Daewoo in bid to sell key plant |
http://www.sina.com.cn 2003/07/03 11:00 Shanghai Daily |
Daewoo Motor Co, the South Korean automaker that sold its key assets to General Motors Corp and other partners last year, may sell its engine plant in China for about US million to the world's largest automaker as early as the end of this month, the Maeil Business Newspaper said. Daewoo Motor and GM have agreed on the price of the plant in Yantai, Shandong Province, and are fine-tuning several details, the daily said, citing Daewoo Motor's new President Lee Sang-il. The South Korean auto-maker plans to invite bids from domestic and overseas companies for the sale of its truck operations early this month, the report said. GM and other overseas automakers are expanding in China to tap the world's fastest-growing car market. The US automaker last October bought factories and other assets from Daewoo Motor to form GM Daewoo Auto & Technology Co, in which it has 42.1 percent stake. |
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