General Motors to sell closed South Korean plant for nearly $100 million

South Korean auto parts maker Myoungshin prepares to purchase General Motors’ car factory located in the southwestern city of Gunsan for 113 billion won ($99.9 million), Myoungshin’s parent firm stated in a regulatory filing.

Myoungshin, a unit of MS Autotech, stated it will purchase the land and buildings of the GM facility to go after contract manufacturing of electric vehicles.

GM Korea confirmed the deal.

GM Korea stated: “we aim to close this deal as soon as possible to make sure that there will be ongoing economic activity”.