in
Jining Yuchai.
The financial impact of this divestiture is being evaluated by
the Company and will be announced when it has been determined.
About China Yuchai International
China Yuchai International Limited, through its subsidiary,
Guangxi Yuchai Machinery Company Limited ("GYMCL"), engages in the
manufacture, assembly, and sale of a wide variety of light-,
medium- and heavy-duty engines for trucks, buses, passenger
vehicles, construction equipment, marine and agriculture
applications in China. GYMCL also
produces diesel power generators. The engines produced by GYMCL
range from diesel to natural gas and hybrid engines. Through its
regional sales offices and authorized customer service centers, the
Company distributes its engines directly to auto OEMs and retailers
and provides maintenance and retrofitting services throughout
China. Founded in 1951, GYMCL has
established a reputable brand name, strong research and development
team and significant market share in China with high-quality products and reliable
after-sales support. In 2013, GYMCL sold 500,756 engines and is
recognized as a leading manufacturer and distributor of engines in
China. For more information,
please visit http://www.cyilimited.com
Safe Harbor Statement
This news release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. The words "believe", "expect", "anticipate", "project",
"target", "optimistic", "intend", "aim", "will" or similar
expressions are intended to identify forward-looking statements.
All statements other than statements of historical fact are
statements that may be deemed forward-looking statements. These
forward-looking statements are based on current expectations or
beliefs, including, but not limited to, statements concerning the
Company's operations, financial performance and condition. The
Company cautions that these statements by their nature involve
risks and uncertainties, and actual results may differ materially
depending on a variety of important factors, including those
discussed in the Company's reports filed with the Securities and
Exchange Commission from time to time. The Company specifically
disclaims any obligation to maintain or update the forward-looking
information, whether of the nature contained in this release or
otherwise, in the future.
For more information, please contact:
Kevin Theiss / Dixon Chen
Grayling
Tel: +1-646-284-9409
Email: cyd@grayling.com
SOURCE China Yuchai International Limited