GM to sell closed S.Korean plant to local parts maker for $99 mln

MS AUTOTECH

29/03/2019 04:58

SEOUL, March 29 (Reuters) - South Korean auto parts maker
Myoungshin plans to buy General Motors'  GM.N  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  123040.KQ , 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." 
 ($1 = 1,136.0800 won)

 (Reporting by Hyunjoo Jin; Editing by Gopakumar Warrier)
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net))