Ssangyong Motor Sells and Relocates Pyeongtaek Factory After 42 Years

[Asia Economy Reporter Ki-min Lee] Ssangyong Motor, which is undergoing corporate rehabilitation procedures, has decided to sell and relocate its headquarters factory site in Pyeongtaek, Gyeonggi Province, for the first time in 42 years.

On the 10th, Pyeongtaek City, Gyeonggi Province, announced that it signed a Memorandum of Understanding (MOU) for the 'Ssangyong Motor Pyeongtaek Factory Relocation and Development Project' with Ssangyong Motor's court-appointed manager Jeong Yong-won and labor union chairman Jeong Il-kwon in attendance.

According to the agreement, Ssangyong Motor will sell the current factory site and build a new factory at another location within Pyeongtaek. Pyeongtaek City will handle and support the administrative procedures accordingly. Both parties plan to form a working-level consultative group to establish a development plan for the current site and finalize the relocation site.

If Ssangyong Motor sells the Pyeongtaek factory, the Ssangyong Motor Pyeongtaek Factory (850,000㎡), built in 1979, was recently appraised at about 900 billion KRW in asset revaluation. If the land use changes through the development plan, the current appraisal value is expected to increase. Ssangyong Motor plans to submit the factory relocation plan to the Seoul Bankruptcy Court.

Jeong Jang-seon, mayor of Pyeongtaek City, said, "We will actively support Ssangyong Motor to grow into a global company that contributes to regional economic development and instills hope."

Jeong Yong-won, Ssangyong Motor's court-appointed manager, stated, "The new factory will be a future car factory producing eco-friendly and autonomous vehicles to establish a long-term survival foundation," adding, "We will do our best to promptly promote the relocation and development."

Ssangyong Motor, which is undergoing corporate rehabilitation procedures, issued a sale announcement on the 28th of last month and has officially started attracting investors.

This content was produced with the assistance of AI translation services.