March 28, 2018 / 7:12 AM / 6 months ago

South Korea's Hyundai Mobis says will spin off two divisions, merge them with Glovis

SEOUL (Reuters) - South Korea’s auto parts maker Hyundai Mobis Co Ltd (012330.KS) said on Wednesday it will spin off its module and after-service parts businesses and merge them with affiliate Hyundai Glovis (086280.KS).

The logo of Hyundai Motor is seen at its dealership in Seoul, South Korea, April 26, 2017. REUTERS/Kim Hong-Ji

South Korea’s Hyundai Glovis said in a regulatory filing that the merger is intended to resolve circular shareholdings.

Reporting by Joyce Lee; Editing by Shri Navaratnam

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