SEOUL -- Parts maker Hyundai Mobis has acquired a Korean company operating in China. It plans to expand it aggressively to build sales to about $300 million annually by 2007.
Mobis said it has acquired Seohan-Kasco Auto Parts Co., a maker of brake and steering systems. The company is in Jiangsu province, which borders the Yellow Sea north of Shanghai. Its annual sales are only about $3 million a year.
Mobis has renamed the company Wuxi Mobis. It will expand production capacity to 1 million brake systems annually, from 100,000 now, and to 1 million steering pumps annually from 200,000 now.
It also will introduce production of new parts such as steering columns.
Mobis supplies parts primarily to affiliated Hyundai Motor Co. and Kia Motors Corp.
Mobis said that with the expansion, Wuxi Mobis also will be targeting other global automakers.
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