China Yuchai International Limited announced that its main operating subsidiary Guangxi Yuchai Machinery Co. has entered into an equity transfer agreement to restructure the ownership of its joint venture company Yuchai Remanufacturing Services.

According to the agreement, Caterpillar (China) Investment Co. will transfer its entire 49 percent equity ownership in YRC to GYMCL, bringing GYMCL’s equity ownership to 100 percent. As a result, YRC will become a subsidiary of GYMCL.

“We look forward to further developing the remanufacturing business as we believe that it provides a sustainable long-term solution to the increasing concerns over environmental pollution in China,” said Weng Ming Hoh, president of China Yuchai. “Remanufacturing is beneficial to our customers and is an additional service we can offer.”