Hyundai, Daimler to tie up

Hyundai, Daimler to tie up

SEOUL (AFP): Hyundai Motor Co. and DaimlerChrysler are to set
up a joint commercial vehicles plant in South Korea, Hyundai
chairman Chung Mong-Koo said in a newspaper interview released
Friday.

Chung told the Korea Economic Daily that DaimlerChrysler has
completed a due diligence investigation into Hyundai's existing
commercial vehicle plant in the southwestern city of Chonju and
that a formal agreement on the joint venture would be signed in
April.

He said the two companies would each hold 50 percent of the
joint venture, which is to be tentatively named Hyundai Star
Commercial Alliance.