A South Korean hat company said on Tuesday that it would buy a Daewoo Motor bus plant in the southern port city of Pusan for 148.3 billion won ($US118.6 million), one of the assets not bought by General Motors when it took over the ailing firm last year, Reuters reported.
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GM and partners acquired a majority stake in ailing Daewoo Motor Co last year.
“We will sign a contract tomorrow to buy a 100% stake in the Daewoo Bus plant,” a company spokesman told Reuters, which added that the deal also includes a 60% stake in a Daewoo joint venture bus plant in China.
Although a hat company buying a bus plant appears a bit incongruous, Young An already owns a bus assembly plant in Costa Rica, Reuters said.
The news agency said Young An signed a memorandum of understanding in August to buy Daewoo’s Pusan plant, which can produce 7,000 buses annually.
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