Geely buys Australian auto parts supplier

Geely Holding Group, one of China's biggest private carmakers, said on Friday it has acquired Australian automatic transmission supplier Drivetrain Systems International (DSI), to boost its capability in automobile parts technologies.

The Zhejiang-based carmaker will introduce DSI's products and technologies in the domestic automobile market and help DSI look for low-cost parts sourcing opportunities in China, Geely said in a statement.

The deal would also provide funds to the ailing Australian company's development and research on new products to maintain its leading position in the global market.