GM, Daewoo to sign deal

GM, Daewoo to sign deal

DETROIT, Michigan (AFP): General Motors is within days of signing an agreement with South Korea's Daewoo Group that would increase its presence in the Asian-Pacific automotive market, informed sources said here Friday.

The sources told AFP that the deal could be sealed as early as Monday or Tuesday.

But it was unclear if the arrangement would be an outright purchase of a portion of Daewoo or another joint venture.

GM now has five components parts arrangements with Daewoo, all through its Delphi components subsidiary.

GM has been looking for investment opportunities in the Asia- Pacific region where it hopes to increase its market share from five percent to 10 percent, spokesman Mike Meyerand said.

That would mean more than just doubling sales since those markets are expected to continue growing.