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GM Korea Finds a Buyer for Shuttered Plant
General Motors Co. is selling an auto assembly plant it closed in Gunsan, South Korea, last year to MS Autotech Co. Ltd, a local auto parts supplier.
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General Motors Co. is selling an auto assembly plant it closed in Gunsan, South Korea, last year to MS Autotech Co. Ltd, a local auto parts supplier.
The 113 billion-won ($100 million) deal will turn over to MS Autotech’s
Myoungshin affiliate the complex’s land and buildings that GM idled 10 months ago. Myoungshin says it will use the factory to make electric vehicles on a contract basis.
The Gunsan plant had been producing Chevrolet Cruze sedans and Orlando MPVs. But like other GM facilities in the country, it was underutilized.
GM Korea’s announcement early last year that it needed to close Gunsan soon led to negotiations to avert bankruptcy. The result was a $7.2 billion turnaround plan finalized with the state-run Korea Development Bank last May.
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