The Korea Herald reports that a Daewoo bus plant will be sold to a Korean hat manufacturer ‘keen on diversifying into automobile manufacturing and distribution’. Daewoo Motor’s Busan bus plant was excluded from GM’s acquisition list and will be sold to YoungAn Hat Co., a hat manufacturer.

A Daewoo source told the newspaper that it is planned that a memorandum of understanding between the two parties will be signed later this month.

The deal includes the plant’s assets, debts and Daewoo’s stake in the “Guilin Daewoo Bus Co.,” a joint venture with a Chinese firm, and the sales price will be around 140 billion won ($114 million), according to the report.

The Korea Herald report also says that the bus plant has an annual assembly capacity of about 6,000 buses, with around half of its output exported.

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