In order to solve the adverse effects of the overlapping of its subsidiaries' parts business, Hyundai Motor Group plans to reorganize several parts and components subsidiaries such as Hyundai WIA.
Hyundai WIA announced in a regulatory document that in order to cooperate with Hyundai Group's plan to streamline its business structure and improve operational efficiency, the company will merge with Hyundai Wisco and Hyundai Metia two parts companies from November 1 this year. .
Hyundai WIA's largest shareholder is Hyundai, which supplies gearboxes, platform modules, chassis modules, powertrains and other components to the entire vehicle customer. Hyundai Wia currently holds a 50.94% stake in Hyundai Metia, which produces castings for parts and components, with sales of $348 million last year. In addition, Hyundai Wisco is responsible for the manufacture and sale of castings, with sales of $600 million last year.
“We will further enhance our competitiveness in the field of metal materials through mergers,†Hyundai WIA said. “Our synergies will be maximized through efforts to improve management efficiency.â€
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