SsangYong has been struggling for years . It's the oldest car manufacturer in South Korea and the fifth smallest (because there aren't any smaller ones). However, luck hasn't treated it the same way as the other companies that share its country. In fact, Hyundai Motor Group took over Kia because it fell into disgrace and no one else wanted to take it on. The problem is, things are more difficult now…
A few days ago we told you about SsangYong's latest adventures. In case you've forgotten, its partnership with Edison Motors has fallen through, and consequently, it's once again on shaky ground. Mahindra didn't receive the payment on time for the agreed-upon sale of shares. This would have completed the change of ownership and allowed the South Korean company's new industrialization plan to get underway. But there's more.
SBW Inc is the largest underwear manufacturer in South Korea…
Several sources, including Yonhap News Agency, claim that a new company is already interested in acquiring Ssangbangwool Inc., the leading underwear manufacturer in South Korea. Yes, a company with no connection to the automotive sector is interested in entering the industry to revive the firm. In fact, all indications are that they have already made an offer to acquire its capital.
Apparently, these sources claim that a working group has been created to evaluate the potential acquisition of SsangYong Motor . Looking at the information published by this outlet, we can read the following message…
" Led by the Kanglim Co. group subsidiary, we are actively considering the acquisition of SsangYong Motor ."
In case you didn't know, Kanglim Co. is a South Korean manufacturer of heavy vehicles and equipment . At the moment, we don't have any information about what their role would be in this hypothetical acquisition, although we have a hunch. The underwear manufacturer SBW Inc. is unfamiliar with the sector and would need the help of a third party to guide them through the process. The doubtful thing is that there's no official confirmation yet, so we'll have to wait and see…
Perhaps in a few days, we will have new data...
Source – Yonhap News Agency
