Belgian holding company RHJ International SA (RHJI) said Wednesday it had agreed to sell its majority ownership in Japan's Niles Co. Ltd. to French automative firm Valeo SA (FR.FR) for EUR138 million.

RHJ International Chief Executive Officer Leonhard Fischer said the move is "one more step in RHJI's transformation from an industrial holding into a dynamic financial services group."

RHJ held a 77.9% ownership in auto parts maker Niles. The company said the transaction values Niles at Y36 billion, or EUR320 million.

Niles developes and manufactures switches and other electronic components for the automotive industry.

RHJ shares closed at EUR6.24 on Tuesday.

-By Laurence Norman, Dow Jones Newswires; 0032-2741-1480; laurence.norman@dowjones.com
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