March 29, 2019 / 5:19 AM / 3 months ago

GM to sell closed South Korean plant to local parts maker for $99 million

FILE PHOTO: The GM logo is seen at the General Motors plant in Sao Jose dos Campos, Brazil, January 22, 2019. REUTERS/Roosevelt Cassio/File Photo

SEOUL (Reuters) - South Korean auto parts maker Myoungshin plans to buy General Motors’ car factory in the southwestern city of Gunsan for 113 billion won ($99.5 million), Myoungshin’s parent firm said in a regulatory filing.

Myoungshin, a unit of MS Autotech, said it will buy the land and buildings of the GM facility to pursue contract manufacturing of electric vehicles.

GM Korea confirmed the deal, saying, “we aim to close this deal as soon as possible to ensure that there will be ongoing economic activity.”

Reporting by Hyunjoo Jin; Editing by Gopakumar Warrier

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