3.6.2004
GM Daewoo starts up operations at Boryeong Transmission Plant

GM Daewoo has finalized the transaction and received the assets of Daewoo Powertrain signaling the completion of the acquisition of the Boryeong facility, which manufacturers transmissions for passenger cars.

The facility, which now officially became a business unit of GM Daewoo, is located in the city of Boryeong in southern Korea’s Chungcheong province. It has an annual production capacity of 400,000 transmissions and employs about 400 people.

During a plant visit and meetings with employees and labor union representatives, GM Daewoo President and CEO Nick Reilly discussed the company’s vision and long-term development plans for the Boryeong facility.

“We are proud that this facility has become part of the GM Daewoo family . The acquisition guarantees GM Daewoo a steady source of high-quality durable Korean made transmissions,” said Mr. Reilly. “The Boryeong facility will play a critical role in the continued success of GM Daewoo as we increase the production and variety of our products. It will take the lead in the manufacture of GM Daewoo’s next-generation automatic transmission jointly developed by GM Daewoo and GM Powertrain in North America.”

GM Daewoo expects to invest nearly KRW 420 billion (Euro 290 million) in the facility for the development and production of the new environmentally friendly passenger car transmission. The investment includes product development, machinery, new equipment, employee training, and facility upgrades.