March 28, 2018 / 7:12 AM / a year ago

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

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

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).

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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