BEIJING—China's polyurethane adhesive maker Beijing Comens New Materials announced in December its plan to buy Huasen Rubber and Plastics for a $130.5 million.
The Wuhan-based Huasen makes rubber seals and shock pads for the auto industry and sells them to local auto makers under the labels Honda, Nissan and Toyota. In 2015, the company reported a 38 percent jump in net profit to $10.6 million; revenue rose by 37 percent to $27.8 million.
Comens will consolidate Huasen's resources in product, technology and sales networks to broaden its portfolio and further expand into the auto industry, the firm said in a statement.
"Huasen's experience in the market can help us better understand the needs of auto sector clients, conduct product development and technology upgrade accordingly and timely respond to market changes," the statement added.