S Korea Daewoo To Sell Engine Factory To GM China -Yonhap
January 27, 2004
(Dow Jones) South Korea's Daewoo Motor Corp. has agreed to sell its engine factory business in Yantai, China, to General Motors Corp.'s China unit. Daewoo Motor is a remaining company from the bankrupt Daewoo Group, and it now exists only to oversee the sale of the company's overseas units. The purchase price is reportedly US$60-70 million and includes the factory's assets and liabilities. Daewoo Automotive Engines was jointly established with Sahndong Investment & Trust Corp. in 1996 and produces 300,000 engines annually.