GM to sell plant in S. Korea to local parts maker
- 5 years ago
한국GM 군산 공장, 부품 업체가 인수
General Motors Korea has signed an initial deal to sell off the plant in Gunsan that it shut down.
Parts maker MS Autotech, which is part of the consortium buying the plant, said it plans to turn it into a parts factory to produce electric vehicles.
The firm is a major subcontractor of Hyundai Motor.
The acquisition price was not made public, but it reportedly could reach up to one-hundred-seventy-six million U.S. dollars.
The plant was shut down last May as a part of GM's plan to reorganize their global strategy and due to a low utilization rate.
General Motors Korea has signed an initial deal to sell off the plant in Gunsan that it shut down.
Parts maker MS Autotech, which is part of the consortium buying the plant, said it plans to turn it into a parts factory to produce electric vehicles.
The firm is a major subcontractor of Hyundai Motor.
The acquisition price was not made public, but it reportedly could reach up to one-hundred-seventy-six million U.S. dollars.
The plant was shut down last May as a part of GM's plan to reorganize their global strategy and due to a low utilization rate.