S.Korea's Hyundai Mobis aims to separate key businesses into new units (updated)

Hyundai Mobis

18/08/2022 08:29

(Adds details from Hyundai Mobis statement)
    SEOUL, Aug 18 (Reuters) - South Korean auto parts maker
Hyundai Mobis Co Ltd  012330.KS  said on Thursday it was
considering separating its modules and key parts businesses into
new wholly owned units in an effort to enhance each segment's
expertise and maximise efficiency. 
    Hyundai Mobis, an affiliate of automaker Hyundai Motor Co
 005380.KS , said in a regulatory filing it aims to hold a board
meeting in September to approve plans to separate the
businesses, expected to be launched in November. 
    The new units will be in charge of manufacturing operations,
including facility and labour management, while the central
management of the company will be focusing on securing future
mobility technologies, as well as developing new products. 
    Shares of Hyundai Mobis closed down 3%, versus the benchmark
KOSPI's  .KS11  0.3% fall, before Hyundai Mobis disclosed its
plans.

 (Reporting by Joyce Lee and Heekyong Yang; Editing by Kim
Coghill)
 ((Heekyong.Yang@thomsonreuters.com;))