Motrex Terminates 447.9 Billion KRW Supply Contract with Algeria TMC
[Asia Economy Reporter Han Jinju] Motrex announced on the 22nd that it will terminate the 447.9 billion KRW vehicle infotainment supply contract with TMC (Tahkout Manufacturing Company), an automobile assembly and manufacturing company based in Algeria. The contract period was from August 20, 2018, to August 20, 2028. The termination amount corresponds to the total sales over 10 years, which is 126.6% of last year's sales.
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The company explained, "Due to a political upheaval in Algeria, the country of the contracting party, and the detention and imprisonment of key executives of the contracting company, this falls under Article 16 of the contract regarding force majeure. Therefore, we judged that the contract could no longer proceed and decided to terminate it."
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