Mando to spinoff autonomous driving business
Auto parts maker Mando will revamp its business portfolio by spinning off its autonomous driving business.
Mando said Tuesday its plan to spin off the company’s business related to advanced driving assistant systems (ADAS), unmanned mobility and cloud servers has been approved at a shareholder’s meeting, after getting a nod from the board last month.
The new company, tentatively called Mando Mobility Solutions, will launch on Sept. 1.
“The latest spinoff has given new wings to Mando,” said Cho Seong-hyun, president at Mando. “The new entity will focus on technology related to autonomous driving.”
The company plans to record an annual growth rate of 14 percent for the new entity and 9 percent for the existing entity.
Mando shares closed at 62,600 won ($54.50) per share on Thursday, up 0.81 percent from the previous trading day.
BY JIN EUN-SOO [email@example.com]