(Yicai Global) May 29 -- China's motorcycle-maker Cfmoto Power plans to invest in Austrian automaker KTM Industries to strengthen its international market presence and enhance its brand influence overseas.
The investment will happen through Cfmoto's Hong Kong unit, which will buy a 1.17 percent stake from the major shareholder Pierer Industrie for USD18 million, the Zhejiang-based firm said in a statement. The equity investment will help both sides achieve advantages in the fields of technology, market access, and costs.
Cfmoto develops and markets sports vehicles, scooters, and all-terrain vehicles in China and abroad. The firm went public in Shanghai last year with a reported overwhelming interest in the online part of the shares on offer.
KTM Industries is a leading European motorcycle manufacturer listed on the Swiss and Austrian stock exchanges. It has two major motorcycle brands, KTM and Husqvarna, as well as two brands for motorcycle parts, WP and Pankl.
Editor: Emmi Laine