Hyundai Mobis Sells Lamp Business to OPmobility
Hyundai Mobis will sell its automotive lamp business for 600 billion won (about $443.5 million) for ‘selection and focus.’Hyundai Mobis announced on Sept. 30 that it held an extraordinary meeting of the board of directors and approved an agenda to physically divide the lamp business division.The sch
Hyundai Mobis announced on September 30 that it will sell its automotive lamp business for 600 billion won ($443.5 million) to OP Mobility, a French automotive parts company. The sale is part of Hyundai Mobis's strategy to "select and focus" on its future growth. The lamp business, which recorded an operating profit surplus last year, operates five production factories in South Korea, China, Mexico, and the Czech Republic.
The sale is scheduled to be completed on April 1 next year. OP Mobility, which has 150 production bases in 28 countries and annual sales of 11.65 billion euros ($15.38 billion) as of 2024, stated that Hyundai Mobis's lamp business generated around 2.5 trillion won in sales last year, including overseas factories. OP Mobility plans to use the acquisition to strengthen its global business operation network and expand its technology and customer base.
The automotive lamp business division's employees and rights have been announced to be succeeded by those corresponding to the target of succession. Hyundai Mobis plans to proceed with the remaining sale procedures, including general meetings of shareholders and the business combination report. CEO Felicie Burelle of OP Mobility expressed excitement about the business combination, stating that it will allow the company to take a significant step forward as a leading company in the automotive lighting market.
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