Hyundai sells plant to RI

Hyundai sells plant to RI

SEOUL (AFP): South Korea's Hyundai Precision and Industry Co. has signed a US$10.3-million contract to export a steel wheel plant to an Indonesian auto firm, a company spokesman said yesterday.

Under the turn-key deal, Hyundai will provide PT Auto Korindo Pratama Co. with finished and semi-finished production equipment for the plant, which will have an annual production capacity of 240,000 bus and truck wheels.

The company said it will also reap royalties from the plant's products for the first three operational years, but declined comment on the royalty percentage.