Hyundai to Begin Full-scale Management of Kia

Hyundai began full-scale management of Kia Motors and its subsidiaries. Recently, Hyundai changed all of Kia subsidiaries' presidents including Kia Heavy Industries, Kia Precision Machinery, Kia Motech, and Korea AB System.
A source at Hyundai said, 'Hyundai took over management of Kia subsidiaries to minimize the damage of insolvency. As soon as we finish assessing Kia's finances and operations, we will make our decision on which companies to sell, merge, or liquidate.'
Hyundai has reportedly decided to maintain three parts makers, Kia Heavy Industries, Kia Precision Machinery, and Kia Motec., either as independent companies or through a merger with another company of Hyundai.
Regarding Korea AB System, a brake maker, Hyundai will negotiate with German-based Continental who has expressed an interest in purchasing the company.
Among Hyundai's 27 subsidiaries, six companies including Kia Motors, Asia Motors, and the Kia Economic Institute are to merge with other companies of Hyundai and seven including Kisan and Kisan Development will be liquidated.