Hansae Yes24 moves closer to owning GM supplier Erae AMS

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The story "Hansae Yes24 moves closer to owning GM supplier Erae AMS" was covered 3 hours ago by Korea Economic Daily, a news publisher based in South Korea.

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Hansae Yes24 moves closer to owning GM supplier Erae AMS - Korea Economic Daily

Quick Summary:

Hansae Yes24 Holdings Co., the holding company of South Korea’s leading apparel original equipment manufacturer (OEM) Hansae Co., has moved a step closer to adding an auto parts business to its portfolio after winning the nomination for the preferred bidder for Erae AMS Co.

In April, it also became a Tier 1 supplier for Kia Corp.after signing an 18.5 billion won contract to offer military vehicle components for five years.Erae AMS posted 10.9 billion won in operating profit in 2023, nearly double from 2022 on sales of 576.6 billion won, up 7.3% on-year.Its parent Erae cs Co.put the lucrative auto parts unit up for sale in April as part of its efforts to restructure its business grappling with a 163 billion won debt.

According to sources in the Korean investment banking industry on Tuesday, Hansae Yes24 Holdings was named the preferred bidder for Erae AMS in a four-way race after it offered 142 billion won ($107 million) for the latter’s controlling stake of 80.6%.