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Mazda To Sell Auto Leasing Unit In Restructuring Effort

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"Sounds Like Ford To Me"
TOKYO -Dow Jones reported that Mazda Motor Corp. will sell off its auto leasing division to a third party, the automaker said Friday. The move is in line with its existing business plan to focus further on core business operations.

Mazda will split Mazda Rental & Leasing System Corp., in which the fifth- largest Japanese carmaker holds a 99% stake, into Mazda Car Rental Corp. and Mazda Auto Leasing Co. on Sept. 1.

Mazda, in which Ford Motor Co. holds a 33.3% stake, will then sell 94% of Mazda Auto Leasing to SB Auto Leasing Co. for an unspecified amount before the end of September, the automaker said.

Mazda and other parties will hold the remainder of Mazda Auto Leasing after the sale, although Mazda Auto Leasing will keep its "Mazda" name and will deal mainly with Mazda cars, Mazda said.

"We have successfully restructured and are now concentrating on delivering product-led growth," Mazda Motor President Lewis Booth said in a statement.

On the Tokyo Stock Exchange Friday, Mazda shares finished trading up 1.9% at Y317. The Nikkei 225 Stock Average finished 0.01% lower.
 
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