Hyundai Wia Sells Machine Tool Business for 340 Billion KRW

Hyundai Wia announced on the 10th that it has decided to sell its machine tool business division for 340 billion KRW.

The company stated, "We have selected the Lilson Private Equity and SMAC consortium as the preferred negotiation partner for this deal," adding, "The specific transaction terms are under discussion, and the sale price is approximately 340 billion KRW based on the entire machine tool business division operated by our company."

Hyundai Wia was established in 1976 as Kia Machine Works, changed its name to Kia Heavy Industries in 1996, then to Wia in 2000, and was incorporated into Hyundai Motor Group in 2002. After acquiring Hyundai Motor's machine tool business division in 2005, it changed its name to Hyundai Wia in 2009. According to the company, as of the first half of this year, the machine tool division's sales amounted to 207.3 billion KRW, accounting for about 4.7% of total sales.

Hyundai Wia Changwon Headquarters Factory Machine Tool Production Line