GALAXY MACHINE WANTS TO DEAL WITH MONEY LOSSES WITH MACHINES

YUASA, Japan — Japanese automaker GALZY has agreed to sell all its GALX machines to a consortium of companies, including Chinese-based startup XiongTec, that has agreed on a licensing agreement that includes the possibility of the purchase of its other machines as well.

XiongTech said in a statement Thursday that the sale is in line with a plan to use the machines to manufacture consumer electronics in Japan, and it intends to use some of the machines in its factories in the future.

The group has already agreed to buy some of its machines from YUOSA for about $150 million, according to the statement.

The agreement is the latest in a string of sales to the Japanese automakers, who have seen profits tumble as a result of the country’s economy struggling through the global financial crisis.